SEC relishes significant master plan achievements

The Securities and Exchange Commission (SEC) has stated that it has recorded significant traction and successes in achieving some key Master Plan objectives such as full Dematerialization of Share Certificates, recapitalization of Capital Market Operators, launch of National Investor Protection Fund, new Corporate Governance Scorecard for public companies, and Electronic Dividend Mandate Management System amongst others.

This was stated by Director General of the Commission, Lamido Yuguda during the virtual signing of a $400,000 grant agreement with African Development Bank to strengthen securities market regulation and broaden market instruments.

The project will support the implementation of SEC Nigeria’s Capital Market Master Plan 2015-2025 and its vision to position Nigeria’s capital market as a competitive and attractive destination for portfolio investments.

The grant which will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the Bank, will go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for green finance.

In his remarks, Mr. Lamin Barrow, Senior Director AfDB Nigeria Country Department, Said, the $400,000 grant is to support Nigeria’s Risk Based Supervision Framework implementation and capacity building project.

Barrow said the ceremony represents a true milestone in our partnership with the government of Nigeria to support the development of Nigeria’s capital market.