SEC set to carry out capital markets automation

Adebayo Obajemu

The Securities and Exchange Commission (SEC), has said it was set to carry out automation of the capital market. Disclosing this on Monday, the regulatory agency disclosed it is willing to automate Nigeria’s capital markets, bringing Nigeria to the 21st century of technological innovations.

SEC Chief, Mr Lamido Yuguda disclosed this in a meeting in Abuja with Nigeria’s Minister of Communication and Digital Economy, Dr Isa Pantami.

The SEC announced that the automation of Nigeria’s capital markets would make Nigeria a favourable destination for investors and contribute to Nigeria’s FDI.

”Presently, we have a lot of documents and papers being brought to the Commission for one approval or the other.

”We think that if we can digitise our processes and these documents are transmitted to us electronically, it will make it easier for the market that we regulate and also stimulate growth,” the statement said.

The SEC said automation will enable a cost reduction and an increase in capital market efficiency, and urged collaboration with the Ministry of Communication and Digital economy to make the goal achievable.