17 November 2017

Nigeria: SEC DG Tasks Market Operators to Adapt to Changing Business Environment

The Director General of the Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo has urged capital market participants to constantly adapt to new the changing economic, regulatory and business environments for them to perform their expected roles in economic development of the nation.

Gwarzo stated yesterday at the 21st annual conference of the Chartered Institute of Stockbrokers (CIS) in Lagos.

According to him, almost everything now comes down to the application of technology.

"The financial market institution of the future is one that is currently making conscious effort to automate its processes by leveraging on relevant technology," he said.

He, however, noted that as an evidence of the responses to dynamic changes in the Nigerian financial market, the capital market has begun to witness the evolution of new products and processes such as Sukuk, Green Bonds, Derivatives, Commodities and Financial Technology(Fintech).

On market regulation and development by SEC, he said that the commission is committed to developing the Nigerian capital market in line with the 10-year Master Plan.

Gwarzo said the commission has strengthened its rule making process, noting that more rules are considered on a timely basis with the underlying justifications which will aid the market's understanding of the thought process behind coming up with the rules.

As evidence of the positive impact of some of the recently introduced initiatives, he disclosed that the number of reported cases of infractions in the market has reduced from 291 in first quarter (Q1) in 2016 to 36 in the third quarter (Q3)' 2017. He added that the number of enforcement cases has come down from 49 to 30 within the same period.

In his speech, the President of CIS, Mr. Oluwaseyi Abe, commended Gwarzo for his leadership and commitment in the development of the Nigerian capital market and in deepening the spirit of collaboration among stakeholders.

" Among others, the establishment of the Nigerian Capital Market Development Fund, the National Investor Protection Fund, E-Dividend Management System (E-DMMS), Direct Cash Settlement scheme, Risk Based Supervision Framework (RBS) and the ongoing implementation of all the key initiatives contained in the 10 Year Capital Market Master Plan are some of the landmark achievements of the current SEC leadership deserving of mention," he said.

Nigeria

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