Nigeria: Our Roadmap Has Developed Technology-Driven Regulatory Oversight of Capital Market, Says SEC

1 January 2020

Abuja — The Securities and Exchange Commission (SEC) has stated that it has developed a roadmap to guide the capital market towards innovation, and technology-driven approach in its regulatory oversight.

SEC also said that the various initiatives being implemented in the 10-year capital market master plan had made the capital market more attractive to investors.

The Acting Director General of the Commission, Ms. Mary Uduk, in a New Year message to capital market operators and stakeholders Wednesday, commended them for their relentless service towards the growth and development of the market.

According to a statement from SEC, Uduk sincerely thanked all Capital Market operators and stakeholders for their immense efforts and contribution towards developing the Nigerian capital market and enjoined them to be committed to the Nigerian Capital Market project, adding that it was time to make all the difference to make the vision of a world-class market a reality.

She said: "The year 2019 saw us record tremendous results in a number of initiatives largely derived from the 10-year Capital Market Master Plan. These initiatives have helped make the market more attractive, efficient and properly positioned to harness its true potentials.

"Through the implementation of interventions such as the Electronic Dividend Mandate Management System (E-DMMS) and the Identity Management System, we have made reasonable success in reducing the huge quantum of unclaimed dividends."

Uduk said that as the capital market journeys through the Fourth Industrial Revolution, it had developed a roadmap to guide the industry towards innovation, and embraced a technology-driven approach in the regulatory oversight of the market.

"These landmarks would not be possible without our collective resourcefulness and relentless efforts. The Commission values and appreciates the selfless service and dedication that the capital market community and its stakeholders have invested in various committees and teams," she said.

She added that the new year 2020, which also signifies the commencement of a new decade, will see SEC embark on a number of programmes geared towards taking the market to lofty heights.

Uduk therefore enjoined all stakeholders "to see this as a call to renew our passion and commitment to building the capital market of our dreams: a world-class capital market - founded on the values of partnership and cooperation that has helped us stand the test of time," adding that: "The capital market of our dreams can only be achieved through harmonious partnership and our continuous cooperation."

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