3 January 2013

Nigeria: Stakeholder Confident of New SEC Board

A major stakeholder in the Nigerian capital market and Chairman, Nigerian Aviation Handling Company Plc, Alhaji Suleiman Yahyah, has expressed confidence in the newly-constituted board of the Securities and Exchange Commission (SEC).

The Federal Government the previous weekend appointed a board for SEC with Suleyman Ndanusa, a former director-general of the commission, as chairman.

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

Yahyah said: "The new SEC governance team are well-experienced stockbrokers, investment bankers, lawyers, economist with cognate primary market and secondary market experience and recall Ndanusa managed the SEC creditably in the boom years of 2002 to 2006 and Gwarzo was also part of that team.

"It was during their time that the Investment and Securities Tribunal was established to foster efficient dispute resolution and embed transparency."

Yahyah enthused that "now that the insiders have returned to the apex regulator with governance responsibility at the beginning of a heady market recovery, I'm confident that with clever insights and tweaking of management and attraction of new and strong talents, we will begin to see enhanced enforcement and regulatory proactiveness, all key ingredients needed to sustain market confidence."

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