Former President Olusegun Obasanjo on Thursday charged Securities and
Exchange Commission (SEC) to work hard by ensuring stability,
credibility and transparency are restored in the country’s stock market.
According to the former president, the
present economic recession could only
be fought successfully if
confidence, stability, credibility and transparency could be guaranteed
at the stock market.
Obasanjo disclosed while receiving the
Director-General of the Commission, Mounir Gwarzo at his residence in
Abeokuta, Ogun State capital.
He however, said Nigeria needed
all-encompassing economic strategy to get out of the current economic
recession, noting, “when we are in a situation we are now, situation of
recession, I think it must be clear to all of us that we must do
something quickly to get us out of recession.”
He added: “There is no doubt that your
own area of activity has a key role to play. You have to work on
investment, you have to look for fund.”
He continued: “Our children should start
to learn and understand the workings of stock market. In the Military,
we were specially trained to know much about stock market and stocks
exchange. It is important that our children should understand and know
it.
“We must also try to create confidence in
market system generally and in the stock market. Over the years, many
people have lost confidence in the market. A man who was a billionaire
yesterday, has become a millionaire now, and a millionaire yesterday,
has now become ‘thousandnaire'”.
On the Commission’s visit to Abeokuta,
Gwarzo said the Commission was in Abeokuta in continuation of Financial
Literacy and Quiz Competition in primary and secondary school levels as
part of effort to inculcate financial culture in the young ones.
Gwarzo said: “One of the things we are
doing now, the Financial Literacy, is to inculcate the culture of
financial knowledge at the primary and secondary school levels, and that
is why we are in Abeokuta. We have also been implementing the
initiatives within the master plan, we did the electronic dividends. It
is something that has been ongoing for quite a while.
“The corporate governance scorecard that
we have launched, we have done a lot. So that our children will grow up
to understand the financial market, and you can’t divorce financial
market from the economy, it is very important for the people at young
age to know the importance of financial market and what the economy is
all about.”
by Sheriff Balogun in Abeokuta/thisday
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