The Securities and Exchange Commission (SEC) on Monday launched the Nigerian Capital Market Development Fund to provide funding for the developmental initiatives of the capital market. The move, according to the former Chairman of the commission, Dr. Suleyman Ndanusa, is imperative as it will spur the growth of the capital market and the Nigerian economy.
The Board of the fund, chaired by the Director-General of SEC, Mr. Mounir Gwarzo, was also inaugurated at the event. 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 growth of the capital market.
The NCMDF 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.
The NCMDF was incorporated on the 7thAugust 2017 and the composition of the Board was approved by the Honourable Finance Kemi Adeosun on 9th October 2017. Members of the board are Mounir Gwarzo Chairman, Non-executive Commissioner of SEC Vice Chairman, and Executive Commissioner of the Securities and Exchange Commission, Mrs Olubunmi Siyanbola Director, Home Finance, Ministry of Finance, and Dr. Faruk Umar Chairman, Association for the Advancement of the Rights of Nigerian Shareholders.
Others are Mr. Sunny Nwosu Independent Shareholders Association of Nigeria, Mr. Bayo Olugbemi President/Chairman Institute of Capital Market Registrars Represented by Walter Oghogho and Ify Ejeizie Association of Stock Broking Houses of Nigeria.