Budget 2023: Capital Market Well Positioned To Aid Realisation

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The Securities and Exchange Commission(SEC) said, the Nigerian capital market is well positioned for the realisation of the objectives of the 2023 Budget of Fiscal consolidation and Transition. The director-general of SEC, Mr. Lamido Yuguda stated this in an interview in Abuja at the weekend. Yuguda disclosed that the Nigerian equities market ended the year 2022 on a positive note with a growth of 19.98 percent, while the FMDQ, despite the headwinds in the economy, recorded a total market turnover of N199.88 trillion by year-end, which was an increase of half percentage point compared to N198.93 trillion in 2021.

While stating that the year 2022 was a turbulent one that brought with it increased inflationary pressure and consequent increase in interest rates for the global economy, he, however, expressed optimism that inflationary pressures would be managed in the not too distant future. He stated that the global stock market posted its biggest annual drop since the 2008 financial crisis, with the MSCI World Index of stocks losing about a fifth of its value during 2022, the worst performance in 14 years.The SEC boss disclosed that, for the safety and security of the capital market, and to address the deficiencies in the Nigeria’s Mutual Evaluation Report (MER), the commission has issued new AML/CFT regulations and guidelines, which mandate CMOs to comply with stringent reporting obligations, such as, application of RBS by reporting entities, screening of clients against United Nations’ Sanction List before on boarding, and continuous monitoring of clients among others.

that the SEC will apply zero tolerance to money laundering, terrorism and proliferation financing violations. According to him, “we must all ensure that we continue with the implementation of the revised Capital Market Master Plan (CMMP), alongside the implementation of other initiatives. Over the years, we have relied on the support of CAMMIC, Technical Committees and Working Groups in the implementation of the Master Plan. “In line with the RCMMP, we will review and align the structure and scope of work of the various technical committees and working groups to ensure seamless implementation of the plan and continue to rely on the stakeholders.” The SEC boss assured that, in protecting investors and creating an enabling environment for fit-and-proper capital market operators to thrive, the commission will prioritise its planned increase of on-site inspections and improved collaboration with Trade Groups and other relevant stakeholders. He commended the capital market community, for their unwavering commitment, which has played a crucial role in the commission’s efforts to build a robust capital market, adding that, their contributions and support have been instrumental to driving progress in the capital market and the country.