Mary Uduk, the Acting Director-General of the Securities and Exchange Commission (SEC), has disclosed the commission’s plans to align its 10-year Capital Market Master Plan with current economic realities.
Uduk disclosed that SEC is also committed to ensuring that the planned review of the master plan is concluded in record time.
Essence of the master plan: According to Uduk, the review was intended to align the master plan with current realities on macroeconomics, political, and market development fronts.
Uduk said out of the 90 initiatives outlined in the master plan, 66 initiatives have already commenced since 2015, even as 13 have been successfully completed.
Some of the concluded initiatives include: The de-materialisation of shares, recapitalisation of capital market operators, setting up of a National Investment Protection Fund and the establishment of the West African Securities Regulators Association, among others.
“FIFTY-FIVE INITIATIVES ARE AT VARIOUS STAGES OF IMPLEMENTATION AND IT IS HOPED MANY OF THEM WILL BE CONCLUDED BEFORE THE END OF THE YEAR.
“OTHER ACHIEVEMENTS INCLUDE THE E-DIVIDEND MANDATE, DIRECT CASH SETTLEMENT, ROAD MAP ON COMMODITIES ECOSYSTEM, NEW LISTING, FINANCIAL LITERACY, LAW REVIEWS, AND NON-INTEREST CAPITAL MARKET PRODUCTS, AMONG OTHERS.”
What you should know about SEC’s Capital Market Master Plan: The Capital Market Master Plan is a blueprint for the development of the Nigerian capital market in core areas such as investor protection and education, professionalism, product innovation, and expansion of the capital market’s role in the Nigerian economy.
More so, the master plan was designed to help catalyse the emergence of Nigeria as a top 20 global economy.
With the determination to transform and re-position Nigeria’s capital market to be globally competitive and attractive, the 10-year master plan was developed to span from 2015-2025.
Typified after the Malaysian capital market master plan, SEC has the mandate of driving its implementation.
About SEC: The Securities and Exchange Commission is the main regulatory institution of the Nigerian capital market. It is supervised by the Federal Ministry of Finance.