By PETER EGWUATU
As part of its commitment for zero tolerance in the Nigerian capital market, the Securities and Exchange Commission, SEC, yesterday, said it will name and shame any erring operator who abuses the market.
The SEC also disclosed that the Federal Government will in three months time revive the Abuja Securities and Commodities Exchange, ASCE, just as efforts are on to bring the multinationals and big companies to the stock exchange for listing.
Director General of the Commission, Ms Arunma Oteh, who disclosed this in Abuja at the opening of the maiden edition of the SEC journalists Academy 2012, stated that the commission would not condole any act that will destroy market integrity and confidence.
According to her, “We are in a strong disclosure and transparent regime. We will ensure that we carry out our enforcement function to the latest with the co operation of the police, Attorney General, and the media. We have a zero tolerance for the things that are not proper and we are committed to name and shame operators that are not doing the right thing.”
Oteh, said, “The Federal Government is committed to revive the ASCE as part of efforts to realize its agricultural transformation agenda. In the next three months or more, the Abuja Securities and Commodity Exchange is going to be revived and this will help to grow the market and the economy in general.”
In her comment on the need for more listing on the Nigerian Stock Exchange, NSE, she said, “There are ongoing effort to ensure that the big companies in the telecommunication, power and upstream petroleum sectors are listed on our exchange.
In her words, “We are pursuing the listing agenda vigorously at every level. We are waiting for the upstream petroleum companies, power, telecomm, etc. to list in our market as quickly as possible. We are waiting for the government entities to kick start the listing and thereafter others will follow, because there is an adage that say, “Charity begins at home.” The Federal Government is ready to lead by example.”
In his own comment, Mr. Richard Ikiebe, Senior lecturer at Pan African University, Business School, commended the Director General of SEC in her transformation agenda in the capital market.
According to him, “It is not easy to carryout transformation. You will definitely encounter challenges, many people will oppose and few will support you and some will be indifferent. So I commend Oteh’s courage”.
In every sector of Nigerian economy we need reform. We need reform in the media, corporate world and public sector. Some of the entities that have closed down were as a result of lack of management. In the media industry, many media owners don’t know how to manage business.”