SEC commends NASD, assures support for innovation

Date:

June 19, 2024.

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Azonuchechi Chukwu.

Securities and Exchange Commission (SEC), has applauded the Board and Management of NASD PLC on a series of innovations embarked upon by the Exchange to enhance its competitiveness and overall development of the Nigerian capital market.

The Chairman, NASD, Mr Kayode Falowo, led a courtesy visit to the new Director General of the Commission, Dr Emomotimi Agama and his team in Abuja recently .

Dr Agama commended NASD for the initiatives, aimed at deepening the digitalisation of its operations. He assured the Exchange of the Commission’s preparedness to support efforts that would develop the Nigerian capital market. He advised NASD to be focused on the specific areas of the market where it wants to operate. “The Commission is committed to diligently promoting innovation in the Nigerian Capital Market within the parameters of existing and potential regulation to facilitate effective development and transformation of the Nigerian Capital Market. I urge the NASD team to be incisive, clear and specific about the areas of the Capital Market they seek to participate in.

“Be rest-assured that the Commission will be true to its mission in supporting innovation that will contribute to significantly developing the Capital Market and the Nigerian economy as a whole. Our drive is propelled by the pronouncement of the Bola Tinubu administration to attaining an economy of a GDP size of US$1 trillion within the next decade,” Agama explained.

Falowo had earlier commended SEC’s new Director General and his Team saying their appointment by President Bola Tinubu, signified placing “round pegs in a round hole.”

“The Capital Market has lofty expectations and confidence in the new team. It is a blend of establishment experience and veritable capital market exposure. This is invaluable to effecting a significant transformation in the market and to the Nigerian economy as a whole,” Falowo stated.

In his presentation, the NASD’s Managing Director and Chief Executive Officer, Mr Eguarekhide Longe, touched on many innovative efforts to strengthen the operations of the OTC Exchange, which include: The establishment of a structured process for supporting growth companies, especially SMEs on the NASD Enterprise Portal – NASDeP.

“This is very useful given the increased in Monetary Policy Rate (MPR) to 26.25% which makes traditional funding sources more expensive and hardly appropriate for the operations of such businesses. We have developed the short-term debt market on NASD, following the approval received from SEC for NASD’s rules for the issuances of Commercial Papers on its market. This is also supporting the growth companies’ strategy. We have finalised the processes for issuances on the NASD Digital Securities (Securities Token Offering – (STO)) platform, cutting across real estate, agriculture real estate, entertainment and creatives and infrastructure assets, involving public private partnerships (PPPs).”, stated Longe. (www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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