SEC Launches Capital Market Development Fund

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To provide funding for the developmental initiatives of the capital market, the Securities and Exchange Commission on Monday launched the Nigerian Capital Market Development Fund (NCMDF).

The move, according to the former Chairman of the commission, Dr. Suleyman Ndanusa, is imperative as it will spur the growth of the capital market and the Nigerian economy.

The Board of the fund, chaired by the Director-General of SEC, Mr. Mounir Gwarzo, was also inaugurated at the event.

The establishment of the fund was part of the commission’s strategic efforts in deepening its statutory mandate of developing and building a robust mechanism to facilitate the growth of the capital market.

The NCMDF is expected to initiate and carry out plans and programmes aimed at the development of the capital market, generate and provide funds for financing of market development programmes, facilitate the introduction of new products aimed at deepening the market, and also undertake and sponsor research and scholarly projects aimed at advancing knowledge and understanding of the capital market.