SEC Nigeria - Securities and Exchange Commission is the regulatory body of the Nigerian capital market. SEC is supervised by the Fed Ministry of Finance.
The SEC Nigeria – Securities and Exchange Commission is the top regulatory body of the Nigerian capital market. The regulator is supervised by the federal Ministry of Finance in Nigeria.
The development of the Commission has started with the launch of the Capital Issues Committee in 1962. The Capital Issues Committee was established by the government as a vital part of the Central Bank of Nigeria. Such body has commenced the activities as purely non-statutory committee. Later, in 1979, the Capital Issues Committee was reformed into SEC after the thorough review of the Nigerian financial system.
Tasks of SEC Nigeria – Securities and Exchange Commission
The success of reviews of the earlier performance led to the establishment of the new legislative framework, namely the Investments and Securities Act (ISA) No 45 of 1999. Such legislative framework was canceled with the promulgation of the ISA No. 25 of 2007. The latter legislation is providing the Securities and Exchange Commission (SEC) Nigeria with its current powers. The ISA No. 25 of 2007 is further advanced the authority of the Nigerian SEC. The legislative act has assigned the following responsibilities to Nigerian regulator:
Administering and overseeing the capital market with an intention to protect the investors’ community; Developing the capital market with the aim to enhance its allocative efficiency, and create the way for the private industry led economy
SEC Nigeria’s Board
The ISA No. 25 of 2007 also chairs the Nigerian watchdog with a Board of nine members. Also, this includes the Chairman, the Director General, three Executive Commissioners, two Non-Executive Commissioners, Representatives of the Federal Ministry of Finance and Central Bank of Nigeria.
The culture of the Nigerian SEC is based on values, which are intending to actualize the mission and support of the regulator’s vision. Moreover, the mission of the Nigerian watchdog is as follows:
- To develop and oversee a capital market that is competitive, fair, transparent and efficient, and to contribute to the economic development of the nation.