By Our Correspondent
Lagos (INVESTADVOCATE)-Nigeria’s Securities and Exchange Commission (SEC) Wednesday said it has signed a Memorandum of Understanding, MoU, with the Capital Market Authority (CMA) of Oman for effective development and operations of both Countries Capital Market.
This is contained in a Statement by Yakubu Olaleye, Head, Media of Nigeria’s SEC and made available to www.investadvocateng.com in Lagos Nigeria.
The signing of the bilateral MoU took place on the sidelines of the recently concluded 30th Annual General Meeting (AGM) of Africa/Middle East Regional Committee (AMERC) at the Dubai International Financial Centre, Dubai, United Arab Emirate (UAE).
“The MoU specifies the framework for bilateral co – operation and interface between the SEC Nigeria and the CMA of Oman in matters relating to Securities Market development, oversight and regulation. It formalises and raises the profile of co – operation for the effective development and operation of the Capital Markets of both countries†the Statement said.
According to the Statement, the signing consummates an opportunity provided for in International Organisation of Securities Commissions (IOSCO’s) 38 principles of effective Market Regulation under its Multilateral Memorandum of Understanding (MMoU) and Bilateral Memoranda involving Market jurisdictions within its fold.
“These principles have assumed canonical status as both sign – posts and guard posts in effective Market Regulation across the globe†the Statement said.
Arunma Oteh, Director General (DG) of Nigeria’s SEC said the MoU speaks eloquently to the rising profile of both the Sultanate of Oman and the Gulf region as hub of global resource flows and investment destination.
“Similarly, Nigeria is the very epicenter of an economically resurgent Africa. Effective co – operation in regulatory matters between our Markets offers immense strategic possibilities for investors across the world. The MoU will help in removing impediments in trade and investment traffic across our two Market jurisdictions†Oteh said.
