Nigeria, Morocco sign MoU on capital market regulation

Nigeria and Morocco have signed a Memorandum of Understanding (MoU) on mutual cooperation in the regulation of their capital markets.

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), Morocco’s regulator, Autorite Marocaine Du Marche Des Capitaux (AMMC) signed the agreement on the sidelines of the Nigerian- Moroccan bilateral talks marked with the visit of His Majesty, King Mohammed VI of Morocco.

Director General, Securities and Exchange Commission (SEC), Mounir Gwarzo, signed for Nigeria while Ms. Nezha Hayat, Chief Executive Officer, AMMC represented the Kingdom of Morocco.

SEC stated that the MoU will serve as a platform for regulatory cooperation and information sharing between the two capital market regulators.

SEC said the agreement was a first step towards achieving an effective cross border market policing between the two jurisdictions and enhanced market development through leveraging mutual comparative advantages.

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SEC noted that the involvement of the governments of both countries at the highest level is a mark of the high premium placed on the importance of the capital market to the economic growth and prosperity of the two nations.

“For Nigeria, this is a welcome development as it presents an opportunity to leverage the progress achieved in the Moroccan market to enhance especially the delivery of a few of the objectives of the 10 – year Capital Market Master plan. This for example is especially as relates to deepening the asset management space of the market, an area of comparative advantage for Morocco,” SEC stated.

SEC said it will also be understudying the advancements achieved by Morocco in growing the green capital markets which was the fulcrum of the COP22 conference recently held in Marrakech which focused on fostering green capital markets in emerging economies.

According to the Commission, the signing of the MOU signals a strengthened cooperation framework between Nigeria and Morocco in areas of common interests as it will encourage cross investments in the respective capital markets. It will also engender mutual recognition of regulations related to public offerings and professional certifications to facilitate dual listings and mobility of capital and labor between the two markets.

Nigeria had earlier entered into such bilateral agreements with several other jurisdictions such as, Angola, China, Ghana, Kenya, Malaysia, Mauritius, South Africa, Tanzania and Uganda.

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