The Securities and Exchange Commission has signed a cooperation agreement with FSD Africa, a U.K. Aid funded non-profit company worth 450,000 pounds.
Speaking at the signing in Lagos, SEC Acting Director-General, Mary Uduk, said the funds would be used to strengthen the nation’s capital market.
Uduk said that the funds would be used to promote financial technology regulation, fund institutional capacity audit to identify strengths and areas of improvement in SEC’s operations among others.
She said that with the agreement, the commission became the first capital market regulator to participate in a flagship pan-African programme designed to strengthen the continent’s capital markets.
According to her, SEC Nigeria will provide 22,500 pounds out of the 450,000 pounds.
She added that it would encourage closer collaboration among regulators and conducting research to support the development of new policies and regulations.