SEC boss urges African market collaboration

The Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama, has called for enhanced collaboration among African markets to ensure stronger interconnection within the continent and the development of new products.

He spoke on Monday in Abuja during the signing of a Memorandum of Understanding between the SEC Nigeria and the Capital Markets Authority of Rwanda.

According to the MoU, “Each party shall, within its respective mandate and applicable laws, cooperate with the other party in areas including but not limited to: investor education and capital market development; exchange of information on regulatory and market developments; capacity building, training, and technical assistance; and cooperation on enforcement and supervisory matters of mutual interest.”

“The parties recognise the importance of cooperation in fostering confidence, innovation, market development, and sound practices within their respective capital markets, as well as in supporting regional and international engagement where relevant.”

Speaking at the event, Agama stated that the commission was ready to actively collaborate with African nations to harmonise regulations, promote cross-border listings, and enhance investor protection across the continent.

He said, “We are excited about this opportunity to help you develop your capital market. We need to cooperate in Africa, invest in each other’s markets and grow our continent. In so doing, we will build collaboration so that as Africans we can have a focus and build a strong interconnection. The time is now for us to look inwards.

“We appreciate the strength of the Rwandan economy as we are aware of the flow of finance, commerce and other great things your President has done to rekindle the real value of the African race. On our part, we have a very strong capital market structure, and we want to see what role the capital market can play in all of this.”

Agama noted that the capital market was the nerve centre of the economy, adding that citizens needed to understand how to use it to create wealth and improve their quality of life.

“The capital market is an enabler of economic development, and we believe there is so much for you to learn from us to help strengthen your own market. We are excited about what the future holds for us; we are willing to assist and contribute to the success of other nations.

“Our relationship and integration will go a long way in building both markets and making life better for our citizens. As we forge a common front, we encourage governments to use long-term capital for long-term projects. The capital market is the solution to raising funds for long-term infrastructure development. We see the capital market as a solution provider to move the economy forward,” he added.

In his remarks, the Chief Executive Officer of CMA Rwanda, Mr Romeo Ngaranbe, expressed delight at the relationship between the two regulators, saying that the capital market had evolved and more people would rather invest in it.

He noted, “We are here to learn from you as you have a more advanced capital market, and we are sure we will gain some useful lessons that have aided its development. Whatever you give us, we will make good use of it, and we look forward to a fruitful partnership.”