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DCMD Project Transformation & Governance Structure
The DCMD Project Transformation & Governance Structure depicts the various levels of Implementation Committees responsible for implementing the resolutions aimed at transforming the Nigerian DCM and the relationship between these Committees. Members of these Committees were carefully selected from various organisations and includes a blend of regulators and market participants in the Nigerian DCM and financial market ecosystem
Steering Committee: The Steering Committee (SteerCo) sits at the helm of affairs on the governance structure of the DCMD Project. It provides overall leadership, guidance and support for the other committees to ensure that the strategic objectives of the DCMD Project are achieved. The SteerCo consists of representatives of regulatory bodies in the Nigerian financial market space, including the Securities and Exchange Commission, the Federal Ministry of Finance, the Central Bank of Nigeria, the National Pension Commission, as well as industry experts in the Nigerian capital market
Transformation Committee: The Transformation Committee (TransCo) is charged with the responsibility of mapping out the strategies and action plans for the successful implementation of the DCMD Project. The TransCo consists of a representative of the Securities and Exchange Commission, Chairpersons of the four (4) DCMD Project Sub-Committees who are specialists with deep industry knowledge and experience in the financial/capital markets, as well as an experienced professional in the Nigerian debt capital market
Advisers: The Advisers to the Debt Capital Market Development Project Office (DCMD-PO), are required to provide the necessary strategic support and guidance that will enable the DCMD-PO execute its functions successfully
Sub-Committees
The Sub-Committees (SubCos) have been set up to facilitate the syndication of transformation opportunities and implementation of various resolutions towards the revitalisation of the Nigerian DCM. They are as indicated below:
Infrastructure Sub-Committee: The Infrastructure Sub-Committee consists of various industry specialists with relevant experience in infrastructure development. The Sub-Committee will focus on strategies required to support investments in infrastructure, proffer risk-mitigation instruments for private investors participation and offer solutions on how the Nigerian debt capital markets can be used to provide long-term funding for infrastructure projects in Nigeria
Market Liquidity & Enhancement Sub-Committee: The Market Liquidity & Enhancement Sub-Committee comprises of individuals as well as representatives of relevant regulatory bodies capable of making positive contributions to the implementation of the SubCo’s initiatives. The Market & Liquidity Enhancement Sub-Committee will drive the implementation of initiatives required to facilitate the development of repo facility, creation of liquidity and improved secondary market participation by treasurers/dealers
Regulation Consolidation Sub-Committee: The Regulation Consolidation Sub-Committee is responsible for liaising with regulatory stakeholders to harmonise the regulatory framework, remove/amend restrictive and conflicting policies, as well as sponsor or suggest new policy guidelines to stimulate the rapid growth and development of the DCM
Housing Sub-Committee: The Housing Sub-Committee consists of various industry specialists with relevant experience in housing finance and development. The Sub-Committee will strategise and develop methodologies for effective housing delivery, in conjunction with the Federal Mortgage Bank of Nigeria, Nigeria Mortgage Refinance Company PLC, Ministry of Power, Works & Housing and other relevant stakeholders, facilitate the creation and uptake of debt capital markets products as means of promoting housing finance as well as support the legislature to develop laws that will promote investments in the housing sector in Nigeria
Investors/Issuers & Intermediaries Engagement/Education Sub-Committee: The Investors/Issuers & Intermediaries Engagement/Education Sub-Committee consists of representatives of the various stakeholders actively involved in the bond issuance process, and is aimed at improving collaboration and sensitisation along the bond issuance value chain. The Investors/Issuers and Intermediaries Engagement/Education Committee will facilitate investor readiness, champion corporate governance, enhance DCM research and improve collaboration across the DCM ecosystem
Sustainable Finance Sub-Committee:The Sustainable Finance Sub-Committee consists of representatives from relevant stakeholder groups (drawn from government agencies/ministries, regulators, and development finance institutions) all working to align Nigeria’s sustainable finance agenda with global sustainable development goals and to integrate sustainable finance products into the Nigerian DCM. The Sustainable Finance Sub-Committee will focus on pressing environmental, social and governance (ESG) issues affecting business and investment decisions and how the Nigerian DCN can access long-term funding for such impact-related projects in Nigeria