Technology and Covid-19 have impacted the financial market – Yuguda
According to the Securities and Exchange Commission, technology and the influence of the COVID-19 pandemic are changing the business of capital markets.
This was disclosed by SEC Managing Director Mr. Lamido Yuguda during a meeting with stakeholders on Wednesday, January 20, 2022. The SEC boss expressed his gratitude to the Nigerian Exchange Limited, Central Securities Clearing System and other capital market players for their efforts to expand the market while dealing with the challenges posed by the outbreak of COVID-19 and its variants.
According to him, the launch of the smart surveillance system and the X-Mobile retail application; upgrading the X-Issuer platform to further strengthen market integrity; and the X-Public Offer initiatives are achievements that support the common goal of building a world-class capital market.
What they say
Speaking at the event, Yuguda said: “The past two years have been challenging for the Nigerian capital market, largely reflecting unexpected pandemic-related challenges in global markets. However, the NGX has continued to deploy capable resources to address the elements militating against market growth. You will agree with me that the efforts made and the gains made in this regard are the result of the collective efforts of various players in the Nigerian capital market, including the commission and NGX Ltd.
Yuguda highlighted the difficult task ahead and the new threats brought by fintech. “In trying to review the rules, we must remember that the ultimate goal of the commission is to have a fair and transparent market that is fair to investors,” he said.
During his remarks, the CEO of NGX Limited, Mr. Temi Popoola, said that the strong growth and interactions with the market in recent times could be attributed to the collaborative efforts of the stakeholders. He said, “Many opportunities exist for the capital market. Technology can be used to deal with capital formations in the market and we are making progress in harnessing that.
“We are on a momentum of digitization and we started with the MTN offering which was done electronically, we need to improve this in the future. This is the only way to unlock the demographics of young tech savvy Nigerians “We are working with relevant stakeholders to ensure what is best for the ecosystem. We are exploring ways to strengthen the entire market infrastructure,” he added.