Uche Usim, Abuja
The Federal Government on Monday finally inaugurated the re-constituted board the Securities and Exchange Commission (SEC) consisting of nine members and headed by Mr Olufemi Dominic Lijadu.
The inauguration is coming after the Commission has been starved of a board for four years, as the last one wounded up in 2015 under the leadership of Mr Peter Obi.
Related: FG set to inaugurate SEC board today
Speaking at the event, the Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse said the new board signals another milestone in our efforts to emphasize the importance of the capital market in economic growth and development through the mobilization of long-term savings for investment as well as efficient pricing of financial instruments.
The part-time members of the board are; Mr. Olufemi Dominic Lijadu Chairman; Mr. Okokon Ekanem Udo, representative of the Federal Ministry of Finance; Mrs. Angela Adewumi Sere-Ejembi- representative of the Central Bank of Nigeria; Mrs Faruk Lodi Rekiya and Mr. Lamido Abubakar Yuguda.
The full-time members are; Mrs. Mary Joseph Uduk who is the Acting Director-General, Mr. lsyaku Bala Tilde, Mr Reginald Karawusa, Mr. Henry Adekunle Rowlands.
The Permanent Secretary said: “Our capital market is growing and evolving. To sustain this growth and eventually transform to a world-class capital market, transparency and investor confidence is key. Investor confidence will accelerate the growth of our market and increase both domestic and foreign investor participation.
“Therefore, we must ensure that our market is transparent and listed companies imbibe good corporate governance and accountability. Like world-class capital markets,
ours should be characterised by high levels of liquidity, depth, breadth and
sophistication with a strong domestic investor base. It should be innovative, transparent due to robust disclosure regimes, and efficient both discovery and in the allocation of capital.
“We must have it in mind that world-class capital markets do far more than provide access to capital. They are enablers of socio-economic development because they hasten the rate of capital formation, foster a meritocracy and promote good corporate governance, innovation and entrepreneurship. Thus, our capital market should broaden access to economic prosperity by enabling the emergence of financially responsible citizens, accelerating wealth creation and wealth distribution, providing capital to small and medium scale enterprises
(SMEs), and catalysing housing finance. It is noteworthy that this inauguration is coming at a time when many players in our market are displaying weak corporate governance practices that could potentially dampen investor confidence and undermine the steady gains we have achieved since the 2008 stock market crash. We, therefore, count on the patriotic service of the new board members to play their own part as crucial enablers in the industry towards advancing a common vision for the growth and revitalisation of our market,” he explained.
Isa-Dutse added that the Nigerian capital market, in particular, has provided platforms through which corporate and governments source for capital with which they expand their operations and provide amenities for the citizens.
“You will all agree that the inauguration of the Board of the SEC that we are conducting today is critical as the existence and operation of a board are fundamental for an agency like the SEC to adequately and efficiently perform its regulatory and market development functions. It is in recognition of this that the Investments and Securities Act (ISA) 2007, requires that the Commission have a Board and Section 4 of the Act specifically provides that the SEC Board shall be responsible for the general administration of the Commission and, in particular, shall; formulate general policies for the regulation and development of the capital market and the achievement and exercise of the functions of the commission: “Approve the audited and management accounts of the Commission: appoint Auditors for the Commission: consider and approve the annual budget of the Commission as may be presented to it by the management: establish zonal offices of the Commission: and carry out such other activities as are necessary and expedient for the purposes of achieving the objectives of the Commission.
“On the recommendation of the Director-General, approve the duties of the full time commissioners,” he added.
In his remarks, the Chairman of the Board, Lijadu said he looked forward to strengthening the capital market where rules are enforced and enforceable and everyone is protected.
“There is need to reinforce public trust. We wiill enthrone transparency and accountability,” he said.
