SEC Commences Implementation Of Master Plan Initiatives

The Securities and Exchange Commission (SEC) says it has commenced implementation of 66 out of the over 90 initiatives outlined in the Capital Market Master Plan, 13 of which had been successfully completed.

Naija News understands that Ms Mary Uduak, SEC’s Director-General, said this in a statement signed by the commissions Head of Media, Mrs Efe Ebelo, on Sunday in Abuja.

According to the statement, Uduk was speaking at a meeting with capital market stakeholders where she commended them for their cooperation and support to the market.

She said some of the concluded initiatives were dematerialisation of shares, recapitalisation of capital market operators and setting up of a National Investment Protection Fund.

She said SEC had also been able to establish the West African Securities Regulators Association, among others.

She expressed optimism that many of the 55 initiatives at various stages of implementation would be concluded before the end of 2019.

“Some of the achievements include e-dividend mandate, Direct Cash Settlement, Roadmap on commodities ecosystem, new listing, financial literacy, law reviews and non-interest capital market products, among others. “The implementation of the 10-Year Capital Market Master Plan commenced in earnest under the guidance of the Capital Market Master Plan Implementation Council (CAMMIC) Chaired by Mr Olutola Mobolurin.

“And it has made great strides in its implementation efforts. “The SEC and market stakeholders have taken up the initiatives outlined in the Master Plan document in a systematic manner.

“And the stakeholders have painstakingly engaged with the government, its agencies and other critical stakeholders whose support and collaboration is required to achieve the objectives outlined in the Master Plan,” she said.

According to Uduk, all of these would not have been possible without the support, cooperation and collaboration of the market’s stakeholders.

She said:”We are indeed grateful to the different committees through which a lot of the works on these initiatives have been carried out. “It would have been impossible without your commitment of time, energy and resources; your drive and focus.“I want to recognise that the work that has been done has contributed to the development of not only the Nigerian capital market but the financial system at large.”

She said the partnership of the stakeholders had advanced the collective aspiration to accelerate the growth of the market and contributed to the development of the nation’s economy.

The Securities and Exchange Commission in November 2014 launched a 10 -year Capital Market Master plan.

The Commission at that time had just emerged from a bubble that negatively impacted the performance and confidence in the Nigerian capital market.

“It was expedient to come up with a market wide strategic blueprint that would among other things restore investor confidence, deepen the market, accelerate the growth of the capital market and help catalyse the emergence of Nigeria as a top 20 global economy’’