Envoy, SEC, FSD Africa seal £450,000 deal for market regulation

Succor may have come the way of investors on the Nigerian Stock Exchange (NSE), as the Securities and Exchange Commission (SEC) and FSD Africa, at the weekend, sealed a 450,000 deal, aimed at strengthening the regulatory structure and investment protection function of the commission.
 
The deal is expected to assist SEC to fund an institutional capacity audit, towards identifying strengths and areas of improvement in its operations, as well as provide support to implement recommendations.
 
At the signing ceremony held at the British Deputy High Commission, Lagos, at the weekend, the Deputy High Commissioner, Ms Laure Beaufils, said for the nation’s capital market to attract the much-sought investment and boost investors’ confidence, there is a need to establish strong regulations of international standards.

She explained that the commission will provide 22,000 pounds under the arrangement, as part of its contributions to support the efforts aimed at promoting a world-class market. Uduk added that the synergy will also contribute to the continued development of the 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.
 
SEC Nigeria is excited about the cooperation with FSD Africa and the tremendous potential the various programmes 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.
 
“This is a dedicated MOU that will help us strengthen our institutional capacity and look at what we have institutionally and help us strengthen areas that needed improvement. A strong SEC will give us the capacity to drive all the initiatives in the 10 year master of the capital market,” she said.The Director, FSD Africa, Mark Napier, 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.”