The Nigerian Stock Exchange has become an affiliate member of the International Organisation for Securities Commissions.

By this, the NSE is on the way to becoming a member of the World Federation of Exchanges.

This was announced on Wednesday by the Director-General, Securities and Exchange Commission, Ms. Arunme Oteh, at the end of the quarterly meeting of the Capital Market Committee in Lagos.

She also said the current pension assets stood at N3.2tn ($20bn), adding that 13 per cent of this had been invested in Nigerian equities.

She announced that the IOSCO move was inspiring to the market as it showed that all the efforts aimed at sanitising and ensuring transparency in the Nigerian market had been yielding positive results.

She added that the action would also improve foreign patronage of the Nigerian market.

She said, “This is perhaps the most exciting news that we heard today from the management of the Exchange as IOSCO has considered the NSE’s application and has accepted them as an affiliate member.

“We think this is very good for our market and the investors.”

Oteh also announced that the Abuja Securities and Commodities Exchange was in the process of being revived.

She said a steering committee had been set up and the process was being monitored.

According to her, on completion, 70 per cent of the commission will be sold to the private sector under a privatisation agenda, while 30 per cent will remain with the government.

She explained that this would happen, while awaiting approval from the privitisation committee set up for this purpose.

Source: Punch (By Udeme Ekwere)