Search

 

Cablegate: Nigeria: Securities and Exchange Commission Visits The

VZCZCXRO7172
PP RUEHMA RUEHPA
DE RUEHUJA #2435/01 3510804
ZNR UUUUU ZZH
P 160804Z DEC 08
FM AMEMBASSY ABUJA
TO RUEHC/SECSTATE WASHDC 4708
INFO RUEATRS/DEPT OF TREASURY WASHDC PRIORITY
RUEHOS/AMCONSUL LAGOS 0458
RUEHZK/ECOWAS COLLECTIVE
RUCPDOC/DEPT OF COMMERCE WASHDC

UNCLAS SECTION 01 OF 02 ABUJA 002435

SIPDIS

DEPARTMENT PASS TO USTR AGAMA
TREASURY FOR PETERS, IERONIMO, HALL
DOC FOR 3317/ITA/OA/KBURRESS
DOC FOR 3130/USFC/OIO/ANESA/DHARRIS

E.O. 12958: N/A
TAGS: EFIN ECON EINV ENRG EAID PGOV NI
SUBJECT: NIGERIA: SECURITIES AND EXCHANGE COMMISSION VISITS THE
U.S.

REF: ABUJA 1147

1. Summary: The Nigerian Securities Exchange Commission (NSEC)
traveled to the U.S. from November 17 through November 21 to visit
with U.S government agencies and private sector firms in Washington
D.C., New York and Boston to exchange experience in areas of
securities market surveillance and enforcement. The trip was
inspired by the Ambassador's suggestion to the Director General Musa
Al-Faki that the NSEC increase ties with the USG agencies and
private sector (reftel). In collaborating with the NSEC the U.S.
SEC will hold a regional training program in Abuja in April 2009.
NSEC is forward leaning agency interested in further USG assistance.
End Summary.

2. The NSEC delegation to the U.S. was led by NSEC Chairman, and
former Senator Udoma Udo Udoma, and included Director General Musa
Al-Faki, Executive Commissioner for Operations Daisy Ekineh,
Executive Commissioner for Legal and Investigations Directorate
Charles Afamefuna Udora, CEO of the Nigerian Capital Market
Institute Oluwabobi Oyefese, Deputy Director and Special Assistant
to the Director General Mohammed Bala Usman and part-time NSEC board
member and Secretary of National Agency for Poverty Eradication
Program (NAPEP) Jubril Zarewa.

Main Objectives
---------------

3. The NSEC's main objectives were to:
-- Strengthen the NSEC market surveillance and enforcement
capabilities in order to raise investor confidence;
-- Enhance the depth and international competitiveness of the
Nigerian capital market by adopting best practices that would
further promote market efficiency, transparency and corporate
governance;
-- Improve human resource capacity within the Commission.

4. In Boston, the NSEC visited the Harvard Business School, while in
New York the delegation visited the Council of Foreign Relations,
Goldman Sacks, and Donaldson Enterprises. In Washington D.C., the
delegation met with the Federal Reserve, the Treasury Department and
the Securities and Exchange Commission (SEC).

Treasury, Federal Reserve and SEC Focus
---------------------------------------

5. In the meeting with Treasury on November 20, the NSEC delegation
discussed issues relating to coordination between the financial
system regulators, which the NSEC considers a major challenge
because regulatory objectives differ among the sectors. The
discussion between the Federal Reserve and the NSEC was focused on
information sharing between regulatory bodies for the purpose of
stability and soundness of the entire financial market especially in
times of crisis.

6. The U.S. SEC meeting focused on issues of investigating and
prosecuting fraud and insider trading and appropriate penalties for
securities law violators. Another major interest area was retaining
a skilled work force.

7. Upon their return to Nigeria, the NSEC provided the Mission with
a summary report of their U.S. visit and a list of immediate issues
for considerations. The following is the list of some of the NSEC
recommendations:
-- New legislation increase protection of property rights, ensure
market transparency and assist enforcement.
-- Making the bond market more attractive in order enhance the
Nigerian capital market and its capacity to fund infrastructure
improvements.
-- Strengthen market surveillance, supervision and enforcement.
-- Establish zonal offices (especially in Lagos) with additional
staff to undertake inspections, investigations and enforcement
actions with the Abuja office only serving as a clearing house.
-- Creation of formal rules guiding the litigation process through
to settlement.
-- Focusing on improving information communication technology (ICT)
in ensuring the international competitiveness of the capital market.


Way Forward
-----------

8. The NSEC and the U.S. SEC agreed to hold an upcoming regional
training program in Abuja in April 2009 as USG deliverable on
technical assistance. The Mission has built strong ties to the NSEC

ABUJA 00002435 002 OF 002


and will work within the U.S. Nigeria Framework of Partnership
umbrella to coordinate Nigerian needs and USG assistance. The NSEC
willingness to support their travel to the U.S. demonstrates the
agencies interest in building strong ties with the USG as the agency
moves forward.

9. This message was coordinated with ConGen Lagos.

SANDERS

© Scoop Media

 
 
 
World Headlines

 



UN: Bachelet Calls On Mexico To Step Up Efforts As Tragic Milestone Reached Of More Than 100,000 Disappearances

UN High Commissioner for Human Rights Michelle Bachelet on Tuesday called on the Mexican authorities to step up efforts to ensure truth and justice for victims of disappearances, who now number more than 100,000, according to official data... More>>


ADC: Statement On The Assassination Of Shireen Abu Akleh

Early this morning in Jenin, Occupied Palestine, revered Palestinian voice Shireen Abu Akleh, a Palestinian American journalist for Al Jazeera, was assassinated by Israeli Occupation Forces snipers...
More>>



Ukraine: UN Rights Office Probe Spotlights Harrowing Plight Of Civilians

Almost 76 days since Russia invaded Ukraine, countless civilians remain caught up in the horror and destruction of war, UN rights investigators said on Tuesday... More>>



Access Now: Elon Musk’s Twitter Buyout Must Not Come At The Expense Of Human Rights

Following today’s announcement that Elon Musk will acquire complete ownership of Twitter in a cash sale of around 44 billion USD, pending shareholder approval, Access Now urges Twitter’s Board, employees, and shareholders... More>>



UN: Biodiversity And Ecosystem Protection Highlighted On Mother Earth Day

Marking International Mother Earth Day, UN General Assembly President Abdulla Shahid urged on Friday, for collective action to safeguard biodiversity and protect ecosystems... More>>

Ukraine: Hundreds More Reach Safety After Fleeing Besieged Mariupol
In Ukraine, humanitarians said on Wednesday that hundreds of people have managed to reach safety after fleeing Mariupol, where there’s also been condemnation for the killing of Lithuanian filmmaker Mantas Kvedaravicius... More>>