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.