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SEC, operators partner to implement committee ‘s report on market reforms

By Peter Egwuatu

STAKEHOLDERS in the Nigerian capital market have pledged their readiness to partner with the Securities and Exchange Commission (SEC), on the successful implementation of the accepted recommendations of the Dotun Sulaiman National Committee on the Review of Capital Market Structure and Processes.

The stakeholders who spoke during a one-day Roundtable meeting on the implementation of the accepted recommendations of the committee, which took place at the SEC Lagos Zonal Office last week lauded the Commission on its consultative approach, which created an avenue for constructive contributions towards a successful implementation of the capital market Reform report.

Delivering the keynote address at the forum, the Chairman of the SEC Board, Senator Udoma Udo Udoma, said the aim of the roundtable meeting was to ensure that the report was transformed into an operative document of all capital market stakeholders, adding that SEC is committed to playing its own role by leading the market reform with dynamism and energy, to take the capital market to greater global visibility and relevance.
He also said the SEC will hold a special briefing session for the National Assembly committee on capital market.
Earlier in her welcome remarks, SEC Acting Director-General, Ms Daisy Ekineh, said even as the Commission is mobilizing the stakeholders support for successful implementation of the committee’s report, it has constituted an In-house Implementation Committee, which has already commenced work. For instance, extensive work has been done in the area of new rules and amendments.

Also speaking at the forum, the Director-General of the Nigerian Stock Exchange (NSE) , Prof Ndi Okereke-Onyuike assured all stakeholders of the Exchnage’s support adding that it was imperative for the stakeholders to fully support the implementation of the accepted recommendations, which she said could make the Nigerian capital market internationally competitive. She said the committee’s recommendation on the need for coordination between Nigeria’s monetary and fiscal policies should be considered very seriously, especially as there has been a disconnect between the two in the last two years. She called for the resuscitation of the Financial Services Regulators Consultative Committee (FSRCC), which comprised all the Regulators in the financial markets and some other self regulatory organizations to enhance cooperation and information sharing. The Director-General of the National Pension Commission, Mr Mohammed K. Ahmed, who also attended the forum commended SEC’s efforts in leading reforms in the capital market adding that the steps being taken could guarantee the emergence of strong institutions, upon which systems could be built for the survival of the market.

Mr Dotun Sulaiman, who chaired the 15-man review committee, informed participants that even though the committee has concluded its assignment, the door is by no means shut against constructive review of the recommendations, as the stakeholders’ comments and suggestions would receive serious consideration, particularly given the Commission’s present Board and Management’s strong commitment to seeing the Reforms through.

In his remarks, the Chairman of the House of Representative Committee on capital market, Hon. Aliyu Wadada, assured all, of the support of the National Assembly in driving the reforms.
ket, adding that this would also help the on-going Reforms.

The meeting later proceeded into a business session which lasted four hours. Stakeholders extensively deliberated on all the recommendation and implementation modalities. The SEC Implementation Committee chaired by Mr Bala Usman is to monitor and coordinate the Reforms implementation both within the SEC and as they relate to stakeholders namely the NSE, Issuing Houses, Stockbrokers, Trustees, Registrars


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