The International Monetary Fund (IMF) has declared that the overall level of technical expertise in the key functions of the Stock Exchange Commission was less than optimal.
In its assessment of the level of implementation of the International Organisation of Securities Commissions (IOSCO) Principles in Nigeria, IMF said only 30 percent of the 630 staff of the Securities and Exchange Commission are performing the core regulatory and supervisory functions of the institution.
The assessment was conducted from September 4 to 19, 2012 as part of the IMF-World Bank Financial Sector Assessment Programme (FSAP). The last IOSCO assessment in Nigeria was conducted in 2002.
The IMF however urged the commission to strengthen its regulatory and supervisory functions by increasing the number of staff members performing these functions for a more efficient regulation of the nation’s capital market.
The fund pointed this out in its assessment of the level of implementation of the International Organisation of Securities Commissions (IOSCO) Principles in Nigeria. The assessment was conducted from September 4 to 19, 2012 as part of the IMF-World Bank Financial Sector Assessment Programme (FSAP). The last IOSCO assessment in Nigeria was conducted in 2002.
