Nigerias rules on securities lending are due in December, according to local newspaper ThisDay. Mustapha Chike-Obi, CEO of Asset Management Corporation of Nigeria (AMCON), told the newspaper the rules have been concluded and they will now go to the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission for approval.
I was actively involved in developing the rules and regulations for securities lending in Nigeria. I believe that by the end of the year, we are going to have the module for securities lending in Nigeria and that rule will spell out active secondary trading, not just in AMCON bonds, but all other securities. So we are doing everything to develop the securities market and we believe that by next year, this market is going to be much more viable, Chike-Obi said.
ThisDay said the rules on securities lending are on the back of plans by the NSE to deepen the capital markets.
(JDC)