Capital Market Master Plan tops SEC CMC agenda

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ARUNMA OTEH

The second Capital Market Committee (CMC) meeting for the year 2015 will focus on the implementation of the proposed ten years master plan that was spear headed by Ms Arunma Oteh, the former Director General of the Securities and Exchange Commission (SEC). According to a statement from SEC, the second quarter meeting which will hold in Lagos is schedule for Tuesday July 28, 2015 at the Federal Palace Hotel.

The ten-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 current Director General of SEC, Mournir Gwarzo who was a commissioner during the build-up of the master plan had assured that he is committed to ensuring the implementation of the 10-year Capital Market Master Plan.

According to him “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 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.

Those who have been invited to attend the expanded session are Chief Executive Officers (CEOs) of all registered capital market firms (i.e Broker Dealer, Capital Market Solicitors, Custodians, Fund Managers, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Consultants);

Others are Chief Executive Officers of The Nigerian Stock Exchange (NSE), National Association of Securities Dealers (NASD), The Financial Markets Dealers Quotations (FMDQ), Africa Exchange Holdings (AFEX), Nigeria Commodity Exchange (NCX), Central Securities Clearing System (CSCS), and Chartered Institute of Stockbrokers (CIS);

Also, a member from each observer group (i.e 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), Financial Services Regulation Coordinating Committee (FSRCC) have been invited to attend.

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