Brokers call on SEC board to publish guidelines for demutualisation


Tuesday, March 05, 2013 1:24 PM / WebTV


The newly constituted board of the Securities and Exchange Commission (SEC) of Nigeria rang the opening bell to kick off trading today while on a familiarisation visit to the members, management and staff of the Nigerian Stock Exchange.


Speaking at the occasion, the Chairman of the SEC board, Dr Suleiman Ndanusa was full of nostalgia as he recounted his humble beginnings at the stock exchange as a student broker. This, amongst others has prepared him for this role and given the satisfactory work done by the management of the NSE under the leadership of Mr. Oscar Onyeama and the beneficial rapport with SEC, under the leadership of Ms. Arunma Oteh; he expects that the pathway to growth and stability was assured.


Equally present at the ceremony was the President of the National Council of the Nigerian Stock Exchange (NSE) and Nigeria’s largest industrialist, Alhaji Aliko Dangote; whom the Chairman reserved his most affectionate praises for.  he described as a dogged Leader and Resilient Businessmen.


On his agenda and plan for the Commission Dr Ndanusa said he and the board will not relent in proper regulations and safeguards that will guarantee and ensure accountability, Integrity and transparency.


In his remarks to the visitor, the Doyen of the Stock Exchange of Nigeria, Rev. Olu Odejinmi welcomed the new board and highlighted some areas of focus:

1.    more collaborations with the stock brokers with and beyond the Capital Market Committee;

2.    ensuring more inputs from them in terms of the policies that will be implemented;

3.    continued collaboration in promoting a vibrant investment culture in the country;

4.    need to publish the guidelines for demutualisation;

5.    increase in public advocacy for fairness; and

6.    review of the low participation of domestic investors in the market currently with about 70% foreign input.


Other members of the new board in attendance include Rt Honourable Zaka Gamba, Mr Sadatu Bello, Mr Ifeanyi Nuoha, Mrs Adefunke Abiodun and Mr Ugochukwu.

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