SEC launches Capital Market Development Fund
The Securities and Exchange Commission (SEC) yesterday launched the Nigerian Capital Market Development Fund (NCMDF), to provide funding for the Nigerian capital market’s developmental initiatives.
The new development fund is expected to spur growth of the capital market and the Nigerian economy. The Board of the fund was also inaugurated yesterday. The NCMDF is a company limited by Guarantee incorporated under the CAC Act, 1990.
The Board, chaired by the Director General of SEC, Mr. Mounir Gwarzo has the folloing people as members. The Executive Commissioner of the SEC; Director, Home Finance (federal ministry of finance), Mrs. Olubunmi Siyanbola; Chairman, Association for the Advancement of the Rights of Nigerian shareholders, Dr. Faruk Umar and Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu. Others are: President/Chairman, Institute of Capital Market Registrars, Mr. Bayo Olugbemi; Ify Ajezie of Association of Stockbroking Houses of Nigeria and CEO, Afex Commodities Exchanges/ Association of Securities Exchanges, Ayodeji Balogun.
Director, market development at SEC, Mr. Henry Roland said the establishment of the fund was part of the Commission’s strategic efforts in deepening its statutory mandate of developing and building a robust mechanism to facilitate the capital market.
Inaugurating the board, the former DG of SEC, Dr. Suleyman Ndanusa under whose administration the NCMDF was conceived called on the members of the Board to consider the assignment as a national call to service.
The Board, chaired by the Director General of SEC, Mr. Mounir Gwarzo 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 NCMDF, among other responsibilities is expected to initiate and carry out plans and programmes aimed at the development of the capital market, generate and provide funds for financing of market development programmes facilitate the introduction of new products aimed at deepening the market; and also undertake and sponsor research and scholarly projects aimed at advancing knowledge and understanding of the capital market.