The Nigeria Bar Association (NBA) is seeking collaboration with the Securities and Exchange Commission (SEC) in the Commission’s efforts to deepen the capital market.
Chair NBA Section on Business Law (SBL) Mr. Olumide Akpata, made the call when members of the NBA-SBL visited the SEC office in Abuja
While assuring the Ag. DG of the support of his members, Akpata said the members will work with the SEC to ensure that the capital market is free, fair and transparent for all to operate.
He disclosed that on its part, the NBA-SBL has embarked on a number of initiatives like its annual conference and the setting up of various committees to build capacity in business law.
He said, “We are building capacity among our members to assist in capital market operations and we hope to partner with the SEC to deepen this understanding. Our members also go to the Nigeria Law School to mentor the students on the operations of the capital market and we are working with the Nigeria Stock Exchange to get a proper framework.
“We are also contemplating a collaboration with the National Institute of Advanced Legal Studies (NIALS) to commence a diploma in advanced commercial law so that our people can better understand the workings of the capital market”.
In pledging their support to the SEC management, the lawyers also commended the management on their efforts in ensuring that lawyers are carried along on issues relating to rules and regulations in the capital market.
In her remarks, Acting Director General of the SEC, Ms. Mary Uduk, appealed to the lawyers to support the SEC in its regulatory roles, support the market and also be more involved in activities in the capital market.
She appealed to them to be more involved in the structuring of transactions, in the structuring and drafting of legal documents adding that in other jurisdictions, lawyers are at the forefront of capital market transactions, and Nigeria’s case should not be different.
“Lawyers are key players in the transaction processes which permeate the world of capital markets. They advise debt and equity issuers and the investment banks which structure and sell the financial instruments.”
She therefore solicited the support of the lawyers and encouraged them to impart the knowledge gained from conferences abroad for easy operations of the market adding that the SEC is ready to support actions that will help deepen and grow the Nigerian capital market.