New SEC boss prioritises investor protection
*As investors lose N162bn
By Michael Eboh & Nkiruka Nnorom
The newly-appointed Director-General of the Securities and Exchange Commission, SEC, Mr. Lamido Yuguda, yesterday, assumed office, stating that investor protection would be at the centre of all its initiatives and programme.
This is even as investors lost N162 billion at the equities market following the negative sentiment that has continued to trail activities in the market.
Yuguda stated: “We want to assure investors that this market is for them and we are ready to do everything to ensure that we increase investor enlightenment through education, robust regulation and fair dealing.
“For those that want to defraud investors, there would be no respite because we are ready to fight market manipulation to the last, anyone that flouts our rules will be made to face the consequences of their actions.”
READ ALSODomestic flights will no longer serve meals on board ― Sirika
Yuguda, who resumed alongside the Executive Commissioners namely: Mr. Reginald Karawusa, Mr. Ibrahim Boyi and Mr. Dayo Obisan, also stated that the capital market has lots of potentials for growth and development of Nigeria post COVID-19 and beyond.
Meanwhile, breakdown of trading results at the Nigerian Stock Exchange yesterday showed that profit-taking in BUA Cement (-5.0%), Nestle Nigeria Plc (-6.5%) and Airtel Africa Plc (-3.5%) drove the market lower with the All Share Index (ASI) recording negative return of 1.3 percent.
Specifically, the market capitalisation dropped to N12.533 trillion from N12.695 trillion, indicating 1.3 percent decline, while the ASI fell to 24,026.05 points from 24,336.12 points on Friday.
The post New SEC boss prioritises investor protection appeared first on Vanguard News.
No comments: