The Securities and Exchange Commission (SEC) has said it will roll out a global uniform standard for Venture Capital in the country.
The Acting Director-General (DG) of SEC, Mounir Gwarzo, disclosed this in a one-day dialogue organised by the Chartered Institute of Stockbrokers (CIS), Association of Stockbroking Houses of Nigeria (ASHON), as well as the Association of Issuing Houses of Nigeria (AIHN) at the weekend.
Venture Capital (VC) is financial capital provided to early-stage, high-potential growth start-up companies.
The SEC DG, who was represented by Mr Edward Okolo, stated that the global uniform standard for venture capital investment would encourage uniformity thereby boosting participation in the system.
“We’re going to roll out a global uniform standard for venture capital investment that would encourage uniformity in the system,” he said.
He also called on stakeholders to rely on the capital market to fund infrastructure projects and fill the deficit in the 2015 budget.
“I think beyond this year’s budget, the capital market must begin to assert itself as the most reliable medium for government to source for funds to finance critical infrastructure. Our infrastructure needs are too massive to be dependent on the meager yearly budgetary allocation,” he disclosed.
Mr Gwarzo challenged stakeholders to also participate in the bond market, stating that the Federal Government has been very active in boosting the bond market, having contributed about N6.85 trillion to the bond market between 2005 and 2014.
Source : Tribune