Some capital market opera
tors has urged the Federal Government to appoint a seasoned stock market operator as a replacement to Ms Arunma Oteh, as the Director-General of the Securities and Exchange Commission (SEC).
They told newsmen in separate interviews in Lagos that the appointment of an experienced capital market operator would facilitate sustained wooing of local investors into the market.
The President, Association of Stockbroking Houses of Nigeria (ASHON), Mr Emeka Madubuike, said government should consider people that understand market issues.
“Government should appoint an experienced market operator that is grounded in the market as the new DG.
“They should consider somebody that has seen the ups and downs of the market,” he said.
According to him, the incoming director-general must be somebody that will work closely with all the market stakeholders in the interest of the market.
Alhaji Rasheed Yussuf, the immediate past President of ASHON, said the operators were pushing for an operator that understood the Nigerian market.
“The director-general must work closely with local investors to increase their participation in the market with less emphasis on foreign investors, ’’ he also told reporters.
He noted that the commission’s policies in the past focused on foreign investors, saying emphasis should be on local investors for market growth and development.
“SEC focused on attracting foreign investors when we had not developed our local base.’’
Yussuf called for a stronger collaboration between SEC and the market operators to encourage local participation.
He said:“Our target is to have local investor participation of 80 per cent and foreign investor participation of 20 per cent.”
Also speaking, Dr David Ogogo, the Registrar/CEO, Institute of Capital Market Registrars, advised government to appoint a credible person that would be welcomed by the market as Oteh’s replacement.
Ogogo stressed the need to raise local investors’ confidence in the market.
He, however, commended the exit of Oteh from the commission at the expiration of her tenure.
“The best thing is for her to go considering her problem with the National Assembly.”
SEC had on Jan. 11 announced the exit of Ms Arunma Oteh as the commission’s DG.
It said Oteh would be remembered for her passion, purpose, articulation and implementation of reforms driven as well as the vision to transform the Nigerian capital market to world-class status.
“She was in a hurry to see Nigeria achieve a world-class capital market that will drive development and make Nigeria one of the most attractive investment destinations,” it said.
Oteh was appointed by the late President Umar Yar’Adua in 2009, but assumed duties in January 2010.
Immigration Steps Up Anti-Touting Vigilance
The Nigeria Immigration Service (NIS), Passports Command, Ikoyi, has increased its surveillance on touting in a bid to check extortion within its jurisdiction.
Speaking in an exclusive chat with The Tide in Lagos, last Friday, the Immigration Comptroller, Passports Office, Ikoyi, Lagos, Deputy Comptroller Liman A.I , said the negative impact of touting on the nation’s economy would not be allowed to continue under his watch.
He said ,”we are applying persuasion, dialogue and seeking the support of all well meaning stakeholders in this area to spread the anti-touting message and dissuade people from unlawful acts. However, we could apply coercive power as the need arises.
“With the selfless leadership shown by the Comptroller General, Alhaji Mohammed Babandede, we at the PCO, Ikoyi, Lagos, have decided to re-dedicate ourselves to duty and complement the efforts of the CGIS.
“We are prepared more than ever to wage the anti-miscreants war relentlessly.
Liman assured the general public of friendly environment for legitimate transaction in an effort to strengthen the national economy, warning deviants to shun touting and other related vices.
According to him, “the command has keyed into the various strategies including the use of ICT in gathering of intelligence, among others.
“The service believes that the fight against miscreants within its corridor cannot be undertaken by the service alone, hence our call on Nigerians to partner with us in ensuring that the passport seekers do not patronise touts to defraud them. Our resolve is unshaken and our commitment is total”.
On her part, the Public Relations Officer of the command, a Deputy Superintendent of Immigration (DSI), Mrs Adetoun Shiyindemi, commended the Deputy Comptroller Liman, for his selfless service, pointing out that he has really given the officers and men of the command a sense of belonging.
“Since the Comptroller came in, it has been a servant-leader relationship here at Ikoyi PCO and we are all motivated to put in our best with what the CGIS has given us, you will see a new immigration service”, she assured.
By: NkpemenyieMcdominic, Lagos
Union Urges NIMASA, RSG To Dredge PH/Bonny Jetty
The Bonny Maritime Transport Association (BMTA) has called on the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Rivers State Government to dredge the Port Harcourt/Bonny Jetty to enhance marine operations.
The union said the low shore of the river hampers its operations and grounds boats.
The Marine Safety Officer, BMTA, Comrade Kings Don, who made the call, said the low shore of the jetty was not helpful to marine operations.
According to him, drivers and passengers find it difficult to ply the route whenever the tide is low, thus wasting man hours.
“Sometimes, we push the boat to a level it would afloat due to low tide suffered in the jetty. We are appealing to NIMASA and the state government to assist and dredge the jetty for more efficiency”, he pleaded.
Don described the Port Harcourt/Bonny Jetty as the gateway to Bonny Island and other riverine communities, and called on NIMASA and the state government to intervene and make the marine sector viable in the area.
He said that the prompt dredging of the jetty would enhance water transportation in the state and improve its revenue generation.
He, however, commended the security agents, especially the Nigerian Navy and the marine police, for rescuing the waterways and creeks from all forms of criminality.
Comrade Don appealed to the security agents to engage in 24-hour patrol of the routes and other channels to save lives and property.
By: Chinedu Wosu
Boat Mishaps: Ship Owner Blames Absence Of Safety Regulations
A renowned ship owner in the country, Alhaji Aminu Umar, has decried lack of standardisation and enforcement of safety measures on the nation’s inland waterways by the National Inland Waterways Authority (NIWA).
He also blamed lack of will to enforce regulations, safety, standard and regulations on overloading, night voyage, rickety and old craft as causes of mishap on the inland waterways.
Alhaji Umar, who is a former president, Nigerian Shipowners Association (NISA), said in Minna, Niger State, recently that enforcement of safety and standard on the nation’s inland waterways was weak.
Reacting to incessant boat mishaps in the country, Umar said, “there is no standard applied on movement of people, as all kinds of boat are being used. It is important that we standardise, because lack of safety and standard will increase accident.
“I think, the task of NIWA is to standardise conditions and procedures on the nation’s waterways”.
He also called for the regulation of movement of badges and passenger boats across the port environment.
“It’s a huge risk allowing badges moving containers around the port area side by side with boats carrying passengers.
“Moving people and containers at the same time is a huge risk, and a safety concern.
“NIWA and the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA) should see to this and tackle the menace”, he said.
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