The African Development Bank (AfDB) Group has given a grant of $460,000 to the Securities and Exchange Commission (SEC). The grant is to enable SEC acquire an automated surveillance system meant to protect the capital market. The bulk of the funding agreement is expected to come from SEC itself.
Lamin Barrow, the director-general, Nigeria Country Department of the AfDB Group, saiAfd the equipment would protect the securities market integrity, boost investors’ confidence, and enhance regulatory and supervisory oversight on securities trading in the country.
Barrow said the project would last be two years. He explained that the grant was taken from the Capital Markets Development Trust Fund (CMDTF) – a multi-donor trust fund administered by the AfDB and supported by the Ministry of Finance of Luxembourg and Ministry of Foreign Trade and Cooperation of the Netherlands.
Lamido Yuguda, the Director-General of the SEC, commended the AfDB and said the surveillance system will detect and prevent market abuses.
“The solution will aid creation of jobs, encourage savings and facilitate wealth creation as well as Increased investment in the economy through Foreign Direct Investments (FDI).
(NAN)
