SEC lauded for establishing Capital Market Development Fund

By David Agba


The Securities and Exchange Commission (SEC) has been commended for the establishment of the Nigerian Capital Market Development Fund (NCMDF)
Speaking at the inauguration of the board of NCMDF, Former Chairman of the Board of SEC and former DG, Dr. Suleyman Ndanusa commended the SEC on its efforts at discharging its primary mandate of regulating and developing the Nigerian capital market particularly in the area of investor protection.
Ndanusa said it is on record that the apex regulatory organization in recent times in its unrelenting efforts, implemented numerous initiatives which aim at developing the market.
According to him “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.
Equally, the fund 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 SEC and also Chairman of the NCMDF Board, Mounir Gwarzo said the inauguration promises to be another significant landmark in the achievement of the Commission’s mandate to deepen the market and enhance the socio economic development of our beloved country.

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