The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has reaffirmed the Commission’s commitment to promoting transparency, investor confidence, and adherence to international best practices in financial reporting.
Speaking in an interview, Agama emphasized that the transition to market valuation is crucial for ensuring that asset values accurately reflect real-time market conditions, thereby strengthening fair value reporting and investor trust.
He noted that the policy was a result of engagements with market participants and that the Commission has carefully considered the timelines for implementation.
The SEC has outlined key modalities guiding Nigeria’s transition to the market-to-market (MTM) valuation of assets in the fixed income space of the capital market.
The Commission has set deadlines for the submission of implementation plans and full transition to IFRS 9.
Agama addressed concerns about potential short-term volatility, stating that the move is intended to strengthen, not destabilize, the market.
He emphasized that the adoption of IFRS 9 would ensure that Nigerian assets are comparable globally, allowing investors to assess market performance more accurately.
The SEC is also leading Africa in adopting the International Sustainability Standards Board (ISSB) framework, which is crucial for climate and sustainability disclosures.Agama revealed that Nigeria was among the first countries to accept and begin implementing the ISSB standards.
Looking ahead, Agama expressed optimism about the Nigerian capital market’s performance in the final quarter of the year, citing the government’s macroeconomic reforms and the enactment of key laws such as the NIIRA 2025 and ISA 2025 as catalysts for stability and investor confidence.
The SEC’s ongoing reforms, particularly the IFRS 9 transition and the adoption of sustainability standards, are part of a broader agenda to globalise Nigeria’s capital market, enhance transparency, and ensure wealth redistribution through a more resilient financial system.
Comment here