Regulators, operators and other stakeholders in the Nigerian capital market are scheduled to meet today to discuss key initiatives that could impact on the recovery and long-term growth of the market.
The third meeting of the Capital Market Committee (CMC) in 2018 under the auspices of the Securities and Exchange Commission (SEC) is scheduled to hold today at the Federal Palace Hotel, Victoria Island, Lagos.
At the meeting, the CMC will consider reports from many of its technical committees and review the outlook for the Nigerian capital market in light of emerging developments. During the meeting, issues bordering on implementation of the 10-year capital market master plan as well as others relating to the capital market and the economy would be discussed and the outcome made known to the media.
The 10-year master plan for the Nigerian capital market, which is expected to refocus the market and help double its size over time and grow the economy, was unveiled in November 2014.
The CMC, chaired by the Director-General, Securities and Exchange Commission (SEC), comprises chief executives of all registered capital market operators, including stockbrokers, solicitors, custodians, fund managers, issuing houses, rating agencies, registrars, reporting accountants, trustees and consultants, among others. Other members included chief executives of the Chartered Institute of Stockbrokers (CIS); Nigerian Stock Exchange (NSE); Abuja Securities and Commodity Exchange (ASCE) and Central Securities Clearing System (CSCS).
The CMC also included two members each from observer groups, which included Asset Management Corporation of Nigeria (AMCON); Central Bank of Nigeria (CBN); Corporate Affairs Commission (CAC); Debt Management Office (DMO); Federal Ministry of Finance; Federal Mortgage Bank of Nigeria (FMBN); Federal Inland Revenue Service (FIRS); Nigerian Deposit Insurance Corporation (NDIC); Investment and Securities Tribunal (IST); Nigerian Investment Promotion Council (NIPC); National Insurance Commission (NAICOM); National Pension Commission (PenCom) and FSS2020.
The CMC was established to serve as a medium for exchange of ideas among market stakeholders as well as for feedback on how to continuously improve the market activities and regulation. The CMC meets every quarter to deliberate on various issues affecting the market and other policy matters.