The Securities and Exchange Commission (SEC) said, in a statement issued by its Head of Public Relations Unit, it had concluded plan to inaugurate a 10-year capital market master plan aimed at ensuring the guided growth of the Nigerian capital market in November.
Yakubu Olayele, SEC’s Head of Public Relations Unit, stated that it’s Executive Commissioner, Corporate Services, Zakawanu Garuba, made this known at the ongoing International Organisation of Securities Commissions (IOSCO) annual meeting in Rio de Janeiro, Brazil.
Garuba said the master plan, meant to cover the 10-year period from 2015 to 2025, was aimed at increasing the depth of the capital market and increasing foreign direct investment.
He said that the master plan was also aimed at diversifying the sources of capital, among others.
The executive commissioner said that basically, the reason for the master plan was to enable all concerned parties in Nigeria’s capital market to plan ahead.
He said the Capital Market Committee, a body of all capital market regulators, operators and stakeholders, last year inaugurated three committees to achieve its 10-year master plan.
The committees, according to him, are Master plan Committee, Non-Interest Committee and the Literacy Committee.
Garuba said that key areas of the committees work, includes investor protection and education, professionalism, product innovation and expansion of the role of the capital market in economic development.
He said the long-term development committee had considered relevant factors that impact market growth and develop strategies for robust governance for improved efficiency, transparency and enhancement of the market stability.
“The primary reason for those committees is to see how we can move the market forward because in an attempt to deepen the market we realised that some of the terms of reference of those committees are basically needed for that.
“I think it is the plan of the current board of SEC to make sure that is realised.
“We have received reports from the various committee last month and we do hope that during the retreat in November everything will be collated and it will be the basis of our operation in the next 10 years,’’ he said.
Source : BusinessDay