The African Development Bank (AfDB) has concluded plans to offer $460,000 grant to the Security Exchange Commission (SEC) in support of the automated surveillance system.
The signing ceremony, which is scheduled to take place on Monday in Abuja will majorly support the introduction of an automated surveillance system for securities trading in Nigeria.
According to the Bank, “African Development Bank Group will now be signing a $460,000 grant to the Nigeria Security Exchange Commission on Monday, July 18, 2022. The grant will majorly support the introduction of an automated surveillance system for securities trading in Nigeria.”
The AfDB said: “Particularly, the grant will support the acquisition, installation and deployment of the automated real-time surveillance system aimed at preserving and protecting the securities market integrity and boosting investors’ confidence.”
The automated real-time surveillance system would enhance the SEC’s regulatory and supervisory oversight of securities trading in Nigeria, which also contributes to building a globally competitive financial market.
Already, the SEC has proposed a new guideline that will fully digitalise capital market operations and enable investors to carry out transactions on Internet-enabled appliances.
It stated this in a guideline on Minimum Operating Standards for Information Technology for Capital Market Operators (CMOSs) recently made public.
The SEC noted that the new regulatory framework undergoing review seeks to mandate compulsory adoption of information and communication technology (ICT), particularly web-based applications and devices, for virtual capital market transactions.
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AfDB to support SEC with grant for automated surveillance system
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