Adequate retail and institutional education of investors is crucial to the development of the market and the improvement of the level of investment capital market, acting Director General of the Securities and Exchange Commission, SEC, Mournir Gwarzo has said.
Mr. Gwarzo, who spoke in Abuja when members of the Fund Managers Association of Nigeria, FMAN, called on him on Monday, said that one of the strategies of the new management was to embark on huge public enlightenment programmes with other stakeholders to educate the investing public.
“Fund management is close to our heart as it is directly under our purview,” he said. “In dealing with others, we partner with other Self-Regulatory Organisations, SROs.
He said the Commission would collaborate with the Association anytime it wants to commence the enlightenment through the use of town hall meetings, radio jingles, among others.
According to him, the Commission was ready to put in money for market development, noting that this was one of the cardinal objectives of his management.
The DG also stated that management was working to empower SROs and trade organisations to enable them handle some complaints and deal with them with dispatch, adding that the strategy of the management was not to create committees, but to focus on prescriptions and ensuring that they are executed within reasonable time frames.
He said SEC had finished the rules on complaints management framework, assuring that soon, it would be released to the public, adding that one of the highlights was to allow complaints to be managed at the lower level.
The President of Fund Managers Association of Nigeria, FMAN, Michael Adebola, disclosed that Nigerians needed to have a lot of understanding about what mutual funds was all about, adding that the enlightenment would assist to boost the industry.
“We have 52 funds in 10 different sectors with the largest being the equity based ones which presently stands at 45. Between 2008 and 2009, all we had invested in funds was about N19billion, but as at last week, we had N152billion.
He promised that the association would work with the SEC on enlightenment of the investing public which he
The meeting addressed issues that will engender better interface between the regulators and the operators as they both expressed the desire for the capital market to play a deeper role in funding gaps in the federal budget and also fund infrastructure gaps.