LEFT TO RIGHT: executive Commissioner Legal and Enforcement Securities and Exchange Commission Ms. Frana Chukwuogor, Chairman of SEC Board Mr. Mairiga Katuka and the Chairperson and CEO of Moroccan Capital Market Authority Ms. Nezha Hayat during a study Tour of the Moroccan Capital Market in Rabat, Monday.
The Rabat Study Tour of 2025 will be etched in history as a pivotal moment when two of Africa’s financial market powerhouses — Nigeria and Morocco — took bold steps toward deeper cooperation, regulatory modernization, and continental financial integration.
At the center of this historic engagement were Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC) Nigeria, and Ms. Nezha Hayat, Chairperson and CEO of the Moroccan Capital Market Authority (AMMC). Supporting this high-powered Nigerian delegation were Ms. Frana Chukwuogor, Executive Commissioner for Legal and Enforcement at SEC Nigeria, and Mr. Mairiga Katuka, Chairman of the SEC Board.
The study tour was not a ceremonial exercise; it was a robust strategic mission designed to extract practical lessons from Morocco’s well-regarded capital market reforms and to chart a course for collaborative growth between the two financial giants.
From the moment the SEC delegation arrived in Rabat, the atmosphere was charged with purpose. Ms. Hayat and her team laid out Morocco’s success story: how careful regulatory reforms, digitalization, sustainable finance initiatives, and proactive investor education had strengthened their market’s resilience and credibility.
For Dr. Agama, Morocco’s experience offered a living blueprint for transforming Nigeria’s capital markets — aligning with his vision of a market rooted in transparency, innovation, and global competitiveness. During the sessions, he emphasized that SEC Nigeria’s mission is to build a capital market that serves not only as a vehicle for national prosperity but also as a key pillar of Africa’s economic transformation.
Ms. Frana Chukwuogor, leveraging her sharp legal acumen, engaged deeply with Morocco’s regulatory enforcement structures. She closely examined how AMMC balances market development with rigorous enforcement, identifying frameworks that could enhance Nigeria’s compliance, dispute resolution, and investor protection systems.
Meanwhile, Mr. Mairiga Katuka, providing the governance perspective, highlighted the critical need for strong institutional governance in sustaining market confidence. Inspired by Morocco’s robust regulatory architecture, he advocated for strategic governance reforms and capacity building at SEC Nigeria’s Board and Commission levels.
Throughout the multi-day engagement, the delegation visited institutions such as the Casablanca Stock Exchange and Morocco’s fintech innovation hubs. They also studied Morocco’s leadership in green finance — particularly the innovative structuring of green bonds and sustainable investment products — a model SEC Nigeria is now committed to replicating with urgency.
Reflecting on the study tour, three profound outcomes emerged:
- Shared Vision for Pan-African Capital Market Integration:
Dr. Agama and Ms. Hayat emphasized the need to harmonize regulatory frameworks and foster cross-border listings and investments across Africa under the African Continental Free Trade Area (AfCFTA) framework. - Commitment to Regulatory Modernization and Knowledge Exchange:
Both agencies agreed to initiate structured bilateral cooperation, including technical workshops, joint research initiatives, and regulatory capacity-building programs. - Acceleration of Sustainable Finance Frameworks:
Inspired by Morocco’s achievements, SEC Nigeria committed to expediting frameworks that foster green and ESG-compliant investments, positioning Nigeria as a leader in Africa’s climate-resilient economic transition.
The Rabat Study Tour was more than a diplomatic courtesy; it was a call to action. In a defining moment, Dr. Agama captured the essence of the mission:
“This journey is about more than Nigeria and Morocco; it’s about Africa writing its own financial story — one of innovation, resilience, and global relevance.”
Ms. Hayat, in her closing remarks, added:
“Collaboration among African regulators is the bridge to a prosperous and competitive continent. Together, we can and must lead the way.”
As the Nigerian delegation departed Rabat, they carried with them not just valuable insights, but a renewed commitment to transforming Nigeria’s capital markets into a beacon of opportunity and a catalyst for a truly integrated African financial system.
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