The Securities and Exchange Commission (SEC) Nigeria met with Toronto Centre in Abuja to discuss the Risk-Based Needs & Capacity Assessment Program.

The meeting aimed to strengthen the SEC’s risk-based supervision framework, ensuring the Nigerian capital market remains dynamic, fair, transparent, and efficient.¹

In attendance were key stakeholders, including Abdulrasak Abubakar from the SEC’s Monitoring Department, Consultant Toronto Centre C.King Chanesta, Executive Commissioner Legal and Enforcement Ms. Frana Chukwuogor, Program Director Toronto Centre Floris Fleermuys, and Director Registration, Exchanges and Market Infrastructure SEC Mrs. Hafsat Rufai.

The program focuses on implementing an Enterprise Risk Management (ERM) framework, aligned with international standards such as COSO and ISO 31000.

This directive is crucial in minimizing systemic impact and safeguarding stakeholders’ interests.

The SEC has directed all Capital Market Operators (CMOs) to adopt comprehensive risk management practices, submitting a Board-approved risk management policy by September 30, 2024.

Annual Risk Profiles are also required, with emerging threats and mitigation measures reported to the Commission for review.

This collaboration with Toronto Centre demonstrates the SEC’s commitment to developing and regulating the Nigerian capital market, contributing to the nation’s economic growth.