Task force initiates agenda for capital market reforms
• To launch first white paper on project soon
A major strategic move towards the much expected reforms of the nation`s capital market would be effected soon, with the launching of the “Nigerian Capital Market: Legal and Regulatory Review and Recommendations,” the first white paper on the reform agenda by the Emerging Capital Markets Taskforce (ECMT).
Essentially, the report is expected to make recommendations for reforms that would deepen the Nigerian capital market and attract domestic and international investment to the country In executing its mandate, ECMT established the Nigeria-UK capital markets project, under the joint chairmanship of the President of the Nigerian Stock Exchange, Aigboje Aig-Imoukhuede, and former Lord Mayor of London, Sir Roger Gifford.
The project comprises two working groups -the Nigeria Delivery Group (NG-DG) – chaired by. Aig-Imoukhuede; and the UK Delivery Group (UK-DG) – headed by Gifford, with the core objective of increasing capital flows between Nigeria and the UK, for mutual benefits.
As part of its working strategy, NG-DG is expected to publish quarterly white papers on topical capital market issues, such as transparency, governance, best practices, conflict resolution, insider dealings, investor protection, among others; which are crucial to the realisation of its objectives.
ECMT was launched on April 9, 2014, by the UK Chancellor of the Exchequer. The task force brings together the UK’s Foreign and Commonwealth Office , Her Majesty’s Treasury (HMT), Department for International Development, UK Trade and Investment and private sector participants, with financial services expertise. The ECMT has already indicated Brazil, India and Nigeria as its three priority countries.
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