SEC boss harps on potentials of non-interest capital market

The non-interest capital market sector in Nigeria has been described as one that is unique and full of potentials to facilitate the objective of deepening the financial system and spurring economic growth.

This was stated by the Director-General Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who made this assertion at a training programme also explained that the recent sovereign issuances of Sukuk by the Nigerian Debt Management Office (DMO), which were all oversubscribed, stresses the need to enhance the SEC’s regulatory capacity adding that the Sovereign Sukuk issuances set the benchmark for other corporates to issue Sukuk for various developmental activities.

He said SEC’s quest for in-depth knowledge for Non-Interest Capital Market products, operations, and services is further underscored by the recent increase in market activities such as the entrance of more assets managers, investment advisers, Real Estate Investment Trusts, advisory experts to provide new asset classes for Nigerian investors.

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“It is worthy of note that whilst the Non-Interest Capital Market sector in Nigeria is nascent and unique, it is a market full of potential to facilitate the objective of deepening the financial system and spurring the growth of our economy.

“Thus, as you are aware, the SEC in its efforts to deepen the Nigerian Capital Market, developed a 10-year (2015 – 2025) Masterplan with various strategic recommendations, one of which is to drive the Non-Interest Capital Market segment of the market to enable it to contribute not less than 25 per cent to the total market capitalisation.

“Although, we can confidently report some remarkable achievements recorded in the segment, six years into the implementation of the Masterplan, the Non-interest Capital Market (NICM) segment is still facing challenges in terms of innovation, awareness, acceptance and coverage.

These challenges underscore the need to provide focused training, capacity building and vigorous stakeholder engagement and awareness programs.”


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