NEWS from the CIS Conference - 211010

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Highlights:
1.       Stockbrokers can boost or erode market confidence – SECOct 21, 2010 12:16 PM
2.        Brokers to access NSE forensic audit first – Ikhazoboh Oct 21, 2010 12:36 PM
3.       President Jonathan sympathises on market losses Oct 21, 2010 13:13 PM
 
  
Stockbrokers can boost or erode market confidence - SEC
Oct 21, 2010 12:16 PM
 
Stockbrokers can through acts of commission or omission, either boost or erode investors' confidence in the capital market. This was the statement of the Comissioner in charge of Operations at the Securities and Exchange Commission, Daisy Ekineh.
 
Speaking on behalf of the Commissions' Chief Executive, Arumah Oteh, Ms Ekineh told about 100 stockbrokers attending the opening of their two day annual conference today in Abuja that, they can however, "positively affect the market through professionalism and public enlightenment, especially important in the wake of our recent experience."
 
The SEC's head of operations said the building of strong public institutions must begin with the "ensuring the proper conduct of their (Chartered Institute of Stockbrokers) members, and compliance with the laws, rules and regulationsw guiding their operations." Ekineh said the conduct of stockbrokers can go a long way in moulding the perception of investors about the financial market, with profound implications for funds mobilisation and allocation for economic development.
 
She said a lot of benefits are derived from the genuine collaborative efforts of the SEC with the various stakeholde4rs and groups in its efforts to reposition the capital market to effectively play its role in the nation's economic development. Ms Ekineh added that the recent intervention in the Nigerian Stock Exchange "aptly demonstrates the commitment of the SEC based on the conviction that private sector institutions of public interest must be strengthened through acceptable governance practices. Within the Commission itself, Ekineh said its internal transformation process of "stronger SEC" is ongoing in the interest of the entire market. She said all market operators must engage in similar introspection for enhanced contributions to the Nigerian economic and political development.
 
 
 
Brokers to access NSE forensic audit first - Ikhazoboh
Oct 21, 2010 12:36 PM
 
Abuja, Nigeria (MBC News) - The final report of the forensic audit of the Nigerian Stock Exchange currently being undertaken under the Emmanuel Ikhazoboh's interim administration will be presented first to the stockbroking community before it is made public.
 
The interim administrator of the NSE, Emmanuel Ikhazoboh told the ongoing stockbrokers conference in Abuja a short while ago that forensic investigation is almost concluded and its report will be used as a basis of solving the challenges of integrity, confidence and governance issues at the 50-year old Stock Exchange.
 
Ikhazoboh said the existing rules and practices of the NSE gave "considerable powers" to the previous management of the Stock Exchange, raising questions of transparency and accountability. The administrator said part of his transformation agenda was to refashion the memorandum and articles of association of the NSE and ensure that the key stakeholders in the market can now take active part in the running of the affairs of the Exchange and ensure that all members of the Exchange are equally and fairly treated.
 
Ikhazoboh added that the issue of market manipulations is being addressed with the SEC.
 
 
President Jonathan sympathises on market losses
Oct 21, 2010 13:13 PM
 
Abuja, Nigeria (MBC News) - President Goodluck Jonathan has expressed sympathies with investors and stockbrokers that lost money in the stock market since the meltdown began in September 2008.
 
Speaking a few minutes ago at the annual conference of the Stockbrokers in Abuja, Dr Aliyu Idi Hong who represented the President said the government is working hard on ways to ameliorate the losses that befell investors in the market in the past two years. Dr Aliyu told the conference, however, that the issuing houses and stockbrokers shared part of the blames for the market meltdown.
 
He said the market operators must rethink their business ethics and professionalism. The government calls for a better and closer cooperation and effective market regulations by the relevant government agencies.
 
Dr Aliyu said the capital market is a key vehicle for the attainment of the country's Vision 2020 economic development.
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