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Nigeria: Capital market regulator insist on December deadline for recapitalisation in Nigeria

2014/09/17

Nigeria’s apex capital market regulatory agency, Securities and Exchange Commission (SEC), said Monday that the deadline for recapitalisation of capital market operators remains 31 December 2014. “The Commission has not changed the recapitalisation deadline given to respective capital market operators.The December 31, 2014 deadline is still on course”.Director-General of SEC, Ms. Arunma Oteh, told journalists.

Speaking in a little while next the Capital Market Committee (CMC) third quarter conference in Lagos, the SEC boss as well reinstated the regulatory body zero tolerance for market infraction.

She expressed delight that a lot of operators were responding and taking various options available to recapitalise.

“These options may be in form of bringing new funds, merger etc. But from the briefings they have had with us, we hope they will be able to meet the deadline. What I want you to know is that we have not changed our decision on recapitalisation. It is authentic that change is difficult to make, but it will be better if these firms recapitalise in line with world practice”, she added.

SEC is worried about the low level of literacy on capital market activities. It has noted that due to the low literacy level, the contribution of capital market to Gross Domestic Product (GDP), remains insignificant.

However, the SEC boss said efforts were on to reverse the situation and create additional awareness on the potentials and opportunities in the capital market.

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