In 2018, Udo Udoma and Belo-Osagie ("UUBO") launched its flagship initiative, the annual UUBO Investigations, Compliance, and Ethics (I.C.E.) Summit. This initiative demonstrates our unwavering commitment to building capacity, supporting professional development, and facilitating robust discussions on a wide range of legal and regulatory matters.
The sixth edition of the UUBO I.C.E. Summit was held on October 15 and 17, 2024. The second day featured a specialised regulators' masterclass (the "Masterclass") organised in collaboration with the Securities and Exchange Commission ("SEC") at the SEC Towers in the Federal Capital Territory, Abuja.
The Masterclass, themed "Bridging the Gap: Enhancing Collaboration between the Regulator and the Regulated," was organised to discuss the critical importance of fostering a stronger and more collaborative relationship between regulatory bodies and the entities they oversee.
KEYNOTE ADDRESS
The commencement remarks were followed by a keynote address from the Director General of the SEC, Dr. Emomotimi Agama, who spoke on the importance of strengthening ethical standards in governance and ensuring adherence to the code of conduct for Capital Market Operators and their employees. His address highlighted significant milestones in the development of the Nigerian capital market and underscored the shared responsibility between regulators and market participants in fostering a transparent, efficient, and resilient financial market.
Dr. Agama reaffirmed the SEC's commitment to building partnerships with market operators and other stakeholders to promote open communication, transparency, and shared responsibility, all aimed at creating a stable capital market in Nigeria.
In his words:
"the source of our market depends on our collective effort to uphold integrity, foster collaboration and maintain the highest ethical standards, as we navigate the complexities of a rapidly evolving financial system, we must remain steadfast in our commitment to governance, transparency and accountability and our sovereign national pride. By so doing, we are not only protecting the interest of investors but also paving the way for sustainable growth and long-term prosperity for Nigeria's capital market and our citizens..."
PRESENTATION
Mr. Sam Cookey, Founder and Chief Executive Officer of CG & QMS, delivered a presentation titled "The Regulator and the Regulated: Enabling Improved Communications for Regulatory Success." His presentation emphasised the importance of open communication between regulators and the regulated, setting the tone for the event's core discussions.
Highlights Of The Presentation
(i) Symbiotic Relationship Between Regulators and the Regulated: Mr. Cookey emphasised the mutual dependence between regulators and the regulated, stressing the importance of both working in tandem to ensure the effectiveness of the regulatory system.
(ii) Role of Regulators as Mediators: He highlighted the role of regulators as mediators between the regulated entities and the government. As enablers within the value chain, regulators must prioritise public interest. He urged regulators to reflect on how their decisions and actions influence the regulatory environment, ensuring they contribute to an ecosystem that benefits society as a whole.
(iii) Balancing Technical and Economic Regulation: Mr. Cookey noted that regulators often focus on technical aspects of regulation, which are more manageable, but the economic impact of regulations has far-reaching consequences for the public. He called for a shift in focus, urging MDAs to go beyond technical expertise and prioritise service delivery, as the economic effects of regulations can profoundly affect the population.
(iv) Addressing Communication Barriers: He noted that regulators often communicate reactively, typically responding to incidents, which creates communication barriers. Instead, regulators should adopt proactive and consistent communication with both the general public and the companies they regulate. He cautioned that focusing solely on penalties and interventions, without highlighting positive initiatives, may project an unwillingness to collaborate.
(v) Leveraging Digital Media: Mr. Cookey emphasised the significance of digital media, particularly social platforms, for enabling two-way communication, in contrast to traditional print media. He urged regulatory bodies to develop corporate communication strategies that embrace modern digital trends, ensuring effective public engagement and alignment with the evolving digital and communication landscape, catering to diverse audiences across all age groups.
(vi) Regulators as Drivers of Public Interest: In conclusion, Mr. Cookey stated that regulators play a vital role in advancing public interest. To be effective, regulators must remain adaptable, well-informed, andseize new opportunities to enhance their regulatory efficiency and effectiveness.
PANEL DISCUSSION
The Masterclass also included a panel discussion moderated by renowned public relations expert, Mr. Yomi Badejo-Okusanya. The panelists included:
- Lawrence Abang, Head of Dispute & Litigation, Legal and Regulations Services Department, the Nigerian Communications Commission ("NCC").
- Florence Abebe, Head of Anti-Competitive Practices Department, the Federal Competition and Consumer Protection Commission (FCCPC").
- Hajiya Sefiya Ahmed Yabo, Assistant Director, SEC.
- Dafe Akpeneye, Commissioner, Legal, Licensing and Compliance Division, the Nigerian Electricity Regulatory Commission ("NERC").
- Augustine Okwah, Legal Manager, the Nigerian Upstream Petroleum Regulatory Commission ("NUPRC").
The panelists discussed a range of issues related to the Masterclass theme, offering valuable insights on how the relationship between regulators and the regulated can be enhanced.
The panel addressed various aspects of the regulatory environment in Nigeria, focusing on challenges and solutions for improving compliance and fostering collaboration between regulators and businesses. Key issues discussed included balancing strict enforcement with a business-friendly atmosphere, streamlining regulatory processes to reduce bottlenecks, and enhancing transparency.
The panelists explored the role of technology in simplifying regulation, the need for clearer communication between regulators and regulated entities, and the importance of collaboration to improve compliance outcomes. The conversation also highlighted the impact of regulatory actions, strategies for crisis management, and the long-term vision for aligning Nigerian regulations with global standards. Finally, the session emphasised the future of regulation, advocating for reforms to strengthen regulator-business relationships and adapt to evolving industry needs.
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