Following an Institutional Capacity Assessment undertaken on SEC Nigeria in 2019, SEC Nigeria with the support of FSD Africa is engaging a consultant to develop an Information Communication and Technology (ICT) Transformation Strategy for SEC Nigeria.
Information and Communication Technology (ICT) plays a critical role in securities market supervision and development – both internally and externally facing. A properly functioning ICT can improve the efficiency and reduce regulatory costs to market intermediaries, issuers and investors particularly in in the approval processes and filings. It can also support the regulator in supervising the conduct of business.
The ICT transformation is expected to address the foundational issues related to SEC Nigeria ICT systems and technology readiness and capacity such as governance & Management, ICT Architecture & Systems, Information Security and Business Continuity amongst others. The transformation is expected to conform to international best practice and position SEC Nigeria as a modern technologically driven regulator that harnesses technology to deliver optimum services while also enabling market stakeholders to deliver better market performance for investors and issuers.
The project will support SEC Nigeria in mapping out appropriate Regulatory and Supervisory Technology approaches and defining the software and hardware specifications/requirements needed to optimize operations at SEC.
The transformation is expected to be a foundational enabler for the emergence of a transformed capital market regulator for Nigeria with the following impact/outcomes;
- An ICT-ready organisation supporting digital regulatory services
- High level of information security comparable to the best in the industry
- Data driven market development interventions and initiatives
- Increased efficiency and transparency of regulatory services
- Streamlined regulatory processes leveraging technology such as the use of e-prospectuses, e-filing etc. which would improve approval turnarounds.
The consultancy is expected to commence in May 2021.