All major stakeholders in the capital market are scheduled to meet next Tuesday to deliberate on the market’s long-term development plan.
The 10-year development plan, otherwise known as the capital market master plan, encapsulates key initiatives aimed at enhancing market growth and depth and position Nigeria’s market as the capital hub for Africa. The 10-year master plan was unveiled last November.
Under the auspices of the Capital Market Committee (CMC), capital market regulators, operators, other financial services regulators, pension industry regulator, government representatives and others would meet in Lagos to review the progress of the master plan and proffer new actions.
Those who are expected to attend the meeting, usually coordinated by the Securities and Exchange Commission (SEC) are, chief executive officers of all registered capital market firms including broker dealer, capital market solicitors, custodians, fund managers, issuing houses, rating agencies, registrars, reporting accountants, trustees, and consultants among others.
Others are chief executive officers of the Nigerian Stock Exchange (NSE), National Association of Securities Dealers (NASD), 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, which included 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 (FSRCC) are expected at the meeting.
SEC, which confirmed the meeting in a statement, noted that the master plan is the topmost agenda of the current administration at the apex capital market regulator.
“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,” Mounir Gwarzo, director-general of SEC, stated.