15 January 2013

Nigeria: New SEC Board Chairman Promises to Reconcile With NASS

The New Chairman of the Board of Security and Exchange Commission, Dr Suleiman H Ndanusa, has said that they will try to reconcile the commission with the National Assembly for more understanding between the two bodies.

The National Assembly removed budgetary allocations for SEC in the 2013 budget when the executive refused to honour its recommendations for the removal of the Director General Ms Aruma Oteh.

Speaking to newsmen Tuesday in Abuja after the inauguration of the board,the chairman said that there is need for the capital market to rebound.

"We are all stakeholders in the market and I believe that nobody will want the market to suffer unnecessarily so we are all going to put our hands on the table to look for solutions to whatever problems," he said.

He said that the new board will be tough with enforcement and will empower SEC Director General and members of the executive and management to enforce rules as they apply to the market.

Inauguration the board,the Minister of Finance,Dr Ngozi Okonjo Iweala said challenged the board to reconcile and open all avenues for other entities that are yet to join the capital market to be part of it.

"The open access to the market would encourage more and active participation of many entities that would bring about a robust capital market in the country to serve as a driving force of the economy," she said.

She urged the board to ensure that capital market activities within the country proceed in a manner that are fundamentally beneficial to the economy.

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