Voice of Nigeria, VON, is to partner with the Securities and Exchange Commission to promote the country’s capital market.
VON’s Director General, Mr. Osita Okechukwu stated this when the management staff of the Securities and Exchange Commission, led by the Director General, Mr Mounir Gwarzo, paid him a visit in Abuja.
Mr. Okechukwu explained that the collaboration would help to create trust in Nigeria’s equities market for investors.
”For those who want to invest, the first thing they want to know is how safe the market is? This partnership will help to create trust to Nigeria’s image and to tell the international community that there is a change going on that will ensure transparency and credibility,” he said.
The Director General, Securities and Exchange Commission (SEC), Mr Mounir Gwarzo said the partnership would help in restoring investor confidence and encourage an increase in the depth of the capital market and foreign direct investment
He said SEC had drawn up a 10-year master plan to scale up the percentage of retail investors in the Nigerian capital market from the current two per cent.
The plan is expected to also facilitate the clearing of the N80billion unclaimed dividends in the sector.
Seeking the support of Voice of Nigeria for public enlightenment, Mr Gwarzo said the master plan would deploy 101 initiatives.
One of the initiatives, according to him, is the electronic dividend currently in operation, to help retail investors claim trapped dividends in the market.
“We want to bring back the retail investors. Our new strategy is not to go and say come back to the market but to ask what are the issues and what are the challenges so that we can pave the way forward for a more robust market,’’ he said.
The plan, Gwarzo added, would address the low involvement of retail investors in the capital market before 2025.