SEC Nigeria, Ghana commit to market development

The Securities and Exchange Commission (SEC) Nigeria and Ghana have signed a renewed Memorandum of Understanding (MoU) to strengthen cooperation and mutual support in the regulation of the markets.

This is contained in a statement by the commission in Abuja on Sunday.

The statement said the revised MoU would encourage market integration and provide better opportunities for economic prosperity of the countries.

The statement quoted the Director-General of the SEC Nigeria, Mr Lamido Yuguda, as saying that the move would enhance global competitiveness of both markets.

Yuguda said the move would also enhance the efficiency and transparency of the capital markets in both countries.

”The enduring relationship between our two jurisdictions is more amplified by the fact that Ghana and Nigeria have the largest markets in the West Africa sub-region.

”It will only be good that we use the advantage of our size and peculiarities to explore viable areas of cooperation.

”This is even as we continue to work with other stakeholders to integrate our markets and provide greater opportunities for our economic prosperity,” he said.

The statement also quoted the Director-General of SEC Ghana, Rev. Daniel Tetteh, as saying that both commissions were ready to work together and develop the potential of the capital market.

Tetteh said this would be achieved by examining issues and exploring ways to resolve them for the capital markets to work better.