Business/Economy

SEC inaugurates green bonds issuance rules

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4 Dec 2018 8:40 AM GMT
SEC inaugurates green bonds issuance rules
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SEC inaugurates green bonds issuance rules The Acting Director -General,  Securities and Exchange Commission (SEC) , Ms Mary Uduk has  announced the official inauguration of  the Green Bonds Issuance Rules.  Uduk said this in a statement issued by the Acting Head of Media of SEC,  Mrs Efe Ebelo on Monday in Abuja.   She said the commission had […]

SEC inaugurates green bonds issuance rules

The Acting Director -General, Securities and Exchange Commission (SEC) , Ms Mary Uduk has announced the official inauguration of the Green Bonds Issuance Rules.

Uduk said this in a statement issued by the Acting Head of Media of SEC, Mrs Efe Ebelo on Monday in Abuja.

She said the commission had on October 12, rolled out rules on green bond after series of engagements with stakeholders and Capital Market operators.

Reports reaching us has that the programme provides training for regulators, investors and intermediaries on Green Bonds.

This serves as part of efforts to create an enabling environment for issuers and other stakeholders to take advantage of the tremendous opportunities that Green Bonds offer.

The SEC collaborated on several occasions with the Green Bonds Market Development Programme, supported by the Climate Bonds Initiative (CBI), the FMDQ OTC Securities Exchange (FMDQ) and the Financial Sector Deepening Africa (FSD Africa).

Its aim is to support the development of a Non-Sovereign Green Bond market in Nigeria.

According to Uduk, there is the urgent need to close the country’s infrastructure gap with investments in sustainable finance initiatives.

She said this was important, especially as Nigeria strived to harness the resources of non-oil sectors to anchor the transition to a more resilient economy.

“The release of the green bond rules was a significant step in furthering the complementary efforts of government, regulators and the financial services industry.

“This will also help direct financial capital to more sustainable economic activity,” the director -general said.

The Director of Financial Markets, FSD Africa, Dr Evans Osano, in his remarks, commended SEC for the professional and quick turnaround in the preparation of the guidelines.

“We laud SEC Nigeria ; the new guidelines are prepared in line with leading international guidelines and standards providing confidence to domestic and international investors.

” It also provides certainty to issuers of green bonds in Nigeria and FSD Africa is pleased to have supported this process which is a milestone for the Nigeria green bonds market, he said”

Also speaking, Mr Olumide Lala, Africa Markets Programme Manager, Climate Bonds Initiative said the rules would bring the much needed clarity and guidance on the issuance of green bonds.

He said:”Adopting the tenets of the Green Bond Principles and Climate Bonds Standard makes it easier to attract foreign investment where needed.”

SEC is the apex regulatory institution of the Nigerian Capital Market supervised by the Federal Ministry of Finance.

It has the dual responsibilities of regulating the capital market with a view to protecting investors; and developing the capital market in order to enhance its allocative efficiency and pave the way for a private sector led economy.

Source: NAN

Photo Source: Google

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