By Chineme Okafor in Abuja
The Securities and Exchange Commission (SEC) yesterday said it would hold deeper discussions on the implementation of the 10-year capital market master plan as well as other initiatives for Nigeria’s capital market with stakeholders at its forthcoming Capital Market Committee (CMC).
A statement from the SEC in Abuja explained that the CMC meeting scheduled to hold in Lagos would be expanded to accommodate a diverse group of relevant stakeholders in Nigeria’s capital market.
According to it, the 10-year master plan for the Nigerian capital market is expected to refocus the market and help double its size over time as well as grow the economy.
It noted that since it unveiled the masterplan in November 2014, it has vigorously implemented some initiatives in it with the aim of attracting more investors to the market.
“The SEC is set to host the first CMC meeting for 2018. The meeting is scheduled to hold at the Federal Palace Hotel and top on the agenda would be the capital market master plan implementation and other capital market initiatives,” said the statement.
SEC equally explained that some of the initiatives in the masterplan which it has implemented include direct cash settlement; dematerialisation; and e-dividend registration, which it added have promoted transparency; protect and enhance investors’ confidence in the capital market.
“The SEC therefore enjoins all shareholders to take advantage of the initiatives introduced in the capital market aimed primarily at strengthening the market and accelerating economic development.
“This is in consonance with the present administration’s economic strategy focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhanced productivity,” it explained.
On the stakeholders expected at the CEC meeting, SEC stated: “Those who have been invited to attend the expanded session are CEOs of all registered capital market firms, i.e. broker dealer capital market solicitors; custodians; fund managers; issuing houses; rating agencies; registrars; reporting accountants; trustees; and consultants.
“Others are Chief Executive Officers of the Nigerian Stock Exchange (NSE); National Association of Securities Dealers (NASD); the Financial Markets Dealers Quotations (FMDQ); Africa Exchange Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities Clearing System (CSCS); Chartered Institute of Stockbrokers (CIS); as well as representatives of relevant financial services’ agencies; among others.”