The Acting Director-General of the Securities and Exchange Commission, Ms Mary Uduk, has said the launch of the Association of Securities Exchanges of Nigeria on Wednesday will improve efficiency, liquidity, settlement and deepen the capital market for rapid economic development.
Uduk commended the Nigerian Stock Exchange for its doggedness and tenacity that culminated in the inauguration of ASEN, describing the part played by the Exchange as great.
She, therefore, pledged to assist the association to achieve its set goals in the nation’s capital market as this would impact positively on the economy as well as the investing public.
”We are with you, we will stand by you, we are going to support you, you will not work alone,” she added.
The Chairman, House Committee on Capital Market and Institutions, Mr Yusuf Tajudeen, said the lawmakers would be available “where the law requires tinkering so that the market will function the way it should for the overall development of the country.”
According to him, if this sector of the economy does not get it right, we won’t achieve the desired outcome being yearned for by the masses.
He called on capital market operators, stakeholders and market analysts not to be tired of reminding the law makers what needs to be done in the area of lawmaking to improve the market.
The Chief Executive Office, NSE, Mr Oscar Onyema, said the association had a lot to gain as it would enhance capacity building and would collaborate to develop products as information clearing house.
According to statement, membership of the association currently includes AFEX Commodities Exchange, FMDQ OTC Securities Exchange, NASD OTC Securities Exchange, Nigeria Commodity Exchange and the Nigerian Stock Exchange.
ASEN is a non-profit industry association established to accelerate the development of domestic securities exchanges and support the Nigerian capital market to achieve greater global competitiveness.