Work In Progress In 70% Of 10-Year Master Plan Initiatives, Says SEC

The Securities and Exchange Commission (SEC), at the weekend said it has commenced work on 66, or 70% of the over 90 initiatives outlined in the 10-year Capital Market Master Plan.
Commending capital market stakeholders for their cooperation and support so far, Acting Director General of the SEC, Ms. Mary Uduk, noted also that 13 have been successfully completed since the master plan was unveiled in 2015.
She listed the concluded initiatives to include dematerialization of shares, recapitalisation of capital market operators, setting up of a National Investment Protection Fund and the establishment of the West African Securities Regulators Association among others.
Another 55 initiatives, Ms. Uduk added, are at various stages of implementation, expressing hope that many of them will be concluded before the end of this year.
She also listed some achievements so far to include the electronic dividend (e-dividend) mandate, Direct Cash Settlement, Roadmap on commodities ecosystem, new listing, financial literacy, law reviews, non interest capital market products among several of the initiative that you have collectively worked on.
The Acting DG said implementation of the 10-year Capital Market Master Plan commenced in earnest under the guidance of the Capital Market Master Plan Implementation Council Chaired by Olutola Mobolurin and have made great strides in its implementation efforts.
Uduk said the SEC and market Stakeholders have taken up the initiatives outlined in the Master Plan document in a systematic manner while also painstakingly engaging with the government, its agencies and other critical stakeholders whose support and collaboration is required to achieve the objectives outlined in the Master Plan.
According to her “All of these would not have been possible without your support, cooperation and collaboration. We are indeed grateful to the different committees through which a lot of the work on these initiatives has been carried out. It would have been impossible without your commitment of time, energy and resources; your drive and focus.
“I want to recognise that the work that has been done by CAMMIC and indeed the key players in the capital market directly and contribute to the development of not only the Nigerian capital market but the financial system at large.”
She expressed the commission’s appreciation of the tremendous support and collaboration received from market operators and various stakeholders in the capital market. The partnership, she noted, has advanced the collective aspiration to accelerate the growth of the market and contribute to the development of the nation’s economy.
Recall that the Securities and Exchange Commission launched a 10 year Capital Market Masterplan in November 2014. The Commission at that time believed that having just emerged from a bubble that negatively impacted the performance and confidence in the Nigerian capital market, it was expedient to come up with a market wide strategic blueprint that would among other things restore investor confidence, deepen the market, accelerate the growth of the capital market and help catalyse the emergence of Nigeria as a top 20 global economy.

Photo caption: From left, Executive Director, The International Securities Consultancy, Zulf Mir, Acting Director General, Securities and Exchange Commission, Ms Mary Uduk; and Senior Consultant, The International Securities Consultancy, David White after a Meeting between both parties in Abuja weekend.

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