SEC gets AfDB’s grant for risk-based supervision project

Securities and Exchange Commission (SEC) has received funds from the African Development Bank towards the cost of regulatory capacity improvements under the risk-based supervision framework and capacity building project.

The grant from the AfDB Group administered/Capital Markets Development Trust Fund is to finance the Risk Based Supervision Framework Implementation and Capacity Development Project.

According to the SEC, the principal objectives of the project are to provide technical assistance and capacity building on selected areas of the Commission’s operations, support implementation of risk-based supervision framework, improve the securities markets regulatory environment and broadening of market instruments that will help deepen the capital markets in Nigeria and strengthen the Commission’s supervisory tools as well as its capacity to achieve its mandate of investor protection and minimising systemic risk.

For the project, the mode of procurement to be adopted is Quality and Cost Based (QCBS) and the risk-based supervision framework implementation component would involve the development of best practise risk based supervision inspection manuals, tools and guidelines for the market.

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