24 December 2012

Nigeria: Stockbrokers Urge FG to Resolve SEC, Reps Face-Off

The Association of Stock broking Houses of Nigeria (ASHON) has urged the Federal Government to resolve the conflict between the House of Representatives and the Securities and Exchange Commission (SEC). This is contained in a statement issued by ASHON President, Mr. Emeka Madubuike, made available to newsmen in Lagos.

Madubuike said that the passage of the 2013 budget without allocation of funds to SEC was a threat to the capital market's recovery and Nigeria's economic development. The House of Representatives directed the withholding of SEC's funding in the N4.987 trillion Appropriation bill it passed on Dec. 20.

This followed the lower legislative chamber's earlier decision not to have anything to do with the capital market's apex regulator until the removal of its Director-General, Ms Arunma Oteh.

Madubuike said that the conflict should be urgently resolved to avoid jeopardising the entire economy.

"Starving SEC of funds means incapacitating the apex regulator of the Nigerian capital market. If this issue is not resolved as soon as possible, we will have a situation where the capital market does not have a regulator. The National Assembly and the executive arm need to sit down and the interest of the economy must be uppermost in their minds so that this market can continue on the recovery path. Anything that will jeopardise that recovery will not augur well for us," he said.

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