Also available
Interview with
Mr. Musa Al-Faki, Director General of the Nigerian Securities and Exchange Commission (SEC)
Strong Fundamentals Have Made Nigeria’s Capital Market Sound and Robust
CN: What policy do you see as being your highest priority for 2009?
Mr. Musa Al-Faki: Uppermost in my priorities in 2009 is to continue to ensure zero tolerance for malpractices in the market. Also, to put in place all necessary infrastructure to ensure that investors protection is guaranteed. Furthermore, we are committed to enhancing market competition by improving on the regulatory and legal environment considering the dynamic nature of the market. This is expected to make the Nigerian capital market an investment destination in line with Financial System Strategy (FSS) 2020.
For my achievements, I do not think I am the best man to begin to read them out. However, we at the Securities and Exchange Commission (SEC), have continued to develop new instruments and processes to further deepen the market which we believe will, in the long run, translate to overall economic development. We have also continued to sustain the relative stability of the market with significant investor awareness.
How has the global financial crisis affected the Nigerian capital markets?
There are many factors that are responsible for the growth of the market. One factor is the public enlightenment programmes that the Commission carries out periodically to reach and enlighten the public all over the country. Other factors are the reduction of the cost of transactions, which has enhanced competition in the Nigerian Capital Market. The Commission, in collaboration with other stakeholders, has also continued with its efforts aimed at promoting the reactivation of the bond market in Nigeria. The introduction of Ethical Capital Market Instruments is another important factor.
