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FG told to set SEC board

Shareholder group leader, Mr Okezie Boniface, has called on the Federal Government to constitute a board for the Securities and Exchange Commission, SEC.

This is against the backdrop of the recent developments around the leadership of the Apex regulator of the Nigerian Capital Market.

In a recent interview with Proshare WebTv, Mr. Boniface said It was unfortunate that SEC Nigeria had no board at the moment, and the last Chairman of the Board was Mr. Peter Obi (former Anambra State Governor) who was appointed in 2015 and spent only one month in office.

He was concerned that the current administration, despite appointing boards for other critical parastatals and agencies, did not give attention to that of SEC. gave a brief insight on development of Oando issue and the SEC Nigeria.

Mr Boniface said, “The government has no interest in developing the economy and the capital market, the economy cannot develop without the capital market and it is very unfortunate that our government doesn’t take seriousness in developing the capital market”.

Speaking further, he said that the government raises bonds and money in the capital market, but has refused to take the capital market serious.

On the reassignment of portfolios and appointment of Ms Mary Uduk as the Acting Director General, Okezie was of the view that SEC Nigeria is a team work, and frowned at frequent interference in the market.

He believed that the undue interference from the government, could undermine and destroy the capital market, which is a barometer for the growth of an economy.

Mr Okezie also called on the government, to appoint a substantive Director General for SEC Nigeria, to instill confidence in the market.

The shareholder group leader said he wanted SEC Nigeris to return back to the days of the Suleiman Ndanusa led-board, where the Nigerian capital market achieved remarkable transformation.