SEC moves to revamp Nigerian commodities market

The Security and Exchange Commission through the capital market community (CMC) has set up a team to look into restoring the Nigerian commodities market.

The Director General of SEC, Manir Gwarzo, disclosed this at the end of the Nigerian Capital Market Community first quarterly meeting for 2017 in Lagos on Wednesday.

He said the Technical Committee which was constituted to review the commodities ecosystem, will be chaired by Ms. Daisy Ekineh, former Acting Director General of the SEC.

He said despite the negative market indicators, the Capital Market Community recorded some level of success on some initiatives embarked upon in 2016.

He highlighted some as follows:

Completion of the review of major laws affecting investment business in Nigeria;

Achievement of 100% Dematerialization of shares in the Nigerian capital market;

Reduction in the quantum of unclaimed dividend;

Issuance of guidelines for the settlement of all types of securities (in conjunction with the Central Bank of Nigeria);

Launch of the Nigerian Journal of Securities Market;

Expansion of the scope of allowable instruments for pension fund assets to include non-interest instruments and assets, among others.

He also disclosed that the CMC adopted the application of the transaction fee structure for the SEC, NSE, Issuing Houses and Receiving Agents as presented by the Commission.

Participants at the meeting expressed optimism on the performance of the market in the fiscal year 2017. DAILYTRUST.M

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