SEC: Shareholders Task FG On Substantive DG

Shareholders under the aegis of Independent Shareholders Assocation of Nigeria (ISAN) have urged the Federal Government to appoint a substantive Director-General for the Securities and Exchange Commission that would fashion strategies aimed at boosting investors’ confidence.
This follows the exist of Ms Arunma Oteh from the position of Director-General of the Commission which was applauded by the shareholders.
Some of the shareholders who made their positions known to The Tide shortly after a meeting in Port Harcourt, noted that the commission must work closely with retail investors to ensure market stability.
According to Boniface Anono, who is a member of the group, the major task ahead of the commission was to promote and protect the interest of retail investors to woo them back, hence the heed for a new DG who can undertake this responsibility.
He said that the incoming director-general must learnt to work with retail investors, noting that they were the nerve centre of the nation’s capital market.
On his part, Godwin Adeleke said that Oteh concentrated on foreign investors to the detriment of the local retail investors.
“If you cannot sustain the confidence of the retail investors, there is no way you can sustain the interest of foreign investors in the business”, he said.
He said that the capital market remained the engine of growth for the nation’s economy, adding that the position of the DG should not be toiled with.
Meanwhile, Mrs Felicia Okezie who opined that she is a progressive shareholder, said that government should appoint a well experienced person as the substantive director-general of the commission.
She said that the commission’s policies in the past were not favourable to the retail investors, adding that confidence restoration would be the major task of the incoming person.
It would be recalled that the SEC has on January 11, announced the exit of Oteh as the commission’s Director-general, and later appointed Mr. Munir Gwarzo as the acting DG.

Corlins Walter

Chairman, Board of Internal Revenue, Rivers State, Onene Osila Obele Oshoko (standing) fielding questions from lawmakers at their appearance before the State House of Assembly. With her are Commissioner for Finance, Dr Chamberlain Peterside (left) and Chief Nwankwo Nwankwo, SA to Governor on Revenue Generation.