SEC to grow non interst products to 25 percent of market capitalisation

The Securities and Exchange Commission (SEC) has revealed plans to grow the size of non-interest products to 25 per cent of the overall market capitalization.
The Director General, SEC, Mr Mounir Gwarzo, made the disclosure at a round table meeting with a delegation led by the Lord Mayor of London Alderman Alan Yarrow and Nigerian regulators in Abuja.

Nigerian Stock Exchange

Mounir Gwarzo, who was represented by Zakawanu Garuba, Executive Commissioner, Corporate Services, stated that “our goal is to boost non-interest capital market product innovation so that the segment can be at least a quarter (25 per cent) of the overall market capitalization.”
The SEC, he said, wants “to build a strong regulatory regime for non-interest products, encourage stakeholders in the non-interest capital market and ensure the emergence of Nigeria as a prominent non-interest capital market hub both at the regional level and globally.”
He further stated that the SEC was considering modalities for setting up a Sharia Advisory Council as a body of experts to advice on non-interest product applications.
To boost liquidity of non-interest products, the SEC, he added is “working with a committee to support the FMDQ platform to enable secondary market trading of the products. “We are also engaging the Central Bank of Nigeria (CBN) to obtain liquidity status for non-interest products (especially the sukuk).”Vanguard