The Securities and Exchange Commission (SEC) signed a Memorandum of Understanding (MoU) with the Capital Market Authority (CMA) of Oman on the sidelines of the 30th Annual General Meeting of Africa and Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO) in Dubai, United Arab Emirates (UAE).
The MoU specifies the framework for bilateral co-operation and interface between the SEC Nigeria and the CMA of Oman in matters relating to securities market development, oversight and regulation. It formalises and raises the profile of cooperation for the effective development and operation of the capital markets of both countries.
According to the Director-General of the SEC, Ms. Arunma Oteh, the MoU "speaks eloquently to the rising profile of both the Sultanate of Oman and the Gulf region as hub of global resource flows and investment destination. Similarly, Nigeria is the very epicentre of an economically resurgent Africa. Effective co-operation in regulatory matters between our markets offers immense strategic possibilities for investors across the world. The MoU will help in removing impediments in trade and investment traffic across our two market jurisdictions."