Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 08ABUJA1147, NIGERIA: AMBASSADOR'S MEETING WITH SECURITY AND EXCHANGE

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #08ABUJA1147.
Reference ID Created Released Classification Origin
08ABUJA1147 2008-06-16 12:41 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Abuja
VZCZCXRO0297
PP RUEHMA RUEHPA
DE RUEHUJA #1147/01 1681241
ZNR UUUUU ZZH
P 161241Z JUN 08
FM AMEMBASSY ABUJA
TO RUEHC/SECSTATE WASHDC PRIORITY 3142
INFO RUEHOS/AMCONSUL LAGOS PRIORITY 9453
RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEHZK/ECOWAS COLLECTIVE
UNCLAS SECTION 01 OF 02 ABUJA 001147 
 
SENSITIVE 
SIPDIS 
 
DEPARTMENT FOR EB/IFD/OIA 
DEPARTMENT PASS TO USTR (AGAMA) 
TREASURY FOR RHALL AND DPETERS 
 
E.O. 12958 
TAGS: EFIN ECON ETRD PGOV KCRIM EAID NI
SUBJECT: NIGERIA: AMBASSADOR'S MEETING WITH SECURITY AND EXCHANGE 
CHAIRMAN ADVANCES TRANSPARENCY EFFORTS 
 
SENSITIVE BUT UNCLASSIFIED -- HANDLE ACCORDINGLY. 
 
1. (SBU) Summary: The Ambassador met with the Nigerian Security and 
Exchange Commission (SEC) Chairman Mallam Musa Al-Faki on June 4 to 
discuss efforts the SEC is doing on transparency in capital markets 
with stock brokerage houses, banks, and in the area of money 
laundering.  Chairman Al-Faki stated that his most critical 
challenges are the need to put in place the necessary regulatory 
framework to deepen transparency in the Nigeria market place, the 
legislative changes on the Land Use Act, to ensure a better mortgage 
environment and improve the capacity of his staff.  The Chairman 
expressed a desire to work closer with the United States SEC on a 
range of issues, as well as other elements of the U.S. Mission, 
particularly the FBI.  The Ambassador underscored USG focus on 
transparency in all sectors and our efforts to fight corruption. 
She highlighted the presence of the FBI and LegAtt in Lagos and 
noted that there were synergies where his office and LegAtt could 
work together.  End Summary. 
 
2. (U) The Ambassador met with SEC Chairman Mallam Musa Al-Faki on 
June 4 to discuss a range of issues on transparency in Nigerian 
capital markets.  Chairman Al-Faki has been the SEC chairman since 
2004.  He is also the Chairman of the Africa, Middle East Regional 
Committee (AMERC) of the International Organization of Security 
Commissions (IOSCO) and has been re-elected recently to that 
position.  Chairman Al-Faki described the four main SEC activities: 
 
-- The supervision and oversight of the Nigerian Stock Exchange 
(NSE); 
-- Promoting awareness and effective regulation of NSE activities; 
-- Building a strong, transparent structure in which the NSE 
activities can flourish; and, 
-- Ensuring transparency in Nigerian markets 
 
3. (SBU) The Ambassador noted the USG focus on the importance on 
increased transparency in all areas of business, particularly the 
market sector, and noted the importance of the right regulatory and 
legislative frameworks in order for Nigeria to truly move forward. 
The SEC and his director echoed the same request we have heard from 
many that Nigerian policy and businesses seek more U.S. trade and 
investment.  The Ambassador said she was aware of these sentiments 
and highlighted key things, such as a bilateral investment treaty 
and trade and investment framework needed to be in place to really 
encourage U.S. investment and growth in Nigeria. 
 
Improving Regulations, Laws and Cooperation 
------------------------------------------- 
 
4. (SBU) Chairman Al-Faki said that effective regulations are needed 
to enhance confidence in the Nigerian market and financial sectors, 
and that international exposure, particularly Nigerian membership in 
IOSCO, has improved regulatory practices in Nigeria, leading to 
higher standards and more accountability and transparency.  To 
deepen this momentum, he continued, the Land-Use Act and tax laws 
must be updated and corporate reporting standards should be raised 
to international levels.  The Ambassador replied that the USG 
through USAID and the Overseas Private Investment Corporation (OPIC) 
have been working closely with the GON on reforming the Land Use 
Act. 
 
5. (SBU) Regarding law enforcement cooperation, SEC Director of 
Enforcement and Investigation Udora said that his office recently 
contacted FBI headquarters in Washington and reported a possible 
case of money laundering and abuse of the GON financial system, 
providing both the name and location of the suspect.  He lamented 
that the FBI had not responded to the Nigerian SEC overture.  The 
Ambassador was surprised by this and said she would have Mission's 
LegAtt office contact him soonest (since the meeting, LegAtt has 
followed up on this and other partnership opportunities seem to be 
on track). 
 
Capacity Building Assistance 
---------------------------- 
 
6. (SBU) Chairman Al-Faki contended that cooperation with the U.S. 
SEC is critical for his agency to build capacity.   He characterized 
the Nigerian SEC structure as largely based on the U.S. model and 
said that there were several key areas of interest for cooperation 
based on SEC future planning.  The SEC plans to work with the NSE to 
make all of its transactions electronic by 2009, and further develop 
the corporate bond market.  The Chairman remarked that investors in 
Nigeria prefer to invest in equities but a balanced capital 
structure is needed, and development of the corporate bond market is 
one of the SEC's biggest challenges. 
 
ABUJA 00001147  002 OF 002 
 
 
 
7. (SBU) Comment: The SEC plays an important regulatory role in 
improving and maintaining the transparent financial sector in 
Nigeria's market.  The Ambassador invited the SEC to participate in 
the upcoming export credit USTDA workshops and send representatives 
under the U.S.-Nigeria framework for partnership to working groups 
on investigation and fraud prevention.  Following the meeting 
EconOff and Acting USAID Mission Director met with a representative 
from the U.S. based firm, Financial Markets International, Inc., to 
discuss capacity building programs.   The FMI rep noted that the 
company has worked with USAID in other countries on their SEC 
capacity building programs and was interested in Nigeria.  Econoff 
passed FMI contact information to the Managing Director of the 
Nigerian Capital Market Institute, an affiliate of the SEC in charge 
of training programs.  End Comment. 
 
SANDERS