The Securities and Exchange Commission (SEC) has sought the collaboration of media organizations to ensure effective implementation of the Capital Market 10 Year Master Plan.
The Commission’s Director General Mounir Gwarzo made the appeal yesterday during a meeting with Management of Nigeria Television Authority (NTA), in Abuja.
The DG said a successful implementation of the plan is necessary to attract retail investors to the market, address some of the challenges that Nigeria’s Capital market faced during the global capital market crash that occurred in 2008-2010 and also raise the standard of the market.
Gwarzo said: The market went down and a lot of investors lost money in this market and sometimes two years after, the Capital Market Committee (CMC) felt there was a need to come together and prepare a document that will be able to address some of these challenges
“You also recall that in the 90s you had the Asian crisis where a lot of stock markets especially within the Asian countries went down and a few countries within the region, Asia and Malaysia prepared a very robust Master Plan. Malaysia had a Master Plan from 2001 and they religiously implemented their Master Plan and after the completion of the 10 year Master Plan the market was able to grow in terms of recapitalisation of the Market, new products, more listings, quality of operators in the market. They were also able to address a lot of management issues at that time.
The DG noted that since the new Management came on board, they decided to implement the plan that the entire market prepared and that is why every year the SEC comes up with some initiatives that the market can drive.
Gwarzo listed some of the recorded achievements in implementing the Master Plan to include Recapitalisation, Direct Cash Settlement, E-Dividend, National Investors Protection Fund (NIPF) and Corporate Governance Scorecard among others.