Stories By Providence Obuh

In a bid to reposition the Nigerian capital market, the Securities and Exchange Commission (SEC) has announced plans to introduce a new code of corporate governance .

The Director General of Securities and Exchange Commission, Ms. Arunma Otteh who disclosed this while addressing dealing members on the floor of the Nigerian Stock Exchange (NSE) at the weekend explained that the new code of conduct is currently being reviewed by the ministry of finance after which it will be made public by the end of January.

According to her, “ we took up certain challenges last year because we believe that the foundation of a successful market is integrity and where there is integrity, investors feel that their funds are safe. I am delighted on the volume of stocks currently traded in the market as a result of those measures put in place to restore confidence in the market”

She continued, “This year is an important year for us, the predecessors of the SEC, the NSE  turns 50 this year, and when you look back at 50 years of capital market, you discovered that we have accomplished much, but there is more we can still do”.
She reiterated  he Commission’s commitment towards ensuring that the Nigerian capital market continues to achieve its objective as the engine room of the economy and deliver good returns to investors.
She lauded market operators on their support for the new administration, noting that with their guidance, the regulatory authorities were able to tackle most of the problems facing the capital market last year.

“Through out my 365 days, I had no dull moment. From the feedback I got from different stakeholders achieved strong foundation for a market that would be of world class. I see people who are supportive by giving the information on what is going on in the market and guide on problems we need to tackle in order to continue to grow and deliver dividend to investors,”

The President of Association of Stockbroking Houses of Nigeria, Mr. Yusuf Rasheed, responding commended the SEC on various measures put in place to restore investors confidence in the market but however expressed the need for government to involve market operators on their decision making process.

“Government should engage us more; Nigerian Government goes about looking for people in diaspora to render services whereas we have the idea. When you talk about financial engineering, you find it here in the stock market, they need to challenge us the more, “he said.
Oteh, also said that better days await the Nigerian capital market noting that with commitment, the market will be better in the next ten, fifty years, as 2011 marks the NSE 50th year.

According to her, “2011 demands more since the stock market is the engine of growth in the economy adding that market integrity is one of the things that moves the market up, she advised that a good foundation be laid in 2011 as trading started rapidly in the year.
She disclosed that awareness is most needed in the capital market as the first three months into the year will be to create awareness about the market by SEC and NSE.

However, she said her one year in office has been very exciting saying that it is a honour and privilege to lead SEC. She said “I feel stronger about the stock market”

Meanwhile the Interim Administrator Mr. Emmanuel Ikazoboh said in order to celebrate with Oteh, she was  invited to the Exchange, to ring the closing bell as part of the anniversary celebration.