Nigeria-UK Capital Markets Project Inaugural Report Launched In Lagos | Independent Newspapers Limited
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Nigeria-UK Capital Markets Project Inaugural Report Launched In Lagos

Posted: Jul 30, 2015 at 1:33 am   /   by   /   comments (0)

By Akinwunmi King, Lagos


The Nigeria-UK Capital Markets Project has launched its inaugural report on the state of the Nigerian capital market in Lagos, with the report calling for focused intervention on market integrity and regulatory infrastructure, enhanced market incentives and greater diversity to enhance liquidity.

One of the key recommendations of the report was the establishment of a platform through which market participants could collectively focus on key issues around market development.

President of the Nigerian Stock Exchange, Aigboje Aig Imoukhuede, while briefing journalists at the conference room of the Lagos State Governor’s office, Alausa, Ikeja, explained that other key recommendations of the report included focusing on reducing the cost of capital markets transactions and tightening the regulatory enforcement process.

Other recommendations according to Imoukhuede, were: establishing a broad industry platform made up of industry participants to represent their interests, develop initiatives to raise transparency, governance and performance standards across the industry and to canvas for relevant legislation and regulatory changes.

Another recommendation was boosting the integrity of the market to improve information disclosure, reduce potential for manipulation, promote transparency and good governance and generally improve standards and investor confidence.

Others were introducing an efficient and reliable dispute resolution mechanism as a central mechanism to secure investor confidence; reforming elements of the tax system for the markets, alongside a broader suite of additional incentives to deepen capital market activity.

Other recommendations included focusing on market education, and capacity within market operators, as well as deepening the knowledge base of the retail investor community.

Also speaking at the briefing, Sir Roger Gifford, former Lord Mayor of London, who serves as co-chair with Imoukhuede to the UK Emerging Capital Markets Taskforce in Nigeria, said he was delighted at the joint report.

Gifford explained that he was impressed by the dynamism and energy of the people he met in the capital market sector, adding, “I believe that their commitment to the reform of Nigeria’s capital markets can benefit both people and economy, allowing greater access to funding for companies, and investment opportunities for institutions and individuals, both at home and abroad.”

Imoukhuede said: “I am very happy to take receipt of this inaugural report by the Nigeria UK Capital Markets Project. Not only has significant time and effort been put into the research and delivery of this report, but the collective action of a broad group of market participants behind an initiative to enhance our capital markets over the long term is a very positive move.

“I am delighted with the quality of the report; I look forward to working with the delivery unit and all other stakeholders to take forward its recommendations and am particularly happy to see the level of interest within the group to institutionalise this new structure for long term benefit. I would like to thank the Group’s leadership, as well as Sir Roger Gifford and his team for their hard work and for achieving the level of momentum we now have,” he added.