SEC
By Chinyere Joel-Nwokeoma
Lagos, April 18, 2018 (NAN) Some capital market operators have urged the Federal Government to appoint a substantive board for the Securities and Exchange Commission (SEC), to forestall loss of confidence by investors.
They gave the advice on Tuesday in Lagos in separate interviews with the News Agency of Nigeria (NAN) while reacting to appointment of an acting Director-General for the commission.
The operators said government’s inability to appoint a substantive board for SEC, three years after the dissolution of its board, was not good for the capital market.
NAN reports that President Muhammadu Buhari in July 2015, approved the dissolution of the Governing Boards of Federal Parastatals, Agencies and Institutions, including that of SEC.
Malam Garba Kurfi, Managing Director, APT Securities and Funds Ltd, said the commission had been operating without a board for over three years, to the detriment of the capital market.
Kurfi said regular changes in SEC’s leadership would have been avoided if the commission had a substantive board.
He explained that the board would enhance the operations of the capital market regulator and ensure no director-general of SEC abuses the office.
On expectations from the new acting director-general and commissioners, he said the new appointees should work together and use their experience to restore the confidence of investors.
He said the new team should ensure the continuity of ongoing policies introduced by the past management, in the interest of the capital market.
Kurfi stated that the commission’s management should ensure proper implementation of the capital market’s 10-year master plan.
According to him, the management should also be firm in decision making and must not take decisions that will cause uncertainty in the market.
“We are expecting the new acting director-general and commissioners to restore investors’ confidence and ensure the smooth running of the organisation,” Kurfi said.
Mr Boniface Okezie, President, Progressive Shareholders Association of Nigeria (PSAN), described government’s inability to replace the SEC board for almost three years as unfortunate.
Okezie said the government should as matter of urgency constitute SEC’s board, noting that operators and investors had lost confidence in the commission’s activities.
“Having two acting directors-general within six months is not healthy at all,he said.
According to him, the absence of such board does not augur well for the process of doing business with the commission, considering the importance of SEC.
He called on the new acting director-general and her team to build upon the achievements of her predecessor.
NAN also reports Mrs Kemi Adeosun, Minister of Finance, on April 13, appointed Ms Mary Uduk as the new Director-General of SEC, following the redeployment of Dr Abdul Zubair, the former acting Director General.
Adeosun said Uduk’s appointment was governed by the provisions of the Investments and Securities Act (ISA), 2007 and the conditions of service applicable to the Director-General of the commission.
The minister said Uduk’s appointment had become necessary to ensure effective regulation of the Capital Market.
“Her appointment will, subject to satisfactory performance, subsist until further notice,” she said.
Adeosun also announced the redeployment of Zubair to the External Relations Department and the appointment of three acting commissioners. (NAN)
JNC/SA/DUA
Edited by Salif Atojoko/Dada Ahmed