SEC trains judges, others on commodity trading ecosystem – TheNigerialawyer

The Securities and Exchange Commission (SEC) has moved a step
forward to ensuring that stakeholders are sufficiently enlightened
on the commodity trading ecosystem.

The Acting Director-General of SEC, Ms Mary Uduk, noted that
there exists knowledge gap within the ecosystem, hence, the need
for capacity building on the Commodities Trading ecosystem.

Represented by the Acting Executive Commissioner Operations, Mr.
Isyaku Tilde, the SEC boss explained that, “The Technical Committee
set up to develop a roadmap for reviving the Commodities Trading
Ecosystem came up with over forty (40) recommendations to be
implemented in 4 phases between 2018 and 2025; the report also
observed the knowledge gap that exists within the ecosystem and
recommended the need for capacity building on the Commodities
Trading ecosystem to stakeholders and to the general public.”

Uduk made this known in her address during a capacity building
workshop for Judges and top management of the Investments and
Securities Tribunal (IST) on the implementation of the Commodities
Trading Ecosystem, at the Nigerian Capital Market Institute (NCMI)
in Abuja on Monday.

According to her, “The Securities and Exchange Commission (SEC)
as part of its implementation of the 10-year Capital Market Master
Plan, constituted a Technical Committee on Commodities Trading
Ecosystem.

“The mandate of the Committee was to identify challenges of the
existing framework/infrastructure and develop a roadmap for a
vibrant ecosystem.

“The IST statutorily has jurisdiction over securities related
matters and this includes the commodity trading market.

“The successful implementation of the Technical Committee’s
report will undoubtedly lead to more activities in the market and
this will result to disputes.

“Therefore, to effectively make informed decisions on
commodities market related disputes, the judicial and non-judicial
staff of the Tribunal requires the basic knowledge on the
Commodities Trading Ecosystem.”

She further added that: “The Ecosystem is an organized
commodities market consisting of multiple players that interact to
form the agricultural value chain.

“They include commodity exchanges, farmers, merchants,
aggregators, processors/producers, commodity market operators,
warehouse operators, collateral managers, banks, insurance
companies, clearing houses, and logistic companies.

“It is important to organize this market to enhance its
efficiency, growth and competitiveness which will better position
it to play a strong enabling role in food security, employment
generation and economic diversification which is the main trust of
this government.

“The Commodity Trading ecosystem provides a sophisticated human
interaction of which the inevitable disputes will call upon the
IST.”

The Chairman, IST, Mr. Isiaka Isaiah Idoko, commended the SEC
for this timely and laudable intervention to bridge the lacunae in
knowledge that exists amongst his members, and to ensure that they
continue to improve in the performance of their statutory
functions.

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