The Securities and Exchange Commission is planning to automate its processes in a bid to ensure a more efficient capital market.
The Director-General, SEC, Lamido Yuguda, stated this on Monday in Abuja during a meeting with the Minister of Communication and Digital Economy, Isa Pantami.
He said automating most of the Commission’s processes would also make the capital market more friendly to investors.
The SEC boss added that the advent of COVID-19 had shown what could be achieved with technology.
He said since March when the lockdown began, the capital market had been working despite the pandemic.
Yuguda said, “Presently, we have a lot of documents and papers being brought to the Commission for one approval or the other. We think that if we can digitalise our processes and these documents are transmitted to us electronically, it will make it easier for the market that we regulate and also stimulate growth.
“If we can achieve that, it will also reduce cost and increase efficiency, that is why we are here today to discuss with you on areas we can work together to achieve this.”
He recalled that when the lockdown started, the Commission activated its Business Continuity Process, with members of staff working remotely while all of its electronic channels remained open to provide the necessary support to capital market stakeholders.
The SEC DG noted that the commission would continue to engage and collaborate with all stakeholders to ensure that the capital market remained resilient.
In his remarks, Pantami expressed the readiness of his team to collaborate with the SEC in automating its processes, adding that the present administration was committed to promoting a digital economy.
He said, “With this lockdown, we have seen the advantages of digitalisation of processes, that is what has kept us going when everyone was locked down in their homes.
“We are currently at the forefront of promoting digital economy. We are very happy to look into areas that we can assist in digitalising your activities to ensure a better capital market. Digitalisation will certainly make processes easier and that is why we are championing it.”
