Yuguda To Host Maiden Capital Market Committee Meeting As SEC DG

Lamido Yuguda will on Thursday, August 20, 2020, chair the first meeting of the Capital Market Committee (CMC) as Director-General and chief executive of the Securities and Exchange Commission (SEC).

He will be accompanied by other newly appointed Executive Commissioners of the SEC and other members of the management team.

Incidentally, the meeting which holds quarterly will also be the first this year since the one planned for April 2020 was postponed owing to the prevailing lockdown imposed by the Federal Government following the outbreak of the Coronavirus (COVID-19) pandemic.

However, due to established protocols on COVID-19, the meeting will hold virtually through Zoom with key stakeholders in the capital market, after which a press briefing on the outcome of the CMC meeting will hold on Friday, August 21.

A statement by the commission on Sunday said “attendance to both events is strictly by invitation,” as invited participants will be sent unique links with which to join the meeting.

The CMC, is an industry-wide committee comprising the management of the SEC, representatives of capital market operators and trade groups and other stakeholders, was established to serve as a medium for exchange of ideas among market stakeholders. It also serves as an avenue for providing feedback to the SEC on how to continuously address challenges, improve market operations and enhance the regulatory framework.

During next week’s meeting, issues bordering on implementation of the 10-Year Capital Market Master Plan, implementation of the Fintech Roadmap, among other salient matters relating to the capital market and the economy would be discussed.

Recall that the commission had unveiled the master plan in November 2014 and has continued to implement the initiatives, designed to reposition the Nigerian Capital Market as an attractive investment destination. The CMMP is also a critical facilitator of capital formation for the accelerated growth and development of the Nigerian economy.

Some of the initiatives so far implemented include: Direct Cash Settlement, regularisation of multiple subscriptions, dematerialization of share certificates, and the introduction of the e-Dividend Management System.

The CMMP whose objectives are also in consonance with the Federal Government’s economic strategy focused on encouraging a private sector-led economy to drive inclusive growth, the statement continued, has promoted transparency, protecting investors and enhancing market confidence.

Expected at the meeting are Chief Executives of registered Broker/Dealer firms, Investment Advisers, Custodians, Fund/Portfolio Managers, Receiving Banks, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Capital Market Consultants, among others. Others are CEOs of the Nigerian Stock Exchange (NSE); National Association of Securities Dealers (NASD); FMDQ Group Plc; Africa Exchange Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities Clearing System (CSCS); as well as representatives of relevant financial sector regulatory agencies, among others.