FG must consider experience in appointing SEC DG Stakeholders in the capital market have called on the Federal Government to ensure that it appoints an experienced and action-driven individual from within the capital market as the next Director-General of the Securities and Exchange Commission. The stakeholders said this in separate interviews with our correspondent on Monday. According to them, the current downturn in the capital market and economic challenges in the country means that the Federal Government cannot afford to appoint an outsider, who will have to learn the ropes before taking decisive action to stabilise the market and facilitate its growth. The Managing Director, NASD Plc, Mr. Bola Ajomale, said if the right person was appointed, the exit of Ms. Arunma Oteh as SEC DG would not impact the market negatively. He said, “They are lots of talent in the industry and if they (Federal Government) get the right person quickly, who can carry on with her policy and implement the 10-year master plan, smoothly, her exit won’t have much of an impact on the capital market. If anything, it will strengthen the market because there will be continuity. So, I’m hoping for continuity in at least the policies that have been made.” The Chief Executive Officer, Institute of Capital Market Registrars, Dr. Walker Ogogo, speaking as a market stakeholder, stressed that the new SEC DG must be action-driven. Ogogo, who argued that SEC under Oteh, talked more than it acted, said, “I tell you, the Nigerian Stock Exchange is doing extremely well. All we need is a regulator, a SEC DG that will adequately complement the effort of the NSE. Of course, that will mean that the capital market will go places and compete with any other market in the world.” Ogogo, who lamented that the reports of several sub-committees of the Capital Market Committee were not implemented even though some had been submitted for up to three years, added, “A new SEC DG should do less of talking and more of action. “All outstanding committee reports should be studied, needed adjustments and updates made and implemented. That is because these reports contain the input of professionals and stakeholders in the industry and so many man hours were spent preparing the documents so they should not be allowed to go to waste. So, we need a DG that will be pragmatic, understand the market and will listen to stakeholders.” The Chairman, Capital Bancorp Plc, Mr. Olutola Mobolurin, also said experience should be considered in appointing the next DG. He said, “I hope they choose somebody who is familiar with the market, preferably somebody within the market because there are challenges that should be dealt with in the industry and it requires intimate knowledge of the market; these are also challenging times. The market will not be helped if someone has to come and learn the ropes. I think there are many qualified people within the industry who can play that role and provide leadership for the market. For the National Coordinator, Independent Shareholders Association of Nigeria, Sunny Nwosu, humility matters. “Whoever they chose as DG must be very accommodating; he or she must listen to people. That is not to say the DG should not take decisions that won’t affect people.” Nwosu would also prefer someone with experience and who would protect the interest of retail shareholders. A shareholder, Mr. Nona Awo, who noted that the position could be politicised, “The government should pick someone who understands the market and would be ready to listen to other professionals. That way, the market will become a better place for everyone. We don’t need someone who will say, ‘I know it all so to hell with every other person.’ This business requires someone who is grounded in operations.” Copyright PUNCH.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Contact: editor@punchng ift.tt/1u0MybT ift.tt/1DBYDgn [[Boost your social presence with NAIRALIKES nairalikes ]] #nigeria x #nairalikes #vanguardng
Posted on: Tue, 13 Jan 2015 07:43:12 +0000
Trending Topics
© 2015