SEC part­ners labour unions on in­vestor ed­u­ca­tion

Daily Trust - - BUSINESS - Sto­ries from Kay­ode Ogun­wale, Lagos

The Se­cu­ri­ties and Ex­change Com­mis­sion (SEC) has launched a financial lit­er­acy and in­vestor ed­u­ca­tion drive tar­geted specif­i­cally at Nige­rian work­ers.

The cam­paign

ef­fort, chris­tened “SEC In­vestor Ed­u­ca­tion Part­ner­ship with Labour”, in­tends to en­hance per­sonal financial plan­ning skills among Nige­rian work­ers and in­still a cul­ture of sav­ing and in­vest­ing in the vi­tally im­por­tant seg­ments of Nige­ria’s work force.

The labour-fo­cused in­vestor ed­u­ca­tion cam­paign de­rives from the mar­ket de­vel­op­ment man­date en­trusted to the SEC by its en­abling law, the ISA 2007.

This man­date has been re­in­forced by the 10-year cap­i­tal mar­ket master plan which the SEC is cur­rently lead­ing the Nige­rian cap­i­tal mar­ket industry to im­ple­ment, and by the flag­ship role as­signed to Nige­ria in the strate­gic blueprint of the In­ter­na­tional Or­ga­ni­za­tion of Se­cu­ri­ties Com­mis­sion (IOSCO), the global um­brella for se­cu­ri­ties mar­ket reg­u­la­tion as the Africa and Mid­dle East re­gional hub for ed­u­ca­tion, train­ing and re­search for the se­cu­ri­ties mar­ket.

Through the in­vestor ed­u­ca­tion part­ner­ship with labour, the SEC is shar­ing ac­tion­able in­for­ma­tion and build­ing skills on per­sonal financial plan­ning, in­vest­ment op­por­tu­ni­ties in the Nige­rian cap­i­tal mar­ket and the in­vestor pro­tec­tion role of the SEC with mem­bers of the or­ga­nized labour as rep­re­sented by the 26 af­fil­i­ate unions of the Nige­rian Labour Congress (NLC), as well as the Trade Union Congress (TUC), Nige­ria’s two labour cen­tres.

Ac­cord­ing to the Head, Mar­ket De­vel­op­ment Depart­ment at the SEC, Obi Adindu, “The strate­gic ob­jec­tive of the SEC is to stim­u­late a pool of in­vestible resources de­rived from the sav­ings cul­ture of Nige­rian work­ers which may then be chan­neled to the Nige­rian cap­i­tal mar­ket since the most suc­cess­ful cap­i­tal mar­kets are au­to­cen­tric and de­pen­dent on the par­tic­i­pa­tion and pa­tron­age of their coun­try’s na­tion­als. The ul­ti­mate goal of the SEC is to build a solid part­ner­ship be­tween the Nige­rian worker and the cap­i­tal mar­ket in which the lat­ter will con­sti­tute an av­enue for chan­nel­ing the former’s sav­ings and in­vest­ment, lead­ing to wealth cre­ation, while the cap­i­tal mar­ket will, in turn, gain re­silience, depth and ro­bust­ness on ac­count of par­tic­i­pa­tion in it by the Nige­rian worker.”

The SEC in­vestor ed­u­ca­tion part­ner­ship with labour has al­ready been ac­ti­vated in re­la­tion to the Amal­ga­mated Union of Pub­lic Cor­po­ra­tions, Civil Ser­vice Tech­ni­cal and Recre­ational Ser­vices Em­ploy­ees (AUPCTRE) with a cap­i­tal mar­ket industry task team led by the SEC and in­clud­ing industry ex­perts from the FBN Cap­i­tal ad­dress­ing a na­tional event of the union which took place in Akure, Ondo State. The same task team took the mes­sage on per­sonal financial plan­ning, sav­ing and in­vest­ment to an or­gan meet­ing of the na­tional of­fi­cers of the Na­tional Union of Postal and Telecom­mu­ni­ca­tion Em­ploy­ees (NUPTE), which took place in Abuja last Thurs­day.

To en­sure a blan­ket cov­er­age of the en­tire Nige­rian so­ci­ety, the SEC operates sim­i­lar in­vestor ed­u­ca­tion partnerships strate­gi­cally tar­geted at other vi­tal strands of the Nige­rian pop­u­la­tion through part­ner­ship with the se­cu­rity com­mu­nity and school sys­tem, as well as with mar­ket and ar­ti­san as­so­ci­a­tions.

SEC DG, Mounir Gwarzo

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