Oteh, N-Assembly face-off: Capital market operators sue for peace

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By NKIRUKA NNOROM

As criticisms continue to mount over the decision of the National Assembly not to pass appropriation bill for Securities and Exchange Commission, SEC, for 2013, capital market operators have called on both the legislative and executive arms of government to find lasting solution to the problem.

The operators, who spoke to Vanguard in a separate interview, said it has become pertinent for Mr. President and the National Assembly to reach a face-saving compromise to save the capital market and the economy the consequences of their actions.

Mrs Oteh, SEC's DG

Mrs Oteh, SEC’s DG

“Who is right or who is wrong in my opinion is not the solution to the problem now. The solution should be for the Executive and Legislature to look at the bigger picture and effect of their action on the economy,” says Alhaji Rasheed Yussuff, Managing Director/CEO, Trust Yield Securities Ltd.

According to him, the tussle between the SEC DG, Arunma Oteh, and the National Assembly has taken a dimension beyond what could be seen on the surface, saying that it has become a contention of who has the power to do what.

Collaborating his view, Mr. David Adonri, Managing Director/CEO, Lambeth Securities & Investment Ltd, advised the Legislature to find other ways of settling whatever problem they think they have with the director general of SEC, instead of directing their anger at the employees of SEC.

He said, “If they have problem with Arunma, they should be able to work in harmony with the Executive to resolve the issues they have with her””.

I am not sure that the people Nigeria elected those people in the Legislature to cripple economy of the nation and send the people into misery. That is not part of the mandate given to them.

They need to immediately reconsider that stand and work in harmony with the Executive to resolve all issues between them and Arunma Oteh. If they cripple the capital market as they have unwittingly planned to do, it means that they are wedging war against the people of Nigeria.”

He continued, “SEC is an organization and people are working in that organization, and they want to stop them from receiving their salaries, when they themselves are receiving their own salary. So, they need to speedily reconsider that directive for the interest of the nation.”

Lending his voice, Mr. Johnson Chukwu, the Managing Director/CEO, Cowry Asset Management Limited, said, “It is a no contest for the presidency and the National Assembly to continue to drag over this issue. They should quickly resolve it and allow the market go on.”

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