TheCableThe Securities and Exchange Commission says it has signed an agreement with African Development Bank Group for a grant on a market surveillance system project.
Speaking at the ceremony, Lamin Barrow, director-general, AfDB, said the grant from the capital markets development trust fund — 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.
“It also aligns well with the Bank’s Country Strategy Paper for Nigeria 2020-2024, which recognises the importance of a sound, well-regulated, resilient, effectively functioning and globally competitive financial markets in Nigeria for sustainable growth and development.” In his remarks, Lamido Yuguda, SEC’s director-general, said the commission is very pleased and thankful to AfDB for providing the grant support to execute these important projects, particularly the project to acquire a surveillance solution.