The Securities and Exchange Commission (SEC) has said it would continue to pursue initiatives that would enhance the depth and competitiveness of the Nigerian capital market.
Mr Isyaku Tilde, SEC’s acting Executive Commissioner, Operations, stated this while engaging the Association of Issuing Houses, Trustees and Solicitors on the commencement of checklist review in Lagos.
Tilde said the commission desired to ensure a more robust capital market, hence it introduced the 10-year master plan for the capital market.
He explained that the master plan was geared towards increasing the depth of the market, transparency, accountability and cost reduction, among others.
“The need for a market that lives up to its role of catalysing economic growth by facilitating development cannot be over emphasised,” Tilde said.
He noted that the introduction of checklist review process for the capital market would make the system more competitive, reduce cost, promote efficiency, transparency and accountability.
Tilde explained that whilst this would drastically reduce the process of transaction in terms of raising funds among others, it placed a huge responsibility on issuing houses to ensure that their documentation and filing were flawless.
He said issuing houses needed to ensure that all relevant disclosures were made and all necessary documents filed as there would be no prior review for incompleteness or deficiency.
The Head of Department (HOD), Securities and Investment Services, Mr Abdulkadir Abbas, said: “If we open up the market and are able to attract more capital into the system, most of the vices in the society will be reduced.”
Abbas said vices in the system would reduce because people would be engaged in developmental activities.
“Let’s think out of the box and improve the system to make our market more competitive.
“Reducing time-to-market will enable us move forward, fast track our processes and make the system more user friendly,” he added.