By Benjamin Umuteme
Former Board Chairman of Security and Exchange Commission (SEC) Dr. Suleyman Ndanusa, has commended the Commission for setting up the Nigerian Capital Market Development Fund (NCMDF).
Speaking at the inauguration of the board of NCMDF, Dr. Ndanusa said the move is in the right direction as in line with its mandate of regulating and developing the Nigerian capital market particularly in the area of investor protection.
While saying that SEC’s recent initiatives at developing the market will further boost market confidence, Dr. Ndanusa added that “Some of them include the launch of the National Investor Protection Fund, a trust scheme established to compensate investors who incurred losses arriving from insolvency and bankruptcy. Another one is dematerialization of share certificate, direct cash settlement system, and the on-going e-dividend registration.
“Here we are this morning witnessing yet another milestone which is the inauguration of the board of NCMDF. The SEC and the entire capital market community certainly deserve commendation for this.
He said the primary focus of establishing the NCMDF is to fund relevant market development initiatives that will spur growth of the market and the Nigerian economy.
The NCMDF will seeks to facilitate the introduction of proper understanding of new products to deepen the market, provide capacity building to tackle emerging challenges and create an industry wide synergy through partnership with government and non governmental agencies and corporate bodies with similar objectives.
Considering the dynamic nature of the global economic system particularly the financial sector, regulators worldwide continue to seek relevant initiative to create opportunities and tackle emerging challenges.
In his remarks, Director General of the Commission, Mounir Gwarzo affirmed that the inauguration of the board will further deepen the market and enhance the socio economic development of our beloved country.
He said, “The Commission has provided the initial takeoff grant for the Fund but going forward the entire capital market community should come together to discuss details of how we can all contribute to the continued funding for this critical market vehicle.
“The Board appointment is a call to service as a crucial enabler in the industry which will require total commitment and dedication of the highest standards, attributes which I am confident that the Board members epitomize individually and collectively.
“The Commission has played its part and will continue to take its market development mandate with all seriousness. We shall ensure that the fund immediately gets down to the important business of facilitating capital market development in accordance with the Rules guiding its operation”.
Members of the NCMDF Fboard are Mounir Gwarzo – Chaiman, Non executive Commissioner of SEC – Vice Chairman, Executive Commissioner of the Securities and Exchange Commission, Mrs Olubunmi Siyanbola – Director, Home Finance, Ministry of Finance, and Dr. Faruk Umar – Chairman, Association for the Advancement of the Rights of Nigerian Shareholders
Others are Mr. Sunny Nwosu – Independent Shareholders Association of Nigeria, Mr. Bayo Olugbemi – President/Chairman – Institute of Capital Market Registrars – Represented by Walter Oghogho and Ify Ejeizie – Association of Stock Broking Houses of Nigeria.