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We are convinced that what is happening in our market is a crisis of confidence, arising from the global financial crisis which affected the Nigerian capital market marginally in relation to the entire market capitalization, which was NGN12.28 trillion (USD105.65 billion) as at the end of March, 2008 and now NGN7.47 trillion (USD64.33 billion) as at November 26, 2008.
The fundamentals of the Nigerian Capital Market are very strong. Besides, efforts are on to deepen the market and make it more efficient with the entrenchment of sound corporate governance practices. To this end, we are awaiting the reports of the Committees on the Review of the Capital Market Structures and Processes and Review of Corporate Governance, for us to know the next line of action. The outcome of the work these two Committees would help us to put some policies in place, to strengthen the market and avoid a repeat of the current crisis.
What Policies have you put into effect to reduce corruption?
– The Commission, in collaboration with Corporate Affairs Commission mid-wife the production of the Code of Best Practices on Corporate Governance for Public Companies in Nigeria. This code is currently being reviewed by an industry wide committee inaugurated by the SEC on 15th September 2008.
– Constant review of our laws and rules and regulations in order to reduce breaches of market rules.
– Zero tolerance for market infractions
