SEC DG warns against lazy journalism in capital market reporting

By Abubakar Yunusa

The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, on Monday emphasized the need for diligence and continuous learning among journalists covering the capital market, describing it as “no place for lazy reporters.”
Agama stated this the 2024 Journalists Academy, themed “Fintech: Leveraging Technology to Drive Capital Market Participation.
“As a capital market professional or journalist, you must be willing to read. This space is dynamic,” he stated.
“Three to four years ago, very few people understood cryptocurrency. Today, the mystery surrounding it has evolved into a $3.4 trillion market.”
Citing Bitcoin’s exponential growth, Agama noted, “In September 2023, Bitcoin was valued at $20,000. Today, it’s over $100,000. This demonstrates how rapidly the financial ecosystem can change.”
The SEC chief also highlighted the lack of specialized training in the capital market field, explaining that most professionals in Nigeria relied on general finance, economics, or business administration backgrounds.
“There was no dedicated capital market program or course in this country until recently,” he said.
Agama compared the capital market to a complex dish requiring complete ingredients to succeed. “Without the right mix, you end up with bad food. The same applies to the capital market – all elements must be in place,” he remarked.
Addressing journalists, Agama acknowledged their dual role as allies and critics.
“Journalists hold the whip 24/7. They can celebrate you when you’re right and be highly critical when you’re wrong,” he said.
“But this relationship keeps public officials accountable and fosters trust.”
The journalist academy program is part of SEC’s broader initiative to enhance financial literacy and foster a deeper understanding of capital market operations among media professionals.
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