|Nigerian Stock Exchange|
WorldStage Newsonline—The Nigeria’s capital market grew by 38.8 per cent in the current year, making it one of the fastest growing bourses globally, according to the Securities of Exchange Commission (SEC).
The Director General of the Commission, Ms. Arunma Oteh, who disclosed this at the Capital Market Wealth and Health Day organised in Kuje, a satellite town in the Federal Capital Territory, attributed the spike of the market to primarily regulatory guidelines and other measures by the Commission to ensure transparency in the operations of the Nigerian Stock Exchange (NSE) and , amongst other factors.
Describing the SEC as one of the top 10 capital market regulatory institutions globally, the investment expert said the Commission would continue to adopt proactive strategies, including grassroots awareness campaigns on why Nigerians needed to continue to create wealth through investments in stocks, mutual funds, unit trust schemes, amongst others, as part of sustained efforts to deepen the capital market and restore confidence in it as a wealth creation market for investors.
Oteh stated further that despite the criticisms and challenges faced by the Commission in the current year, its Board and management were able to pursue its statutory assignments with vigour, thereby accounting for the modest achievements and prospects for improved mobilisation of savings and further development of the capital market in the years ahead.
She said: “I am so glad that SEC has become one of the best top 10 in the world, it has grown by 33.8 percent this year, it was also one of the top best last year. At the SEC, we are working hard to strengthen the regulatory framework for funds management, we would expect retail investors to invest via mutual funds or collective investment schemes, we feel they can diversify their risks and get professional help.
''Retail investors got their fingers burnt because they were investing directly themselves in the market, and acting on wrong advice, they did not have a culture of investing in mutual funds or unit trusts'', Oteh said
According to her, aim of the Capital Market Wealth and Health Day campaign being organised by the Commission with active support from Health professionals, Nollywood Artists, shareholders’ representatives, investment experts, is to educate the market women and men on the need to stay healthy, create wealth through savings and invest for the raining day.
The SEC boss explained that the collaboration with the various stakeholders was to ensure that local women adhere observe basic health tips that are required for them to remain healthy and by so doing, get information on how to save , borrow and invest accordingly.
In her presentation at the event which was attended by hundreds of market women and men, the Managing Director, Chapel Hill Denham Management, Mrs. Uju Irukwu said that the outreach had become necessary to expose the market women on how they manage their money throughout their life time.
''When we came with a similar outreach in July this year, we said you should manage your money well, know how much you earn, spend and save, if you don't have savings, you will not be able to invest or buy any good property''. She stated that the market women must discipline themselves, pay themselves by saving every day, that they must also ensure that they must also protect their investments by buying into the available insurance opportunities.
''We must also teach our children how to save, bring them up on how to manage your business so that they could take over when eventually you die,'' Irukwu added.