2 January 2013

Nigeria: Reconcile SEC Staff Members, Ndanusa Told

Stockbrokers have advised the new Chairman of the Securities and Exchange Commission (SEC), Mallam Sulleyman Ndanusa, to use his wealth of experience to bear in the running of the affairs with a view to creating harmony among the staff members.

After being without a board for six months, the Federal Government last December appointed a board headed by Ndanusa, who was a former Director-General of the commission.

Other members are: Mallam Mounir Gwarzo; Mrs. Sa'adatu Bello; Mr. Zakawanu Imhobobho Garuba; Mr. Adefunke Abiodun; Mr. Ugochukwu Ikemba.

As the new board settles down to business in the New Year, a stockbroker and Managing Director of Crane Securities Limited, Mr. Mike Ezeh, said that given Ndanusa experience, he should serve as the bridge between the market operators and the government(through the commission).

"Ndanusa should act as the bridge between the government and market operators because we know he has the clout to do so. We expect that there is going to be a harmonious relationship between regulators and market operators," Ezeh said.

He added that as someone who knows the terrain, the new chairman should use his experience to reconcile rift among members of staff for the commission to function well.

"He is an experienced hand and he knows the terrain. He should be able to calm strained nerves at this stage. There is no smooth relationship right now because of what has happened. Being an experienced hand, he should evaluate the situation and use a lot of wisdom to bring the new and old people together. This is not the time for friction, victimisation or intimidation. This is the time for cooperation so as to move the market forward," he said.

Speaking in the same vein, the Chief Executive Officer of Lambeth Trust & Investment Company Limited, Mr. David Adonri, said operators were highly confident of Ndanusa's leadership ability and would impact positively on the market this year.

Adonri said: "He is a stockbroker and also a legal practitioner who has been the CEO of SEC. So he is coming in with a lot of experience. So one expects that he would move SEC to the next level wherein enforcement of compliance with rules and regulations of commission and relevant laws would be taken very seriously such that at the end of the day investors protection will be moved to high levels and also that the integrity of the market would be protected by SEC under his chairmanship."

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