Nigeria, Ghana, Others to Integrate Capital Market

Barring any unforeseen contingencies, the capital markets of countries within the West African sub-region would be integrated by the first quarter of 2016, Mr Suleiman Ndanusa, chairman, Securities and Exchange Commission (SEC) has said.

Ndanusa made this known while speaking with journalists on Thursday in Abuja shortly after the opening session of the fifth meeting of the West African Capital Markets Integration Council.

The two day meeting which was attended by delegates from all the countries within the West African sub region was convened to review the progress so far made in the actualization of the objective as well as proffer solutions to some of the impediments of integration.

Some of the reports to be considered at the meeting are the report on the acceptability of foreign held securities as collateral for bank loans; double taxation and the report on the guidelines for capital raising across the sub-region.

The SEC Chairman who express satisfaction with the progress so far made in the integration process said significant achievement had been recorded in two out of the three phases for integration required for capital market integration.

The three phases are the direct access market phase; the qualified West African stockbroker phase and the West African capital market phase which is the ultimate phase.

Ndanusa said, “According to the timetable, by the end of 2015, we should have substantially gone through all the stages.