Acting Director General of the Securities and Exchange Commission, SEC, Ms Mary Uduk has delineated the Organized private Sector (OPS) as key drivers for economic process and development
Speaking at the inauguration of the SEC private Equity Committee in capital of Nigeria at the weekend, the Acting dg noted that the personal sector produce jobs and pay the taxes that finance services and investments.
Uduk who was delineated by Acting executive Commissioner corporate Services of the SEC, Mr. Henry Rowlands, aforementioned the inauguration of the SEC private Equity Committee is prior to the planned National private Equity Summit.
She said the event is an epoch creating one for the country because it underscores one amongst its objectives of facilitating correct understanding and appreciation by government of the importance of private sector activities as key drivers of private sector led economic process.
According to her, the Nigerian government recognises the importance of private sector-led economic process, thus it’s put in place many partnerships and initiatives between the private sector and also the government with a view to achieving optimum economic process.
“The private sector remains the key driver of economic process with the federal government providing sanctioning framework to galvanise and support private sector investors and participants through such vehicle as private equity funds.
“A McKinsey report highlights this reality by its information that reveals that non-public equity net assets grew as much as 70th from 2002 till 2018 and double as quick as public equities. This underscores the high rate of growth of private sector investment through private equity funds operations” she expressed.
The Acting dg aforementioned that with a provision for allocation of $250million of the pension assets beneath management of private equity investment, there lies immense potential for the sector to drive economic process potentials of the Nigerian economy.
“I seize this chance to sincerely appreciate Henshaw Capital and Partners for this initiative and all the establishments and agencies that have accepted to participate in this operating committee” she added .
In his remarks, Mr. Efiok Ekpenyong Efiok, Head, Investment Management Department, SEC said the SEC private Equity Committee is a SEC driven Committee based on private sector initiative led by Henshaw Capital Partners unitedly with key monetary sector stakeholders, federal and personal sector establishments.
Efiok said the establishments embrace financial organization of Nigeria, Nigerian Sovereign Wealth Fund, National Pensions Commission, Infrastructure Concession regulative Commission (ICRC), the Nigerian stock exchange (NSE), and Nigerian Association of Securities Dealers.
According to him, the work of the Committee is intermeshed towards organizing the Nigerian private Equity summit with the target of galvanizing the private equity scheme in Nigeria to proactively articulate, expand and harness the private equity opportunity in Nigeria.
“In line with this principal objective as articulated within the proposal document, the Summit aims among others to boost awareness of the private equity opportunity to fulfill a major portion of the finance desires of Nigeria’s exponential growth Companies” he added.
Adeyemi Okediran
