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Market Digest Nigeria

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NBA Partners with SEC to Strengthen Capital Market

NBA

The Nigerian Bar Association (NBA) says it will collaborate with the Securities and Exchange Commission (SEC) to strengthen the capital market in the country.

Mrs Efe Ebelo, the Acting Head, Corporate Communications of SEC said this in a statement in Abuja.

Ebelo said the Chairman, NBA Section on Business Law (SBL), Mr Olumide Akpata, made the call when members of the NBA-SBL visited SEC office in Abuja.

Akpata said the NBA members would work with SEC to ensure that the capital market was free, fair and transparent for all to operate.

“The NBA-SBL has embarked on a number of initiatives like its annual conference and the setting up of various committees to build capacity in business law.

“We are building capacity among our members to assist in capital market operations and we hope to partner with SEC to deepen this understanding.

“We also go to the Nigeria Law School to mentor the students on the operations of capital market and we are working with the Nigeria Stock Exchange to get a proper framework.

“We are also contemplating a collaboration with the National Institute of Advanced Legal Studies (NIALS) to commence a diploma in advanced commercial law.

“This will enable our people to better understand the workings of the capital market.’’

He commended SEC management on their efforts in ensuring that lawyers were carried along on issues relating to rules and regulations in the capital market.

According to the statement, the Acting Director-General of SEC, Ms Mary Uduk, appealed to the lawyers to support SEC in its regulatory roles, support the market and also be more involved in activities in the capital market.

She also appealed to them to be more involved in the structuring of transactions and the structuring and drafting of legal documents.

Uduk noted that in other jurisdictions, lawyers were at the forefront of capital market transactions, and Nigeria’s case should not be different.

“Lawyers are key players in the transactional processes which permeate the world of capital markets.

“They advise debt and equity issuers and the investment banks which structure and sell the financial instruments,”  Uduk said.

She, therefore, solicited support of the lawyers and encouraged them to impart the knowledge gained from conferences abroad for easy operations of the market.

She further said the SEC was ready to support actions that would help deepen and grow the Nigerian capital market. (VON)

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