Abuja and Lagos — The Securities and Exchange Commission (SEC) has launched a new development fund tagged: Nigerian Capital Market Development Fund (NCMDF), with a mandate to provide funding for the Nigerian Capital Market's developmental initiatives that will spur growth of the Market and the Nigerian economy.
Board of the fund was also inaugurated yesterday. The board is chaired by the director general of SEC, Mr. Mounir Gwarzo. The board members are: Executive Commissioner of the SEC; Director, Home Finance (federal ministry of finance), Mrs. Olubunmi Siyanbola; Chairman, Association for the advancement of the rights of Nigerian shareholders, Dr. Faruk Umar and Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu. Others are: President/Chairman, Institute of Capital Market Registrars, Mr. Bayo Olugbemi; Ify Ajezie of Association of Stockbroking Houses of Nigeria and CEO, Afex Commodities Exchanges/Association of Securities Exchanges, Ayodeji Balogun.
Director, market development at SEC, Mr. Henry Roland said the establishment of the fund was part of the Commission's strategic efforts in deepening its statutory mandate of developing and building a robust mechanism to facilitate the capital market.
The NCMDF which was launched yesterday at the headquarters of SEC in Abuja, is a company limited by Guarantee incorporated under the CAC Act, 1990.
The NCMDF, among other responsibilities is expected to initiate and carry out plans and programmes aimed at the development of the capital market, generate and provide funds for financing of market development programmes facilitate the introduction of new products aimed at deepening the market; and also undertake and sponsor research and scholarly projects aimed at advancing knowledge and understanding of the capital market.
Inaugurating the board yesterday, former DG of SEC, Dr. Suleyman Ndanusa under whose administration the NCMDF was conceived called on the members of the Board to consider the assignment as a national call to service, expressing pleasure that like other market regulators all over the world, SEC has not relented on putting up relevant initiatives in order to tackle emerging challenges.
"We will do whatever we could to facilitate the development of the Nigerian Capital Market. We pledge to do our best to our best improve the Capital market," Mr. Gwarzo promised.
"I strongly believe therefore, that the launching of the NCMDF and its subsequent operations will add to the list of key initiatives put up to address the myriads challenges facing the Nigerian Capital Market", Dr. Ndanusa said. "... I call on all market players to support this noble idea with laudable objectives. I am confident that the team assembled here to be inaugurated as the Board of the NCMDF will surely deliver on its responsibilities."