SEC to Constitute Market-Wide FINTECH Committee for the Nigerian Capital Market

L-R: Ag. Director General, Securities and Exchange Commission, SEC, Ms. Mary Uduk, Ag. Executive Commissioner Operations, SEC Mr. Isyaku Tilde and the Ag. Executive Commissioner Legal and Enforcement SEC, Mr. Reginald Karawusa during the Second Post Capital Market Committee (CMC) Briefing held in Lagos, Friday.

August 10, 2018/SEC

PRESS RELEASE FROM THE 2ND CAPITAL MARKET COMMITTEE MEETING HELD ON AUGUST 9, 2018

 

INTRODUCTION

The Nigerian Capital Market Committee (CMC) held its second quarterly meeting for the year 2018 on Thursday, August 9, 2018. The meeting is a periodic gathering of stakeholders in the Nigerian capital market to discuss capital market related matters.

The event, which was well attended by stakeholders in the market, including the Chairman of the House of Representatives Committee on Capital market and Institutions, featured presentations by various Market Technical Committees, Self-Regulatory Organizations (SROs) and other Stakeholders. 

RESOLUTIONS TO KEY ISSUES DISCUSSED

As you are aware, the major essence of this quarterly meeting is to identify challenges affecting operations/activities in the Nigerian capital market and formulate relevant solutions. This edition of the CMC meeting was no different as participants identified various issues that required extensive reviews and attention. The following resolutions were reached at the meeting:

  1. That the Commission would constitute a Market-wide Financial Technology (FINTECH) Committee to develop a FINTECH framework for the Nigerian Capital Market
  2. In addition to the physical delivery of Annual Reports and Accounts, the existing pilot exercise of electronic distribution by Public Companies should continue, while efforts are made to enlighten shareholders and obtain their relevant e-mail addresses.
  3. Following the completion of the work by committee on Minimum Operating Standard, the Commission would work with Trade Group Associations to implement the Committee’s recommendations
  4. Trade Group Associations who are yet to register with the Commission should register immediately, while the Capital Market Operators (CMOs) are expected to register with their respective Trade Group Associations on or before December 31, 2018.
  5. The Multiple subscription initiative, which encourages the regularization of shares purchased with multiple identities, would run until December 31, 2018.

 

ACHIEVEMENTS IN THE MARKET WITHIN THE QUARTER

I am glad to inform you that the Nigerian capital market within the quarter under review witnessed some achievements in various segments of its operations. These achievements validate the continuous efforts of all market participants and are as follows:

  1. Aggressive use of various social media platforms to boost financial literacy campaigns such as the creation and deployment of a one (1) minute Financial Literacy video on YouTube.
  2. The renovation of five (5) warehouses by the Nigerian Commodities Exchange (NCX) in preparation for commodities trading.
  3. Conclusion of about 30 cases at the Investment and Securities Tribunal (IST) from a backlog of over 50 cases.
  4. Commencement of modalities to introduce the Investments and Securities Tribunal Law Reports.
  5. Implementation of the Recommendations of the Commodities Trading Ecosystem in phases, from 2018 to 2025.
  6. Increase in the number of shareholders who have mandated their accounts for E-Dividend payments to 2.55million.

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