FG Committed To Develop Capital Market  – Minister

By Andy Nssien
 
The Minister of Finance, Zainab Shamsuna Ahmed says the Federal Government is committed to the development of the Nigerian capital market as a strategy to revamp the nation’s economy.
 
She spoke at the award night organized by the Securities Exchange Commission (SEC) for chairmen and members of the Capital Market Master Plan committees held in Lagos on Tuesday.
 
The Minister said the government was ready to support any initiative by SEC that would lead to reviving the market and the economy as a whole.
 
Noting that the capital market is a veritable platform for development of the economy, Ahmed said the capital market strategic plan  dove-tailed into the Federal Government’s Economic Recovery and Growth Programme.
 
Earlier in her welcome address, the Acting Director of SEC, Mary Uduk said the 10-year strategic plan (2015 – 2025) was borne out of the need to develop a world class market, promote inclusion, realign the roles of stakeholders in line with global practice.
 
She said so far, much had been achieved in the areas of dematerialization,, recapitalization, financial literacy, e-dividend mandate, tax incentives and programme, national savings strategy, enhancing the commodities trading eco-system and streamlined bond issuance process.
 
Other areas which impact has been made are; review of major laws (ISA, CAMA etc), enhancing market liquidity, facilitating the establishment of a credit enhancement facility, electronic initial public offerings, amongst others.
 
Uduk said the award night was meant to recognize and appreciate the untiring efforts of the chairmen and committee members who had made immense sacrifice and contribution to the successful execution of the  plan.
 
Some of the notable achievements include the e-dividend management system, full dematerialization of certificates in the market, improved ease of doing business as well as creation of non-interest capital market products.
 
Achievement on the e-dividend mandate include; development of the e-dividend mandate management  system (e-DMMS) portal, integration of over 2.6 million mandated accounts into the e-DMMS for the e-dividend payment, payment of dividends directly into investors mandated bank accounts instead of posting dividend warrants.
 
Also achieved was the Central Bank of Nigeria (CBN’s) approval of dividends payment to investors of unclaimed dividends that accrue over time on each mandated accounts that were not status barred.
 
The night’s  programme also featured amongst others, presentations by Ms Daisy Ekineh, an erstwhile acting director general and chairman, Roadmap on Commodities Eco-system; and Olutola Mobolurin, chairman, Capital Market Master Plan Implementation Council (CAMMIC).