SEC Launches Nigerian Capital Market Dev’t Fund

Aimed at stimulating growth in the Nigerian economy, the Securities and Exchange Commission (SEC) on Monday launched the `Nigerian Capital Market Development Fund (NCMDF)`.

The fund will be saddled with the responsibility of providing funding towards development initiatives in the Nigerian Capital Market.

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SEC Director-General, Mr. Mounir Gwarzo, has been named Chairman of the fund`s board.

The NCMDF board members will comprise: Executive Commissioner of the SEC; Director, Home Finance (federal ministry of finance), Mrs. Olubunmi Siyanbola; Chairman, Association for the advancement of the rights of Nigerian shareholders, Dr. Faruk Umar and Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu.

Also on the board are: President/Chairman, Institute of Capital Market Registrars, Mr. Bayo Olugbemi; Ify Ajezie of Association of Stockbroking Houses of Nigeria and CEO, Afex Commodities Exchanges/Association of Securities Exchanges, Ayodeji Balogun.

Speaking on the newly established fund, Mr. Henry Roland, SEC`s Director of Market Development, said the NCMDF will deepen the Commission’s mandate to develop and build a mechanism that will financially support the capital market.

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SEC DG, Mr. Gwarzo, said of the fund, “We will do whatever we could to facilitate the development of the Nigerian Capital Market. We pledge to do our best to our best improve the Capital market.

“I strongly believe therefore, that the launching of the NCMDF and its subsequent operations will add to the list of key initiatives put up to address the myriads challenges facing the Nigerian Capital Market”, Dr. Ndanusa said. “… I call on all market players to support this noble idea with laudable objectives. I am confident that the team assembled here to be inaugurated as the Board of the NCMDF will surely deliver on its responsibilities,” he said.

The fund will, among other responsibilities, sponsor and undertake research projects that will deepen the knowledge and understanding of Nigeria`s capital market.

The NCMDF, which is a a company limited by Guarantee incorporated under the CAC Act, 1990, will from time to time introduce new products that will advance the market.

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