Chairman, SEC, Sullyman Ndanusa (r), former DG of the commission, Arumah Oteh
The capital markets of countries within the West African sub-region will be integrated by the first quarter of 2016, the Chairman, Securities and Exchange Commission, Mr Suleiman Ndanusa, said on Thursday.
The chairman who spoke with journalists in Abuja shortly after the opening session of the fifth meeting of the West African Capital Markets Integration Council said that the integration process had since begun and was Progressing well..
The two day meeting which was attended by delegates from all the countries within the West African sub region was convened to review the progress so far made in the actualization of the objective as well as proffer solutions to some of the impediments of integration.
Some of the reports to be considered at the meeting are the report on the acceptability of foreign held securities as collateral for bank loans; double taxation and the report on the guidelines for capital raising across the sub-region. The SEC Chairman who express satisfaction with the progress so far made in the integration process said significant achievement had been recorded in two out of the three phases for integration requied for capital market integration.
The three phases are the direct access market phase; the qualified West African stockbroker phase and the West African capital market phase which is the ultimate phase. Ndanusa said, “According to the timetable, by the end of 2015, we should have substantially gone through all the stages.
