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SEC gets AfDB grants to boost supervisory role

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The Securities and Exchange Commission (SEC) said it has received a grant from the African Development Bank (AfDB) Group administered/Capital Markets Development Trust Fund to finance the Risk Based Supervision Framework Implementation and Capacity Development Project.

In a statement posted on its website, the nation’s capital market regulator said the fund will enable the regional lender to provide technical assistance and capacity building on selected areas of the Commission’s operations.

It said the grant will also support the implementation of Risk-Based Supervision framework.

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Improve the Securities Markets regulatory environment and broadening of market instruments that will help deepen the Capital Markets in Nigeria.

Strengthen the Commission’s supervisory tools as well as its capacity to achieve its mandate of investor protection and minimizing systemic risk.

The regulator, however, did not provide details of the grants and the financial implications of the assistance.

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