27 December 2012

Nigeria: Stockbrokers Hail FG On New SEC Board

Lagos — Stockbrokers have hailed the appointment of a new board for the Securities and Exchange Commission (SEC), saying it would boost the operations of the apex regulatory body of the Nigerian capital market.

The last board of SEC vacated office last June while the Director-General, Ms. Arunma Oteh, has been running the affairs of the commission without a board.

However, the Federal Government, at the weekend, announced a new board with Dr. Suleiman Abdu Ndanusa, a former DG of the commission, as chairman.

Other members on the board are Malam Munir Gwarzo, Mrs. Sa'adatu Bello, Mr. Zakawanu Imhobobho Garuba, Mr. Adefunke Abiodun and Mr. Ugochukwu Ikemba.

Reacting to the development yesterday, the Chairman of the Association of Stockbroking Houses of Nigeria, Mr. Emeka Madubuike said the appointment would enhance the operations of the commission.

"It was long overdue because the last board left office last June. With a new board, some of the actions that needed board's approval that have been delayed can now be considered. We are also pleased with the inclusion of some experienced people on the board, especially the chairman, who was once a DG. This is a good development for the regulation of the market," Madubuike said.

He advised the board to work in harmony and take proactive decisions that would sustain the recovery being witnessed in the market.

"For instance, SEC came out with a list of 35 stockbroking firms, saying their registration has been withdrawn. It is good a move but such information should be put in better perspective," he said.

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