Nigerian Capital Market MasterPlan:13 Out of 99 Initiatives Have Been Implemented- Mary Uduk

L-R: Ag. Director-General, Securities and Exchange Commission and the Ms Mary Uduk, Minister of Finance, Mrs Zainab Ahmed present an award plaque to Financial Literacy committee Chairman, Mrs Oluwatoyin Sanni at the SEC Awards Night in Lagos on Tuesday, March 19, 2019.

Culled—Proshare

March 22, 2019

Ottoabasi Abasiekong for Proshare WebTV  

Since the inauguration of the Nigerian Capital Market Master Plan (2015-2025) only 13 of the 99 initiatives have been implemented. 

The Acting Director-General of the Securities and Exchange Commission (SEC), Ms Mary Uduk said this at the recent awards night organized by the regulator. 

Uduk said the event was an opportunity to acknowledge the committed partnership between the regulator and stakeholders in the capital market ecosystem. 

She commended the Chairmen of the 16 committees and the 180 committee members for their cooperation and dedication to the implementation of the market master plan. 

The Minister for Finance Mrs Zainab Ahmed who was the special guest of honour, restated the commitment of the Federal Government to the development and growth of the Nigerian capital market. 

Ahmed speaking further on the master plan, lauded the Capital Market Master Plan Implementation Committee (CAMMIC) for the work done so far, believing  it will have great impact on the financial services sector.

Ahmed said the Capital Market Master Plan keys into the Economic Recovery and Growth Plan, ERGP agenda for the financial services sector and congratulated all the awardees on their remarkable service.

The Chairman of the House Committee on Capital Markets and Other Institutions, Honourable Tajudeen Yusuf , in his remarks commended all the awardees for their hard work, and pledged the commitment of the National Assembly to pass enabling laws that will enhance the growth of the market.

Former Acting DG of SEC, Ms Daisy Ekineh, in her presentation said the CMMP provides a robust and dynamic roadmap for the market and economy.

She called on capital market operators in the country to engage critical sectors in the Nigerian economy like Agriculture, Infrastructure, Energy and  Transportation.

Ekineh also made a strong case for the market to reach out to the youth, who are about 60% of the country’s population, through innovative products.

Mr Olutola Mobolurin  a seasoned stockbroker and Chairman of the Capital Market Master plan Implementation Committee, CAMMIC, in his brief presentation emphasized the need for a vibrant market, which is critical for Nigeria’s economic growth.

Highlights of the event was the presentation of awards to all the Chairmen and Committee members of the Capital Market Master Plan.

The Capital Market Master Plan has the following as its terms of reference;

  • Review the implementation progress of “Nigeria’s Capital Market: Making World Class Potential a Reality” and outline milestones yet unachieved.
  • Conduct a holistic review of peer emerging markets with a view to articulating the requisite element, size and structure of a capital market that will enhance the global competitiveness of the Nigerian capital market and catalyze Nigeria’s potential to become the largest economy in Africa within the focused period.
  • Examine successful growth strategies in other jurisdictions and articulate a development strategy for the Nigerian capital market covering key areas such as investor protection and education, professionalism, product innovation and expansion of the role of the capital market in economic development.
  • Consider relevant factors that impact market growth and develop a strategy for robust governance for improved efficiency, transparency and enhancement of market stability
  • Make necessary recommendations with clear and actionable quarterly and annual milestones that will lead to a world class capital market which supports an inclusive economy and improves the living standard of Nigerians.

The 16 committees in the Capital Market Master Plan and their Chairmen are listed below:

  • Mr Olutola Mobolurin- Capital Market Masterplan Implementation Committee, CAMMIC
  • Mr Emeka Madubuike-Full Dematerialization
  • Mrs Hajara Adeola-Non-Interest Capital Market Products
  • Mr Adeolu Bajomo- Direct Cash Settlement
  • Mr Isyaku B. Tilde-New Minimum Capital Requirement and Complaints Management Framework Implementation
  • Mr Henry Rowland- E-Dividend Mandate
  • Mr Bola Ajomale- New Listing
  • Mrs Oluwatoyin Sanni-Financial Literacy
  • Mr Michael Oyebola- National Savings Strategy
  • Mr Babatunde Ajibade-Pension Reforms Acts and Warehousing Receipt Bill
  • Mr Anthony Idigbe-Review of the Investment and Securities Act 2007
  • Mr Abubakar Balarabe Mahmoud- Company and Allied Matters Act(CAMA) and Trustees Investment Act (TIA) Review
  • Mr Adeolu Bajomo-Market Wide Infrastructure Technology
  • Ms Daisy Ekineh-Roadmap on Commodities Ecosystem
  • Mr Temi Popoola-Market Liquidity Enhancement
  • Mr Abubakar Ambursa-Standardization of Capital Market Operators’ Operational Processes
  • Mr Seyi Owoturo-Electronic Initial Public Offer(e-IPO)
  • Mr Henry Rowlands- Multiple Applications of Public Offers
  • Mr Adeolu Bajomo-Transaction Cost Analysis

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