The Nigerian Capital Market
Master Plan (2015 – 2025)
Implementation Tracking
Tuesday 9th August 2016
CAPITAL MARKET PROJECT MANAGEMENT1
TEAM (CMPMT)
OUTLINE
Introduction: Master Plan Implementation Architecture
Update on CAMMIC Activities
Update on Major Initiatives for 2016
Next Steps
Conclusion
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CAPITAL MARKET PROJECT
MANAGEMENT TEAM (CMPMT)
Introduction: Implementation Architecture
Sep 2013: 3 Marketwide committees
inaugurated
Nov. 2014: Reports
of the 3 committees
compiled into
Master Plan and
launched
Development phase
2
Jan 2015:
Implementation
began
Nov 2015: CAMMIC
was inaugurated
2016: Major
CAMMIC
engagements to
push for National
ownership
2017 – 2025:
Entire market
faithfully
implements
the Plan
Implementation phase (2015 – 2025)
CAPITAL MARKET PROJECT
MANAGEMENT TEAM (CMPMT)
Update on CAMMIC Engagements
Minister of Finance: 13th June 2016
• Minister committed to champion the Master Plan at the highest levels
• Convened a roundtable among CAMMIC, FIRS and DMO to address identified issues
Minister of Budget and National Planning: 13th June 2016
• Agreed to mainstream the Master Plan into National Development Policy
Speaker of the House of Representatives: 14th June 2016
•Gave the National’s assembly’s full commitment to give all legislative support
•To champion the listing agenda and other initiatives to deepen the market
The Vice President: 20th June 2016
• Promised the Federal Government’s support for developing the market
• Agreed to consider specific demands from CAMMIC
Minister of Trade and Investment: 21st June 2016
• Assured CAMMIC of close partnership to reform the investment climate
• Expects specific submissions from the capital market on ease of doing business
CBN Governor: 21st June 2016
• Gave CBN’s support for CAMMIC
• Asked for stronger investor protection initiatives from the capital market
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CAPITAL MARKET PROJECT
MANAGEMENT TEAM (CMPMT)
Major Issues Discussed at the
Ministerial Roundtable
CAMMIC compiled a detailed position paper on tax issues affecting the capital market
and Nigeria’s competitiveness
Major issues deliberated upon include the following:
Double taxation
Improving Nigeria’s investor-friendly climate on issues related to taxation
Incentives to encourage companies to list as well as improve saving and
investing in CIS, REITs, Sukuk, HoldCos, etc
Innovative ways to widen the tax net and improve government’s revenue
CAMMIC also itemized issues related to the DMO with a view to improving the capital
market’s efficiency and maintaining regulatory integrity and harmony
Refocusing the DMO to effectively perform its mandated roles
Supporting the DMO to raise funds for the government and to develop the FGN
bond market by issuing new products like Diaspora bond and Sovereign sukuk
Developing a framework for Federal Government guarantees
SEC will continue to play a very crucial coordinating role to achieve the Master Plan
objectives. From the roundtable, some of the tasks SEC is expected to carry out include:
Developing a new and innovative set of guidelines to make bond application and
approval process a lot more efficient
Developing new rules to improve tax compliance levels in the capital market
(which already has far greater compliance)
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CAPITAL MARKET PROJECT
MANAGEMENT TEAM (CMPMT)
Snapshot of 2015 Initiatives
Dematerialization
Recapitalization
NIPF
Corporate Governance Scorecard
“
“
Completed
Direct Cash Settlement
Uncompleted 2015 initiatives
were carried forward and
are still under
implementation in 2016
Ongoing
Public Enlightenment
E-Dividend
Unified Licensing Model
Non-Interest Products
Transaction Cost Analysis
Demutualization
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CAPITAL MARKET PROJECT
MANAGEMENT TEAM (CMPMT)
Advanced
Mainstreaming the Master Plan
“
“
2016 Initiatives
Technical and Law review
committees have already
been set up and have
commenced work
Technical
Committees
Law Review
Committees
National Savings Strategy (NSS)
Literacy Week
National Savings
Strategy
Chaired by Mr. Michael
Oyebola
Promote new listings
Ongoing
Unified Licensing Model
Build Capacity for Derivatives
Market-wide Technology
Infrastructure
Chaired by Mr. Ade
Bajomo
Define Minimum Technology
Standards and Shared Services
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Warehouse Receipt
Bill
Chaired by Dr.
Babatunde Ajibade,
SAN
Reviewing laws
including FRCN Act
Literacy Week
Chaired by Mrs. Toyin
Sanni
Demutualization (NSE)
Law review
ISA
Chaired by Chief
Anthony Idigbe, SAN
To review other
related bills and laws
New Listings
Chaired by Mr. Jalo-Waziri
CAMA
Chaired by Mr. A.B.
Mahmoud, SAN
Reviews other laws
CAPITAL MARKET PROJECT
MANAGEMENT TEAM (CMPMT)
CAMMIC Next Steps
Continued high-level engagements and advocacy
Presentation of the Master Plan to the Federal Executive Council
Continued engagement with the National Assembly (pending visit to the
President of the Senate)
Providing strategic guidance to the Technical and Law Review
Committees
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CAPITAL MARKET PROJECT
MANAGEMENT TEAM (CMPMT)
Conclusion
Now that greater national ownership of the Master Plan has been largely
achieved, the capital market community must be rededicated to meeting
and exceeding the targets in the Plan
The enthusiasm of members to participate in the implementation is very
commendable and should be sustained
CAMMIC, via its secretariat, is constantly open to new ideas
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CAPITAL MARKET PROJECT
MANAGEMENT TEAM (CMPMT)