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SEC to get new DG by April

By on March 14, 2015

President Goodluck Jonathan has said a new director-general will be appointed for the Securities and Exchange Commission by April.

Jonathan said this in Lagos on Thursday when he visited the Nigerian Stock Exchange in company with top government officials, including the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, and the Chairman, Peoples Democratic Party, Alh. Adamu Muazu.

Following the expiration of the five-year tenure of Ms. Arunma Oteh as SEC DG on January 7, 2015, Mr. Mounir Gwarzo was appointed as the acting DG for the commission, a position he holds till date.

Jonathan, however, told capital market stakeholders that it was not proper for the commission to be without a full DG for too long, adding that the appointment would be announced before the end of April.

“I don’t want someone to act for too long,” he said in answer to a question.

Although he said there was the need to appoint a competent person with the depth of knowledge and experience as the DG, he called on capital market stakeholders to make input into the selection process by suggesting capable hands.

“I don’t have anyone in mind, if you know anyone then suggest them to me,” he said.

Jonathan also assured the stakeholders of his support for the development of the country’s private sector.

The president, who formally inaugurated the Exchanges’ new trading platform and rang the closing bell, promised that his government would continue to work closely with private sector.

“We don’t want to come up with any policy that will injure the private sector,” he said.

The President, who was visiting the Exchange for the first time, expressed satisfaction with the progress made by the NSE under his tenure.

He explained that despite the drop in crude oil prices, which has affected the economy and the stock Exchange, he was happy to note that the market capitalisation of the listed equities had risen from about N6tn to over N10tn under his tenure.

He also said the economy was stabilising, which would amount to more growth for the Exchange.

Stockbrokers, while welcoming the president, called on him to support efforts to make Nigeria’s capital market number one in Africa in line with its position as the biggest economy in Africa.

A stockbroker, Mr. Ola Yussuf, who spoke on behalf of the stockbrokers, sought the support of the government for efforts towards making the country’s capital market the biggest on the continent.

He said the goal could be achieved if the government made it mandatory for top companies, including those being privatised to be listed on the Exchange.

Another way of supporting the move, according to him, is for government to encourage ministries to source funds for projects from the market.

The Minister of Industry, Trade and Investment, Mr.Olusegun Aganga; the Minister of State for Finance, Bashir Yuguda, and the Governor of Bayelsa State Seriake Dickson, were among those, who accompanied the President on the visit.

 

[Punch]