SEC to Hold Q3 Capital Market Committee Meeting in Lagos

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By Aduragbemi Omiyale

The third quarter Capital Market Committee (CMC) meeting of the Securities and Exchange Commission (SEC) will take place at the Lagos Continental Hotel on Thursday, November 24, 2022.

During the event, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, will launch the revised Capital Market Master Plan of the agency. This plan will provide a roadmap for the capital market for the next few years.

The 10-year policy was launched in 2014 and is being revised in support of some critical stakeholders to reflect the dynamism of the market and developments in financial technology, among others.

The Director-General of the organisation, Mr Lamido Yuguda, disclosed that the policy document captures the challenges of the capital market in actualising its role to drive national economic growth and, more importantly.

He said it also provides a blueprint to harness these opportunities to better position the capital market as the engine of our economic growth and development.

“The first five years of the original Capital Market Master Plan 2015-2025 (CMMP) implementation focused on market and governance reforms in the aftermath of the global financial crises of 2008 and the Nigerian market correction that continued into 2009, with significant success.

“During that period, stock certificates were dematerialised, dividend management was automated, corporate governance standards were improved, and intermediaries were strengthened through revised capital requirements and risk-based supervision, amongst several other initiatives implemented under the CMMP.

“Today, we face new challenges and opportunities. The pursuit of innovation and growth requires that we are open to opportunities and risks. Our choices are limited if we only seek opportunities within our traditional boundaries.

“Similarly, we inhibit our ability to grow if we do not curtail the threats of unregulated risk-taking. Promoting entrepreneurial and innovative outcomes, therefore, requires balancing our openness and appetite for risk-taking with the critical need to protect investors.

“It is important to contextualise our aspirations within the fundamental objectives of market integrity and investor protection while pursuing economic growth.

“The RCCMP has provided a framework and outlined strategic initiatives that will help embrace and unlock these opportunities in our capital market,” Mr Yuguda said.

The DG expressed his most sincere appreciation to the Financial Sector Deepening Africa (FSDA) for funding the work of the RCMMP and to the capital market community for aligning with the commission’s vision and committing to support the implementation of the plan.

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