The Securities and Exchange Commission (SEC) has stated that the implementation of the 10-year capital market master plan is already yielding tremendous results that have helped to deepen the capital market.
This was stated by Executive Commissioner Operations of the SEC, Mr. Dayo Obisan during an interview in Abuja.
Obisan said that quite a number of notable initiatives as contained in the master plan like e-dividend, setting up of National Investors Protection Fund, Recapitalisation of Capital Market Operators, Direct Cash Settlement, Dematerialization, regularization of multiple accounts among others have reached various stages of completion while some have already been completed.
According to him, “Quite a lot of notable things have been done, it is not like we are 100% there overall, but we are making tremendous progress. We took stock around November/December last year and we are still fully on track. But then it is worth mentioning that a couple of initiatives formed back then in 2015 have started yielding fruit, part of it is the commodities trading system.
“Several other initiatives are being implemented like taking advantage of the non interest capital market for increase and growth, people accessing Sukuk, a type of bond which is one of the most formidable ways of reaching the infrastructure challenges in the country. We are reviewing the master plan just to recalibrate and make sure we are not just using an old template to face a current or more dynamic world.
“It is a 10year master plan, however nothing is static. I mean we are human beings and we continue with movement. So currently we are reviewing the master plan in line with current realities. For instance, a lot of things have happened and technology is taking a front burner in our discussions”.
Obisan disclosed that in the face of the ongoing pandemic, the Commission is optimistic that the capital market will do well.