SEC inaugurates committees to boost capital market activities

The Securities and Exchange Commission has inaugurated three committees to implement its 10-year master plan, which is meant to boost activities in the Nigerian capital market.

The committees, which were inaugurated on Monday, are to produce a blueprint to grow the capital market over a 10-year period.

Speaking at the inauguration, the Director-General, SEC, Ms. Arunma Oteh, said, “As we all know, capital markets are enablers of socio-economic development because they foster meritocracy, good corporate governance, innovation and entrepreneurship, which in turn  create job opportunities that will harness the skills and entrepreneurship zeal of Nigerians.

“World class capital markets fund business expansions and new opportunities, and provide governments with long-term funds for financing infrastructure and other important projects that transform the economies; therefore, we need a blueprint by which to develop the Nigerian market to this end.”

She explained that in view of the work that needed to be done, the committees were being set up to provide long-term plans for the growth of the capital market.

Oteh said, “The three committees are the Capital Market Master Plan Committee, which will set out clear strategies for the entire capital market to achieve its full potential; and the Capital Market Literacy Plan Committee, which will articulate a market-wide continuous investor education strategy.

“Also, we have the Non-interest Capital Market Products Master Plan Committee to create a roadmap for the development of a vibrant Islamic finance industry in Nigeria, and these three committees will kick-off activities in January 2014.”

Speaking on the performance of the Nigerian capital market in the last few months, Oteh said the stock market capitalisation had risen by two and half times to N11.59tn as of Friday.

She added that the domestic bond market had also grown to a capitalisation of N5.87tn, with a combination of Federal Government of Nigeria, state government and corporate bonds.

The SEC boss said, “As an institution, we are delighted at the way the market evolved in the last year. We had a very exciting first half with the market hitting an all-time high of 40,000 indexes. It is important to note that despite the challenges that emerging markets all over the world have been faced with; the Nigerian market has been doing well.

“Markets such as China, Indonesia, India and Brazil have struggled, but the Nigerian capital market remains one of the best all over the world. This gives a lot of credence to the reforms embarked upon by the regulators in the last three years.”

Meanwhile, the Managing Direction, NASD Plc, Mr. Bola Ajomale, has said six companies have registered with the NASD platform for the trading of their shares.

View Source

About ngcareers

Ngcareers is Nigeria's top jobs and careers community for working professionals and jobseekers to find interesting opportunities, discover and share insights based on their career interests. Click Here to Join. You can Connect with Ngcareers on Twitter, Google Plus, Facebook or Linkedin

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.