Capital Market Operators Commend SEC

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Capital market operators in the Nigerian Stock Exchange have commended the newly inaugurated board of the Securities and Exchange Commission (SEC) but charged them on the appointment of a substantive director-general for the commission.

They made the appeal in an interview with the News Agency of Nigeria (NAN) in Lagos while reacting to the inauguration of the commission’s board four years after the last board was dissolved.

Mr Sola Oni, a chartered stockbroker, said that announcement of the new board was a welcome development four years after. Oni said that the board should address the issue of corporate governance gap in the commission by appointing a substantive director-general.

He said that the new board should strengthen SEC’s advocacy role on the need for government’s constant engagement with stockbrokers before strategic decisions on the financial market operations would be made. “The capital market should not be treated as a second class platform in the financial market,” Oni said.

He said that there was a need for the harmonisation of activities in the market to reduce the financial burden being imposed on stockbrokers in terms of training. Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said that the board needed to put things right by settling all outstanding issues.

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