Nigeria: SEC Moves to Deepen, Strengthen Bond Market Regulation
The Securities and Exchange Commission (SEC) is making fresh efforts to deepen and strengthen the monitoring of the Nigerian bond market.The Securities and Exchange Commission (SEC) is making fresh efforts to deepen and strengthen the monitoring of the Nigerian bond market.
The federal government and its agencies have raised trillions of naira and about 15 state governments around N514.4 billion between 2008 and 2013. Still, SEC, the apex regulator for the capital market, is making frantic efforts to make the bond market more attractive to both local and international issuers and investors.
To this end, SEC will be releasing a special book highlighting the history of the bond market, its performance over the years, its potential and the efforts made to ensure the safety of investors. It will also contain a description of most of the projects financed through the funds raised.
"I can tell you that as part of its regulatory efforts to deepen the capital and attract more investments, SEC is putting together what I will call an enlightenment tool (…) [that] will be an authoritative source of key information about our market," a source said.
Two states, Bauchi and Ebonyi, have an application in process with SEC to raise funds from the market, for a total of N24.34 billion.