Tuesday 26th September, 2017
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SEC is sole issuing authority for securities - Adeosun

SEC is sole issuing authority for securities - Adeosun

The Minister of Finance, Mrs. Kemi Adeosun has stated that the Securities and Exchange Commission (SEC) is the only body vested with the responsibility for the management, supervision, co­ordination, regulation and ap­proval of the issuance of secu­rities by multinational entities in the Nigerian Capital Market.
This was made known yes­terday in a statement by the In­formation Director of the Min­istry of Finance, Salisu Na’Inna Dambatta in which he said the minister said this in a circular she signed in person where she stated that the clarification is in line with the provisions of the Investment and Securities Act No. 29 of 2007 (ISA) and the Rules and Regulations of the Securities and Exchange Com­mission (SEC Rules).
The circular added: “For the avoidance of doubt, all applica­tions in relation to the issuance of securities by supranational entities shall be made to SEC for review and approval in ac­cordance with the SEC Rules.”
“Please note that this di­rective is effective immedi­ately and supersedes any pri­or directives and publications on this matter,” the Minister stressed.
Mrs. Adeosun explained that the issuance of the direc­tive was “in furtherance of the need to deepen the Nigerian Capital market, encourage in­vestments in Nigeria, bring the practices in the Nigerian Capi­tal market at par with interna­tional best practices and ensure certainty and clarity in respect of applicable laws.”
In a related development, the Finance Minister also said that the Securities and Exchange Commission (SEC) is solely re­sponsible for the supervision, regulation and approval of is­suance of securities in the lo­cal market for Nigeria’s inter­nal debt.
She made this known in an­other circular in which she not­ed that SEC shall continue to have and discharge the sole re­sponsibility for the supervision, regulation and approval of the issuance of such securities in the local market by Federal Government agencies, states and local governments, their agencies and corporations.

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