Allocate Fund To SEC Through Supplementary Budget – ASHON

The Association of Stockbroking Houses of Nigeria (ASHON), on Thursday, appealed for the allocation of funds to the Securities and Exchange Commission (SEC), through a supplementary budget.
ASHON President, Mr Emeka Madubuike,  said in Lagos that the non allocation of funds to SEC could hamper the recovery of the capital market.
Madubuike said that the implementation of the various reports submitted at the 2012 Capital Market Committee Retreat to revamp the capital market in 2013 had remained hampered.
He said that, “until the issue of the allocation is resolved, it is unlikely that any capital expenditure will be carried out by the commission.”
Madubuike added that the nationwide dematerialisation awareness campaign by SEC had remained a mirage due to lack of funds.
“The capital market is too critical to be toyed with and it will not be in the interest of the nation to do anything that will hamper the recovery of the market.
“So we urge as a community that whatever needs to be done to resolve these issues should be done, in the interest of the economy,” Madubuike said.
He added that SEC needed to be free for it to really operate the way it ought to, in the interest of the nation.
It would be recalled that SEC has yet to be allocated funds in the 2013 budget.
The non-allocation was due to insistence by the National Assembly that it would have nothing to do with SEC until the Director-General, Ms Arunma Oteh, was removed.