SEC widens transparency window in Nigerian capital market
The Securities and Exchange Commission, SEC, yesterday, said it is targeting connecting the Nigerian capital market to the global super highway, ensure full disclosure and easy access to critical information in the market.
According to a statement, signed by Mr. Obi Adindu, Communications Adviser, SEC, this will eliminate investors’ worries and reluctance and help address issues relating to governance, integrity and investor confidence.
He said the Commission is partnering with Bloomberg and key stakeholders the Nigerian capital market to achieve this goal.
Adindu said SEC will host Chairman of Bloomberg, Mr. Peter Grauer in Nigeria, Friday, at a strategic meeting designed to explore avenues and draw up a strategic architecture for enhancing performance in the Nigerian capital market through a more efficient use of digital technology and analytics.
He noted that this will make information and data more readily available to end–user participants in the market, adding that the objective is to raise the bar of information sharing and intelligence delivery in the market in order to enhance integrity, transparency and accountability.
He said, “To complement the very high profile presence that is the Bloomberg Chairman and to ensure a quick permeation of the capital markets by the strategies which will be worked out during the Breakfast Meeting / Strategy Session, only the CEOs of key player organizations will attend and participate in the event.
“The CEO of the Nigerian Stock Exchange, NSE, CEOs of banks and other quoted companies, leading stockbrokers, investment fund managers and so on are on the bill.
“The greater infusion of analytics, digital information and business data will be a game – changer for the Nigerian capital market. It will quicken decision making data and intelligence on the market readily available to participants.
“It will enhance governance, integrity and investor confidence by linking activities and processes in the market firmly to the global information super highway and eliminating the grey areas of information in-access which raise the bar of investor worry and reluctance.”
Continuing, he stated, “This is precisely the effect which the emergence of Bloomberg in 1982 has had on the global business landscape and capital markets. This undisputed leader in global business and financial information provides decision makers with the data, analytics, news and insight to give them an edge.
“Through its basket of professional services delivered by 15000 workers in 192 locations, Bloomberg connects decision makers to a dynamic network of information, people and ideas. Their strength is to quickly and accurately deliver data, news and analytics through innovative technology.
“The company’s services are patronized by 310,000 customer organizations from around the world.”