The Securities and Exchange Commission (SEC) has announced that it will launch a N100 billion Strategic Health Impact Fund for Transformation (SHIFT) to help Nigeria’s economic recovery from the pandemic.
This was disclosed by Mr Lamido Yuguda, Director-General of SEC, at the 2021 post-Capital Market Committee conference in Abuja on Thursday.
The SEC boss revealed that the fund’s focus would be on healthcare assets in Nigeria, and reiterated the SEC’s commitment to improving Nigeria’s capital markets.
What the SEC DG said
“The pandemic and its attendant lockdown had negative effect on the Nigerian economy in the year 2020 leading to a recession within the year. Despite this challenge, the NSE All-Share Index was adjudged by Bloomberg as the best performing index in 2020.
In spite of the turbulence experienced with the outbreak of the pandemic, the Nigerian capital market stood resilient. To this end, our next phase of support in the fight against COVID-19 will be the establishment of the Strategic Health Impact Fund for Transformation.
May I use this medium to reiterate our commitment to advance the development and integrity of the Nigerian capital market.”
In case you missed it
Nairametrics reported last week that the SEC said that Fintech trading platforms including Chaka, Trove, Bamboo which allowed Nigerians to invest and trade in stocks listed on the Nigerian and foreign stock exchanges, had been declared illegal, citing provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, which state that only foreign securities listed on any Exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.