SEC: Capital Market Raised N176bn for Infrastructure in 4 Years

The Securities and Exchange Commission (SEC) has disclosed that the capital market raised N176bn in four years and has the potential to bridge the infrastructure gap in the country.

Mr Dayo Obisan, the executive Commissioner, operations, SEC, disclosed this during his address at the annual conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos on Sunday, September 26.

Obisan explained that several options could be explored, one of which was Sukuk that was directly linked to each project and deployed to extend credit to bridge the gap.

He said: “There are many options that can be explored to bridge the infrastructure gap. One of them that has been used in the past is Sukuk. In the last three to four years, Sukuk has been used to raise funding for critical projects in various sectors of the economy.”

Techeconomy.ng previously reported that the SEC had commenced implementation of 100 per cent custody requirement in the Collective Investment Schemes (CIS) sector to protect investors.

The Director-General of the SEC, Mr Lamido Yuguda, made this known in a statement issued on Sunday, September 19, in Lagos.

Yuguda noted that the custody requirement covered all Funds and Portfolios being managed by registered Fund/Portfolio Managers.

He explained that all clients’ assets managed under discretionary and non discretionary mandates were to be held under independent custodial agreement and custodial banks.

According to Yuguda, this was in addition to CIS, Mutual Funds, authorised for public offering.

September 27, 2021