Business
Stakeholders Demand Funds Allocation To SEC
More financial experts on Tuesday joined the league of stakeholders appealing for allocation of funds to the Securities and Exchange Commission (SEC), to enable it discharge its duties.
They told newsmen in Lagos that the non allocation of funds to SEC by the National Assembly had hampered the Commission’s regulatory and oversight functions.
Mr Harrison Owoh, the Managing Director, HJ Trusts & Investments Ltd., Lagos said that “no government organisation works in a vacuum”.
Owoh said that the commission needed resources to carry out planned projects that would enhance the growth of the capital market.
He stressed that the non allocation of funds could demoralise the staff and give room for evil vices, in place of sincerity and hard work.
“Government should build a strong institution, not a strong personality because SEC is a going concern that requires financial autonomy,” Owoh said.
The Managing Director, Trust Yields Investments Ltd., Alhaji Rasheed Yussuf, Lagos said that the present situation would not help the developmment of the capital.
Yussuf said that the commission’s financial autonomy should be strengthened in the interest of the economy.
The Chief Executive, Institute of Capital Market Registrars, Dr David Ogogo, said that the non-allocation could thwart all efforts and initiatives by operators to stabilise the market, noting that seven months into the year was enough punishment, to now allocate funds to SEC.
A shareholder, Alhaji Gbadebo Olatokunbo, urged members of the National Assembly to forgive the commission’s director-general, in the interest of the economy.
Olatokunbo said that they should support the recovery of the capital market through friendly pronouncements and avoid the creation of confusion within the investing public.
However, a senior official of the commission, who pleaded anonymity, said that efforts by the commission’s new board to ensure the resolution of the crisis was yet to yield results.
He added that all Nigerians should join them in prayers, to save the nation’s capital market, adding, that SEC was 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.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
