By Anthony Otaru, Abuja 09 December 2022 | 4:45 am The Securities and Exchange Commission said that the revised edition of the Capital Market Masterplan (2021 – 2025) has a projection of 50 listings of Shariah-compliant products by 2025 with a target market capitalisation of at least N5 trillion. SEC Director General, Lamido Yuguda, disclosed this, yesterday, during the opening of a three-day workshop for… The Securities and Exchange Commission said that the revised edition of the Capital Market Masterplan (2021 – 2025) has a projection of 50 listings of Shariah-compliant products by 2025 with a target market capitalisation of at least N5 trillion. SEC Director General, Lamido Yuguda, disclosed this, yesterday, during the opening of a three-day workshop for the non-interest capital market in Abuja. Yuguda who was represented by the SEC’s Executive Commissioner in charge of operations, Dayo Obisan, said the non-interest capital market (NICM) also has new targets, including 100 retail Shariah-compliant products and one million or more direct investors in Shariah-compliant products with at least N5 trillion investment by institutional investors. According to Yuguda, the Commission, in recognising the potential of the NICM for economic growth, dedicated a component in its 10-year (2015-2025) Capital Market Masterplan to the speedy development of the market in the financial system. He said the master plan provided clear strategic objectives for the development of the market, one of which is the “encouragement of the development of stakeholders.” He stressed that the workshop was in line with the realisation of the particular objective. The stride and significant achievements recorded by the masterplan, he said, were evidenced by the last ranking of Nigerian Islamic Finance as 13th on the global Islamic Finance Development Indicator 2021, showing assets under management valued at N2.3 billion, which is higher than countries like Bangladesh and Turkey. “As you may be aware, the major difference between conventional finance and non-interest finance is the application of Shariah principles,” he said. He continued: “The level of activities in the non-Interest capital market that we are currently experiencing in Nigeria affirms the overwhelming acceptance of NICM products by the country’s populace. This shows a strong appetite for other alternative forms of investments. Recently, the market witnessed the entrance of institutions offering non-interest capital market services/products and the oversubscription of the FGN and corporate Sukuk further buttresses the need for this workshop to encourage the development of Shariah experts for the market.” Latest 5 mins ago Conference of Nigeria Political Parties (CNPP) has faulted critics of the Central Bank of Nigeria (CBN) new cash withdrawal limits, while commending the bank on the anticipated gains of the policy, especially ahead of the 2023 general elections. In a statement by its Secretary General, Chief Willy Ezugwu, the CNPP explained that “Nigerians are suffering” because… 9 mins ago Gov’s strides at SMEs centre inspired academy, says Speaker’s wife From Lawrence Njoku, Enugu Persons with disabilities, under the auspices of Joint National Association of Persons with Disability (JONAPWD), Enugu State, have called on Governor Ifeanyi Ugwuanyi to consider them for political appointments. Members of the association, who made the appeal, yesterday, at the celebration… 9 mins ago •MainOne to make business decision on license at right time Mainone, an Equinix company, has explained its inability to roll out services with its Infrastructure Company (InfraCo) license. The firm, which explained that the challenge cuts across the entire region, even with other licensees, stressed that some states’ indifference to the InfraCo project, remains the… 9 mins ago The Academic Staff Union of Universities (ASUU) has so far embarked on no fewer than 50 months industrial action since 1999, says Labour Party (LP) presidential candidate, Peter Obi. The LP candidate, while campaigning in Jalingo, Taraba state, yesterday, promised that such paralysis of academic activities would be history, if given the mandate to pilot… 11 mins ago State registers 1,250,102 voters, says REC Bayelsa State government has acknowledged donations from international agencies, state governments, political parties, their presidential candidates, individuals and corporate organisations in response to flooding in the state. Governor Douye Diri, in his opening remarks at the weekly state executive council meeting in Government House, Yenagoa, on Wednesday, disclosed that…
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