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September
30, 2018 6.00PM / SEC Nigeria
The
Securities and Exchange Commission, Nigeria (SEC Nigeria) has become the first
capital market regulator to participate in a flagship pan-African programme
designed to strengthen the continent’s capital markets.
Over a three-year period, FSD Africa, a UK Aid funded
non-profit company, will provide funding to build the capacity of capital
market regulators across the continent, providing world-class technical
assistance, encouraging closer collaboration among regulators and conducting
research to support the development of new policies and regulations.
Through the programme, FSD Africa will assist SEC
Nigeria in several ways. First, it will fund an institutional capacity audit to
identify strengths and areas of improvement in the SEC Nigeria’s operations as
well as provide support to implement recommendations. It will also help in
promoting fintech regulation. Lastly, it will play a role in encouraging
greater collaboration and knowledge management sharing with other African
capital market regulators.
As Africa’s largest economy, Nigeria represents a
natural starting point for this new programme.
In addition to Nigeria, the programme will be
implemented in Ghana, Kenya, Mozambique, Rwanda, Tanzania, Uganda, Zambia and
Zimbabwe.
The cooperation agreement between SEC Nigeria and FSD
Africa was signed in Lagos today. The signing was observed by the Deputy High
Commissioner, British Deputy High Commission Lagos, Laure Beaufils. Other
present were the heads of the two institutions; Mary Uduk, Acting Director
General, Securities and Exchange Commission, Nigeria and Mark Napier, Director,
FSD Africa.
Giving her view on the SEC Nigeria and FSD Africa
agreement, Laure Beaufils, Deputy High Commissioner, British Deputy High
Commission Lagos said “Capital markets have an essential role to play to help
unlock capital that can be invested in the real economy and that can contribute
to job creation and inclusive growth. I am delighted that the SEC Nigeria and
FSD Africa will be signing a new partnership agreement today. It is a testament
to the importance we attach to this issue and to our commitment to deepen and
broaden our trade and investment relationship with Nigeria. I very much look
forward to working with the SEC on this in the future.”
Speaking on the partnership, Mary Uduk, Acting
Director General, SEC Nigeria said “SEC Nigeria is excited about the
cooperation with FSD Africa and the tremendous potential the various programs
hold in complementing our efforts to enhance capacity and further strengthen
our ability to regulate the capital market. This collaboration will no doubt
contribute to the continued development of our market by facilitating access to
capital by both the private and public sectors and enhance the competitiveness
of the Nigerian capital market as a global investment destination.”
Mark Napier, Director, FSD Africa in his remarks said “Well-functioning
capital markets can play a vital role in support of inclusive economic growth
by channeling long term finance into infrastructure and other large-scale
projects that create jobs and improve access to markets. Strengthening
regulatory capacity in capital markets is an essential pre-condition for
building investor confidence.”
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