The Securities and Exchange Commission (SEC) has reaffirmed its commitment to accountability and transparency as vital instruments for fostering investor confidence and driving sustainable growth in Nigeria’s capital market.
Dr. Emomotimi Agama, Director-General of the SEC, made this assertion while delivering a goodwill message at a high-profile stakeholder engagement focused on internal control over financial reporting in the public sector.
The event, themed “Strengthening Accounting and Transparency through ICRC,” was organized by Smith Ighodalo Adewale Odiachi (SIAO) in collaboration with the Financial Reporting Council (FRC) and attracted top-level professionals, market operators, and public sector accountants.
Highlighting the importance of robust internal control mechanisms, Dr. Agama stated, “Internal control over our financial reporting is a critical part of disclosures.
Whether in the securities market, for public companies, or other organizations, these controls strengthen accountability, transparency, and integrity within the financial system.”
According to him, investor confidence is intrinsically tied to how transparent financial institutions and market operators conduct themselves.
“For investors, what matters is knowing that there is accountability, that people are doing what they ought to do, and stewardship is being upheld. When investors see that management is committed to these principles, they are more likely to invest,” Dr. Agama added.
The SEC chief emphasized that recent legislative reforms, particularly the Investment and Securities Act (ISA) 2025, signed into law by President Bola Tinubu on March 25, 2025, are pivotal milestones in Nigeria’s capital market development.
The ISA 2025 introduces reforms aimed at enhancing market transparency, efficiency, and investor protection, providing a solid legal foundation for modernized capital market operations.
Dr. Agama noted that the reforms have already yielded measurable results, citing improved investor sentiment, increased trading activity, and a rise in market participation.
He added, “The SEC is committed to professionalism, strict adherence to regulatory standards, and enforcing compliance across the board. These efforts are central to building trust and ensuring the capital market operates at its full potential.”
The emphasis on accountability and transparency is particularly timely as Nigeria seeks to attract both local and international investors.
Market analysts have observed that improved governance and internal control measures can significantly mitigate investment risks, ensuring that capital inflows are protected and contribute meaningfully to national economic growth.
In addition to legislative and regulatory efforts, the SEC has also intensified its investor education and outreach programs, focusing on financial literacy, corporate governance, and ethical market conduct.
By engaging stakeholders through workshops, seminars, and public forums, the SEC aims to cultivate a culture of compliance, integrity, and informed investment decisions.
The stakeholder engagement also highlighted the importance of collaboration between regulators, public institutions, and private sector operators in ensuring that accounting and financial reporting standards meet global best practices.
Experts at the event underscored the role of transparency in fostering competitiveness, reducing corruption, and creating an enabling environment for long-term economic development.
As Nigeria’s capital market continues to evolve, Dr. Agama affirmed that the SEC will remain steadfast in its mission to uphold investor protection, market integrity, and transparency.
These initiatives, he said, are crucial for positioning Nigeria as a reliable and attractive destination for investment in Africa.