Bola Onadele says CAMA bill will make Nigeria a destination of capital

August 12, 2020 Facebook Twitter LinkedIn Google+ Business News

Mr. Bola Onadele

Mr. Bola Onadele is the Group Chief Executive Officer of FMDQ Securities Exchange Plc. He said the new Companies and Allied Matters Bill 200 will reposition Nigeria as a powerful destination of capital.

According to him, “With the increasing sophistication of the global financial markets comes the need for domestic markets to develop their architecture and infrastructures to support requisite advancement as well as align with international standards, and the new CAMA 2020 will position Nigeria and its capital market at par with its international counterparts. Chief of the several impactful provisions in the CAMA 2020, is the inclusion of netting and bankruptcy remoteness provisions which signal the birth of a new financial market in Nigeria. The CAMA 2020 commendably sets the tone for the actualisation of key innovations in the market, providing enabling legal backing for netting, bankruptcy remoteness and attendant regulatory frameworks for the smooth functioning of financial markets in Nigeria,” 

Mr. Onadele further said, “FMDQ Clear, Nigerian’s first central clearing house (CCH), is well positioned to providing the much-needed central counterparty services, upon regulatory approval, and has proactively set aside a default resolution reserve with a near-term target of ₦20 billion.” (NAN) 


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