Press Release
The MOU which was signed during the ongoing 28th edition of the International Organisation of Securities Commission –Africa and Middle East Regional Committee (IOSCO-AMERC) is also expected to boost relationship with both countries especially in the area of information sharing, fighting financial crime and capacity building.
Specifically, the MOU is aimed at fighting financial crime by preventing any erring market operator in one jurisdiction from practicing in the other. Also is for information sharing between the two jurisdiction as well as for capacity building.
Speaking during signing ceremony, the Director-General of SEC, Arunma Oteh who signed on behalf of Nigeria said the partnership would in addition, paves the way for Nigeria to benefit from the market integration in East Africa.
Already, she explained that Nigeria has signed similar MOU with eight countries including China, Malaysia, South Africa, Tanzania, Ghana and Uganda.
“This is a great opportunity for both countries to solidify relationship. It is an opportunity to lean from each other. It is an opportunity to fight financial crime and protect our integrityâ€ÂÂ, said Oteh.
She explained that Nigeria’s business interest was growing in Kenya and East Africa generally, adding that the MOU is capable of protecting the integrity of both countries.
She described capital market as a veritable opportunity to transform economies and societies in general.
Earlier while welcoming delegates to the 28th AMERC meeting, Kilonzo she was pleased to welcome members “to this forum aimed at discussing cross-cutting issues among capital markets and financial sector regulators on regulation, market development and more importantly cooperation in promoting financial stability in the region.
Chief Executive Officer, Capital Market Authority of Kenya, Mrs Stella Kilonzo, who signed on behalf of her country said the partnership is capable facilitating mutual assistance between both countries.
She added “The capital markets remain a critical component of Kenya’s Vision 2030 as we aspire to be a middle-income country in the next eighteen years and an International Financial Centre.
“We believe that a well functioning capital markets will accelerate the development of the Kenyan Authority and that a robust harmonized regulatory and policy framework through cooperation amongst AMERC members will attract both issuers and investors beyond our respective geographical bordersâ€ÂÂ.
Yakubu Olaleye
Securities & Exchange Commission
