27 December 2012

Nigeria: Zero Budget for SEC a Threat to Capital Market - Operators

Lagos — Capital market operators last Friday declared that the decision of the National Assembly to pass the 2013 appropriation bill without allocating funds to the Securities and Exchange Commission (SEC) is a big threat to the capital market recovery and the development of the economy in general.

They called on the federal government to resolve the issue amicably.

In passing the 2013 budget of N4.987 trillion, last week, the House of Representatives ordered the withholding of funding for the commission over its earlier decision not to have anything to do with the director-general, Ms. Arunma Oteh.

Speaking on the withholding of the funds to SEC, market operators under the aegis of Association of the Stockbroking Houses of Nigeria, said the issue should be resolved so as to avoid jeopardising the entire economy.

Chairman of the association, Mr. Emeka Madubuike, who spoke on behalf of the operators, said starving SEC of funds means incapacitating the regulator of the Nigerian capital market.

He called for dialogue between the National Assembly and Executive to amicably resolve the issue.

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