16 January 2013

Nigeria: New SEC Board Inaugurated With Oteh Among Members

Finance Minister Ngozi Okonjo Iweala yesterday inaugurated the Board of Securities and Exchange Commission (SEC), with a challenge to open avenues for other entities yet to join the capital market.

The board has Dr Suleiman H. Ndanusa as chairman. Members are: Malam Mounir Haruna Gwarzo, Mrs Saudatu Mohammed Bello, Hon. Zakawanu Garba, Barrister Adefunke Abiudun, Mr Ugochukwu Ikenna and SEC Director General Ms Aruma Oteh .

Speaking, Ndanusa said the board would work to reconcile the commission with the National Assembly for more understanding between the two bodies.

The National Assembly had removed budgetaryallocations for SEC in the 2013 budget when the executive refused to honour its recommendations for the removal of Oteh.

Ndanusa said there was need for the capital market to rebound. He said the new board would be tough with enforcement and would empower SEC Director General and members of the executive and management to enforce rules as they apply to the market.

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