Wednesday, May 19, 2021

DMO’s Sovereign Sukuk issuances, a benchmark for other corporates – SEC DG

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Godwin Okafor
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

The Director General of the Securities and Exchange Commission, SEC, Mr. Lamido Yuguda has described the non-interest capital market sector in Nigeria as one that is unique and full of potentials to facilitate the objective of deepening the financial system and spurring the growth of the Nigerian economy.

Yuguda, according to a statement by SEC on Monday stated this in an opening remark during a 4-day Executive Programme on Non Interest (Islamic) Capital Market Products and Basic Accounting Treatment organised by Islamic Financial Services Board, IFSB, based in Malaysia, and the Auditing and Accounting Organization for Islamic Financial Institutions, AAOIFI, based in Bahrain.

He noted that the recent sovereign issuances of Sukuk by the Nigerian Debt Management Office, which were all oversubscribed, stresses the need to enhance the SEC’s regulatory capacity, adding that the Sovereign Sukuk issuances set the benchmark for other corporates to issue Sukuk for various developmental activities.

Yuguda pointed out that SEC’s quest for in-depth knowledge for Non-Interest Capital Market products, operations, and services is further underscored by the recent increase in market activities such as the entrance of more assets managers, investment advisers, Real Estate Investment Trusts, advisory experts to provide new asset classes for Nigerian investors.

According to him, “It is worthy of note that whilst the Non-Interest Capital Market sector in Nigeria is nascent and unique, it is a market full of potential to facilitate the objective of deepening the financial system and spurring the growth of our economy.

“Thus, as you are aware, the SEC in its efforts to deepen the Nigerian Capital Market, developed a 10-year (2015 – 2025) Masterplan with various strategic recommendations, one of which is to drive the Non-Interest Capital Market segment of the market to enable it contribute not less than 25% to the total market capitalization.

“Although, we can confidently report some remarkable achievements recorded in the segment, six years into the implementation of the Masterplan, the Non-interest Capital Market (NICM) segment is still facing challenges in terms of innovation, awareness, acceptance and coverage.

These challenges underscore the need to provide focused training, capacity building and vigorous stakeholder engagement and awareness programs”.

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