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CMC to examine capital market master plan implementation

By BusinessNews Staff on July 22, 2015

The 10-year capital market master plan, which is expected to refocus the market and help double its size, will take the centre stage at the next meeting of the Capital Market Committee, the Securities and Exchange Commission has said.

The capital market master plan, designed by the CMC and meant to cover the period from 2015 to 2025, was unveiled in November 2014 to aid the guided growth of the market and grow the nation’s economy.

The SEC, in a statement on Monday, said it was ready to host the second quarter 2015 CMC meeting scheduled to hold on July 28, 2015.

The CMC is an industry-wide committee comprising representatives of the SEC, representatives of capital market operators, trade groups and other stakeholders. The CMC meets every quarter to deliberate on various issues affecting the market and other policy matters.

According to the statement, the meeting is scheduled to hold in Lagos and top on the agenda will be the capital market master plan implementation.

The Director-General, SEC, Mr. Mournir Gwarzo, had recently assured operators that he was committed to ensuring the implementation of the 10-year capital market master plan.

He said, “I have only one agenda for the market, my agenda for the market is to faithfully and religiously implement the 10-year capital market master plan.

“It will be recalled last year the SEC set up three committees to drive market growth and the best brains in the market participated in the three committees and they worked tirelessly and came up with an excellence report which was launched last year. What we lacked in the country is the faithful implementation of reports.”

According to the statement, those who have been invited to attend the expanded session of the CMC meeting are chief executive officers of all registered capital market firms including broker dealers, capital market solicitors, custodians, fund managers, issuing houses, rating agencies, registrars, reporting accountants, trustees and consultants.

Others are CEOs of the Nigerian Stock Exchange, National Association of Securities Dealers, the Financial Markets Dealers Quotations, Africa Exchange Holdings, Nigeria Commodity Exchange, Central Securities Clearing System, and Chartered Institute of Stockbrokers.

Also, a member from each observer group has been invited to attend. They include Asset Management Corporation of Nigeria, Central Bank of Nigeria, Corporate Affairs Commission, Debt Management Office, Federal Ministry of Finance, Federal Mortgage Bank of Nigeria, Federal Inland Revenue Service, Nigerian Deposit Insurance Corporation, Investment and Securities Tribunal, Nigerian Investment Promotion Council, National Insurance Commission, National Pension Commission and Financial Services Regulation Coordinating Committee.

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