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International body re-elects Oteh as AMERC chairperson

By on October 2, 2014

The Director-General, Securities and Exchange Commission, Ms. Arunma Oteh, has been returned unopposed as the Chairperson of the African/Middle East Regional Committee of the International Organisation of Securities Commissions.

A statement by SEC on Tuesday said the development took place at the 39th annual conference of the organisation, which is currently taking place in Rio de Janeiro, Brazil.

As a result of the election, Oteh will also serve on the Executive Committee, which is the highest decision-making organ of IOSCO for the next two years.

Oteh, who became SEC DG in 2010, was quoted as saying her election as AMERC Chair was a demonstration of the confidence in her and her team at SEC and Nigeria as a whole.

She promised to protect the region’s interest and uphold the goals and ideals of the global body.

She said, “We believe that our work is very important to IOSCO and that it is very important to the market. One of the things we have achieved in the last two years has been greater inclusion and cohesion. This has not come from the work of the executive alone, but by the work of all of us.

“I am excited about the opportunity given us to lead this committee again for the next two years and we will continue to ensure that our committee is the best in IOSCO”.

According to her, there is an increasing focus on the capital market away from banking finance as banks are still dealing with the challenges of the global financial crisis adding that the challenge for the regulators is to raise an enabling environment that would not increase risk for the investors and operators.

“Capital markets are very critical to the economy of every nation. The capital market is really the answer as it does not only provide financing but creates the environment where the right products are available. We come together to support each other in enforcement, share information because we believe the world is global

“IOSCO succeeds because of co-operation between countries. In AMERC, we can focus on the things that are most important to us and it is heartwarming that we are making progress in our respective countries” Oteh added.

Consequently, she said her priority would be to build capacity among AMERC- member countries and promote the integrity of the securities markets to engender investor confidence which are critical to the development of the AMERC capital markets and economies.

“I will do my best and will continue to rely on your support to ensure that AMERC continues to grow stronger. We will embrace global best practice to ensure that our markets are world-class markets,” she said.

 

[Punch]