Peter Egwuatu & Chinweoke Akoma

The Attorney General of the Federation (AGF) and Minister of Justice, Mr. Bello Adoke (SAN) has commended the efforts of the Director General (DG) of the Securities and Exchange Commission (SEC), Ms. Arunma Oteh at re_organising the Commission and ensuring that operators in the capital market comply with best practices and international standards.

The Minister, who described the efforts of the DG as commendable, spoke recently during a courtesy visit to the Commission’s head office in Abuja.

Adoke, specifically noted that he was at the Commission “in appreciation of the very commendable works she is doing in re_organising and re_focusing the Commission.”

He, therefore, urged her not to be distracted from going on with the reform initiatives she has introduced at the Commission, which are targeted at bequeathing a stable and profitable capital market to the country.

In her remarks, Oteh thanked the AGF for identifying with the vision of the commission and assured that the reforms would entrench transparency and efficiency in the nation’s capital market when completed.

According to her, the Commission is committed to building a world_class capital market that is transparent, accountable and internationally competitive.

Oteh assured the AGF that there was no going back in the determination of the Commission to sanitise the Nigerian capital market, noting that no amount of intimidation or campaign of calumny would deter it from carrying out its statutory mandate as contained in the Investment and Securities Act (ISA) 2007.

“The SEC remains committed to the protection of investors, regulation and development of the Nigerian capital market, strict adherence to good corporate governance and zero tolerance for market infractions. The ongoing reforms in the capital market may be tough but the commission remains optimistic that the market and indeed the economy will be better for it,” she added.

It could be recalled that Oteh inherited a capital market that experienced some challenges such as price turmoil, bearishness and liquidity problems, which resulted from a plethora of factors including market sharp practices, on assumption of office. The trend has, however, changed appreciably through the introduction and adoption of different measures and strategies that have restored market integrity as well as broadened and deepened the capital markets.