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SEC Targets Oil, Telecoms Firms For $1trn Market Capitalisation

SEC Targets Oil, Telecoms Firms For $1trn Market Capitalisation

The Securities and Exchange Commission (SEC) says it is targeting $1 trillion market capitalisation of the Nigerian Stock Exchange (NSE). It is optimistic the target is feasible particularly when the power, telecoms and oil and gas companies list their shares on the exchange in the future.

Speaking at a press conference in Lagos, the Director General of SEC, Aruma Oteh, said the market capitalisation is currently at $107 billion, buoyed by the introduction of market making on the exchange in the fourth quarter of 2012.

She said the market making on the exchange so far has been going on well. Oteh also said the commission will soon announce new minimum capital base requirements for operators in the capital market, adding that the board of the commission has ordered it to expedite action on the implementation of dematerialisation of share records and documents.

Similarly, the board of the commission at its 72nd meeting has approved changes in the organizational structure of the commission. The changes are intended to strengthen the SEC and better align it to pursue its vision of becoming “one of the leading capital market regulators in the world,” it said in a statement.

The SEC’s Legal and Enforcement Directorate is a particular focus of the changes. Other changes include creation of new departments - Office of the Chief Economist, Market Development, Strategy, Ethics, Procurement and Fixed Income.

New Divisions were also created. They are: Litigation, Investor Protection, Investor Outreach, Call Centre, Non-interest Financial Products, Programme Management Office, Statistics and Information Resource, Planning and Budget and Operations Infrastructure and Technology.

“The renaming of Finance and Administration Directorate was endorsed by the Board. Furthermore, desks/offices that perform similar duties or complimentary roles were merged while the new structure offers a clearer delineation between core and non-core functions.” it also said. The new structure was derived from a rich expert evaluations of the previous SEC organizational structure.

There was the Accenture Report of 2009 on the SEC; the Report of the commission’s management retreat also of 2009; the US SEC Peer Review Reports of 2010 and 2012; extracts from SEC Leadership Retreat Report of 2010 and 2011; Professor Murunde’s Study of the Nigerian Capital Markets Institute (NCMI), a subsidiary of the SEC; and the Research Function Report of 2010.

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