Business

The Securities and Exchange Commission (SEC) has restated its commitment to implement the 10-year Capital Market Master Plan as the commission gets ready to host the Second Quarter 2015 Capital Market Committee (CMC) meeting.

According to a statement from the SEC yesterday, the CMC meeting will be held in Lagos on July 28, 2015, and top on the agenda would be the capital market master plan implementation.

The 10-year master plan for the Nigerian capital market, which is expected to refocus the market and help double its size over time and grow the economy, was unveiled last November.

The director-general of the SEC, Mournir Gwarzo, had recently assured that he was committed to ensuring the implementation of the 10-year Capital Market Master Plan.
According to him, “I have only one agenda for the market; my agenda for the market is to faithfully and religiously implement the 10-year Capital Market Master Plan.”

Last year, the SEC set up three committees to drive market growth with the best brains in the market as members. They worked tirelessly and came up with an excellence report which was launched last year. What we lack in the country is the faithful implementation of reports.

Those who have been invited to attend the expanded session are chief executive officers of all registered capital market firms, broker dealers, 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, National Association of Securities Dealers, The Financial Markets Dealers Quotations, Africa Exchange Holdings, Nigeria  Commodity Exchange, Central Securities Clearing System, and Chartered Institute of Stockbrokers.

Also, a member from each observer group like Asset Management Corporation of Nigeria, Central Bank of Nigeria, Corporate Affairs Commission, Debt Management Office,  Federal Ministry of Finance, Federal Mortgage Bank of Nigeria, Federal Inland Revenue Service, Nigerian Deposit Insurance Corporation, Investment and Securities Tribunal, Nigerian Investment Promotion Council, National Insurance Commission, National Pension Commission, Financial Services Regulation Coordinating Committee have been invited to attend.