The Securities and Exchange Commission (SEC) says it has signed an agreement with African Development Bank (AfDB) Group for a grant on a market surveillance system project.
In a statement on Monday, SEC said the grant valued at $460,000 is to finance technical assistance and capacity building for capital markets development under the “Nigeria Securities Market Surveillance System Project”.
The statement added that the grant is part of efforts to modernise Nigeria’s capital markets and ensure that it is well positioned to support economic transformation driven by private sector investment.
Speaking at the ceremony, Lamin Barrow, director-general, AfDB, said the grant from the capital markets development trust fund (CMDTF) — a multi-donor trust fund administered by the African Development Bank-and supported by the Ministry of Finance of Luxembourg and the Ministry of Foreign Trade and Cooperation of the Netherlands — will support the acquisition, installation and deployment of a real-time automated securities market surveillance system for the Nigeria’s capital market.
