Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

CBN, SEC, Move to Revive Abuja Exchange

Category: Capital Market

  Read (2279)
CBN, SEC, Move to Revive Abuja Exchange



May 30, 2011 by Goddy Egene
As part of the efforts to deepen the Nigerian capital market and widen its products offerings, the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) are championing the revival of the Abuja Securities and Commodities Exchange (ASCE).
The ASCE, which was established as the Abuja Stock Exchange, was converted to a commodity exchange to facilitate trade in commodities as opposed to shares and bonds.
Although it commenced operations in 2006 as a commodity exchange trading in sorghum, maize, cowpea, Soya beans, sesame seeds and millets, it has not been as active as expected.
In other to revive the Exchange, a committee has been set up by the regulators headed by the Deputy Governor of Central Bank of Nigeria (CBN), Financial System Stability, Dr. Kingsley Moghalu.
Speaking at the 7th Annual PEARL Awards Public Lecture last Friday in Lagos, Moghalu said that for the nation’s agricultural sector to play a leading role in the diversification of the Nigerian economy, there must be a functional commodity exchange.
Moghalu, who represented the CBN Governor, Mallam Sanusi Lamido Sanusi, explained that the revival of the ASCE would complement the agriculture lending efforts of the CBN.
“We want to make sure that the ASCE functions well to accommodate the agricultural products expected to be produced through the lending the apex bank is giving stakeholders in the sector,” he said.
He declared CBN’s support for the current reforms Securities and Exchange Commission (SEC) is carrying out which are aimed at repositioning the capital markets.
“Capital markets provide a level playing ground for the numerous organisations seeking to raise funds. A competition for funds drives businesses to outperform each other to the benefit of the economy. In this vein, the capital market efficiently allocates financial resources to the benefit of the economy,” he said.
Restating SEC’s commitment to investors’ protection in the market, the Commission’s Director-General, Ms. Arunma Oteh assured that more enlightenment programmes would be organised to make the investors understand the market better.
According to her, the actions taken to reposition the Nigerian Stock Exchange (NSE) and operators in the market are geared towards making the market attractive for investors, companies and all stakeholders.
Oteh disclosed that apart from intensifying investor education, SEC would also put in place an investors’ protection funds to compensate investors who are defrauded in course of investing in the market.
Source: Thisday

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014