Capital Market Master Plan is protecting investors, enhancing market confidence — SEC
Nigeria’s Securities and Exchange Commission (SEC) has stated that its Capital Market Master Plan (CMMP) initiative is promoting transparency, protecting investors and enhancing market confidence.
The SEC stated this in a statement on Sunday in Abuja, disclosing the success of the scheme in the last 8 years.
It said the 10-year CMMP was launched in November 2014 to reposition Nigeria as an attractive investment destination.
The SEC disclosed that the plan was launched to make Nigeria a viable investment destination and critical facilitator of capital formation for accelerated growth and development.
It added that initiatives launched under the scheme include direct cash settlement, regularisation of multiple subscriptions, and introduction of the electronic dividend management system and dematerialisation of share certificates.
The commission also stated that it was ready to hold its second Capital Market Committee (CMC) meeting for exchange of ideas among market stakeholders.
“The meeting would be an avenue to provide feedback to the SEC on how to continuously address challenges, improve market operations and enhance its regulatory framework.”
It is an industry-wide committee comprising members of SEC, representatives of capital market operators, trade groups and other stakeholders.
“During the meeting, issues on implementation of the ten-yeah CMMP, Fintech roadmap, the commodities trading ecosystem roadmap and matters relating to the economy will be discussed,” the SEC said.
The Securities and Exchange Commission (SEC) had released new rules for Digital Assets as part of its effort to regulate digital/virtual assets such as Bitcoins and NFTs.This is contained in a recently released document titled, “New Rules on Issuance, Offering Platforms, and Custody of Digital Assets” essentially legalizing digital assets such as cryptocurrencies in Nigeria.
SEC said Digital Asset players will now include Digital Asset Offering Platforms (DAOPs), Digital Asset Custodians (DACs), Virtual Assets Service Providers (VASPs), and Digital Assets Exchange (DAX).
The rules apply to all platforms that support the trading, exchange and transfer of virtual assets, all issuers and sponsors of virtual/digital assets, including international and non-residential issuers and sponsors; and any operator that aggressively targets Nigerian investors.
