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Implementation Tracking of the Nigerian Capital Market Master Plan (2015-2025)

Updates on the progress and major initiatives of the Capital Market Project Management Team (CMPMT) in implementing the Nigerian Capital Market Master Plan. Includes discussions on tax issues, dematerialization, direct cash settlement, demutualization, and more.

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Implementation Tracking of the Nigerian Capital Market Master Plan (2015-2025)

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  1. The Nigerian Capital Market Master Plan (2015 – 2025) Implementation Tracking CAPITAL MARKET PROJECT MANAGEMENT TEAM (CMPMT) Tuesday 9th August 2016

  2. OUTLINE Introduction: Master Plan Implementation Architecture Update on CAMMIC Activities Update on Major Initiatives for 2016 Next Steps Conclusion 1 CAPITAL MARKET PROJECT MANAGEMENT TEAM (CMPMT)

  3. Introduction: Implementation Architecture Implementation phase (2015 – 2025) 2017 – 2025: Entire market faithfully implements the Plan Sep 2013: 3 Market-wide committees inaugurated Nov. 2014: Reports of the 3 committees compiled into Master Plan and launched Jan 2015: Implementation began Nov 2015: CAMMIC was inaugurated 2016: Major CAMMIC engagements to push for National ownership Development phase 2 CAPITAL MARKET PROJECT MANAGEMENT TEAM (CMPMT)

  4. Update on CAMMIC Engagements 3 CAPITAL MARKET PROJECT MANAGEMENT TEAM (CMPMT)

  5. 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) 4 CAPITAL MARKET PROJECT MANAGEMENT TEAM (CMPMT)

  6. Snapshot of 2015 Initiatives Completed • Dematerialization • Direct Cash Settlement • Recapitalization • NIPF • Corporate Governance Scorecard • Public Enlightenment • E-Dividend • Unified Licensing Model • Non-Interest Products • Transaction Cost Analysis • Demutualization “ Uncompleted 2015 initiatives were carried forward and are still under implementation in 2016 “ Ongoing 5 CAPITAL MARKET PROJECT MANAGEMENT TEAM (CMPMT)

  7. 2016 Initiatives Advanced • Mainstreaming the Master Plan • National Savings Strategy (NSS) • Literacy Week • Promote new listings • Unified Licensing Model • Build Capacity for Derivatives • Define Minimum Technology Standards and Shared Services • Demutualization (NSE) • Law review “ Technical and Law review committees have already been set up and have commenced work “ Ongoing 6 CAPITAL MARKET PROJECT MANAGEMENT TEAM (CMPMT)

  8. 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 7 CAPITAL MARKET PROJECT MANAGEMENT TEAM (CMPMT)

  9. 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 8 CAPITAL MARKET PROJECT MANAGEMENT TEAM (CMPMT)

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