The Securities and Exchange Commission (SEC) says it has commenced implementation of 66 out of the over 90 initiatives outlined in the Capital Market Master Plan, 13 of which had been successfully completed.
The SEC’s Director-General, Ms Mary Uduak, who made this known at a meeting with capital market stakeholders on Sunday in Abuja, the nation’s capital commended them for their cooperation and support to the market.
She explained that some of the concluded initiatives were dematerialisation of shares, recapitalisation of capital market operators and setting up of a National Investment Protection Fund.
She said SEC had also been able to establish the West African Securities Regulators Association, among others.
She expressed optimism that many of the 55 initiatives at various stages of implementation would be concluded before the end of 2019.
“Some of the achievements include e-dividend mandate, Direct Cash Settlement, Roadmap on commodities ecosystem, new listing, financial literacy, law reviews and non interest capital market products, among others.
“The implementation of the 10-Year Capital Market Master Plan commenced in earnest under the guidance of the Capital Market Master Plan Implementation Council (CAMMIC) Chaired by Mr Olutola Mobolurin.
“And it has made great strides in its implementation efforts. The SEC and market stakeholders have taken up the initiatives outlined in the Master Plan document in a systematic manner.
“And the stakeholders have painstakingly engaged with the government, its agencies and other critical stakeholders whose support and collaboration is required to achieve the objectives outlined in the Master Plan,” she said.
According to Uduk, all of these would not have been possible without the support, cooperation and collaboration of the market’s stakeholders.
She said the partnership of the stakeholders had advanced the collective aspiration to accelerate the growth of the market and contributed to the development of the nation’s economy.
It would be recalled that the Securities and Exchange Commission in November 2014 launched a 10 -year Capital Market Master plan to accelerate the growth of the capital market and help catalyse the emergence of Nigeria as a top 20 global economy.