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Viewing cable 08ABUJA2435, NIGERIA: SECURITIES AND EXCHANGE COMMISSION VISITS THE

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Reference ID Created Released Classification Origin
08ABUJA2435 2008-12-16 08:04 2011-08-25 00:00 UNCLASSIFIED Embassy Abuja
VZCZCXRO7172
PP RUEHMA RUEHPA
DE RUEHUJA #2435/01 3510804
ZNR UUUUU ZZH
P 160804Z DEC 08
FM AMEMBASSY ABUJA
TO RUEHC/SECSTATE WASHDC 4708
INFO RUEATRS/DEPT OF TREASURY WASHDC PRIORITY
RUEHOS/AMCONSUL LAGOS 0458
RUEHZK/ECOWAS COLLECTIVE
RUCPDOC/DEPT OF COMMERCE WASHDC
UNCLAS SECTION 01 OF 02 ABUJA 002435 
 
SIPDIS 
 
DEPARTMENT PASS TO USTR AGAMA 
TREASURY FOR PETERS, IERONIMO, HALL 
DOC FOR 3317/ITA/OA/KBURRESS 
DOC FOR 3130/USFC/OIO/ANESA/DHARRIS 
 
E.O. 12958: N/A 
TAGS: EFIN ECON EINV ENRG EAID PGOV NI
SUBJECT: NIGERIA: SECURITIES AND EXCHANGE COMMISSION VISITS THE 
U.S. 
 
REF: ABUJA 1147 
 
1. Summary: The Nigerian Securities Exchange Commission (NSEC) 
traveled to the U.S. from November 17 through November 21 to visit 
with U.S government agencies and private sector firms in Washington 
D.C., New York and Boston to exchange experience in areas of 
securities market surveillance and enforcement.  The trip was 
inspired by the Ambassador's suggestion to the Director General Musa 
Al-Faki that the NSEC increase ties with the USG agencies and 
private sector (reftel).  In collaborating with the NSEC the U.S. 
SEC will hold a regional training program in Abuja in April 2009. 
NSEC is forward leaning agency interested in further USG assistance. 
End Summary. 
 
2. The NSEC delegation to the U.S. was led by NSEC Chairman, and 
former Senator Udoma Udo Udoma, and included Director General Musa 
Al-Faki, Executive Commissioner for Operations Daisy Ekineh, 
Executive Commissioner for Legal and Investigations Directorate 
Charles Afamefuna Udora, CEO of the Nigerian Capital Market 
Institute Oluwabobi Oyefese, Deputy Director and Special Assistant 
to the Director General Mohammed Bala Usman and part-time NSEC board 
member and Secretary of National Agency for Poverty Eradication 
Program (NAPEP) Jubril Zarewa. 
 
Main Objectives 
--------------- 
 
3. The NSEC's main objectives were to: 
-- Strengthen the NSEC market surveillance and enforcement 
capabilities in order to raise investor confidence; 
-- Enhance the depth and international competitiveness of the 
Nigerian capital market by adopting best practices that would 
further promote market efficiency, transparency and corporate 
governance; 
-- Improve human resource capacity within the Commission. 
 
4. In Boston, the NSEC visited the Harvard Business School, while in 
New York the delegation visited the Council of Foreign Relations, 
Goldman Sacks, and Donaldson Enterprises.  In Washington D.C., the 
delegation met with the Federal Reserve, the Treasury Department and 
the Securities and Exchange Commission (SEC). 
 
Treasury, Federal Reserve and SEC Focus 
--------------------------------------- 
 
5. In the meeting with Treasury on November 20, the NSEC delegation 
discussed issues relating to coordination between the financial 
system regulators, which the NSEC considers a major challenge 
because regulatory objectives differ among the sectors.  The 
discussion between the Federal Reserve and the NSEC was focused on 
information sharing between regulatory bodies for the purpose of 
stability and soundness of the entire financial market especially in 
times of crisis. 
 
6. The U.S. SEC meeting focused on issues of investigating and 
prosecuting fraud and insider trading and appropriate penalties for 
securities law violators.  Another major interest area was retaining 
a skilled work force. 
 
7. Upon their return to Nigeria, the NSEC provided the Mission with 
a summary report of their U.S. visit and a list of immediate issues 
for considerations.  The following is the list of some of the NSEC 
recommendations: 
-- New legislation increase protection of property rights, ensure 
market transparency and assist enforcement. 
-- Making the bond market more attractive in order enhance the 
Nigerian capital market and its capacity to fund infrastructure 
improvements. 
-- Strengthen market surveillance, supervision and enforcement. 
-- Establish zonal offices (especially in Lagos) with additional 
staff to undertake inspections, investigations and enforcement 
actions with the Abuja office only serving as a clearing house. 
-- Creation of formal rules guiding the litigation process through 
to settlement. 
-- Focusing on improving information communication technology (ICT) 
in ensuring the international competitiveness of the capital market. 
 
 
Way Forward 
----------- 
 
8. The NSEC and the U.S. SEC agreed to hold an upcoming regional 
training program in Abuja in April 2009 as USG deliverable on 
technical assistance.  The Mission has built strong ties to the NSEC 
 
ABUJA 00002435  002 OF 002 
 
 
and will work within the U.S. Nigeria Framework of Partnership 
umbrella to coordinate Nigerian needs and USG assistance.  The NSEC 
willingness to support their travel to the U.S. demonstrates the 
agencies interest in building strong ties with the USG as the agency 
moves forward. 
 
9. This message was coordinated with ConGen Lagos. 
 
SANDERS