Indication emerged that all ayes are on Investment and Securities Tribunal to do justice to the 260 individuals and organizations that ignited the meltdown of the nation’s capital market as Securities and Exchange Commission (SEC) is awaiting judgement on the parties.
The 260 individuals, firms are awaiting prosecution over capital market crisis the capital market regulator.
Ms Aruma Oteh, SEC’s Director General at the 8th Daily Trust Dialogue titled, ‘The Challenges of Good Governance in Africa’ held in Abuja recently said the country has achieved much progress in the area of good corporate governance, adding that the country can not afford to lag behind how far the nation had come.
According to her, “260 individuals and entities are responsible for the decadence in the capital market and we have taken them to Investment and Securities Tribunal for different types of allegations of share price manipulation and insider dealings against them.
Oteh said, “We do expect that Investment and Securities Tribunal will play their role on the 260 individuals and entities that carries out the activities that undermined the capital market”
It was that reason that we took the decision against the Nigerian Stock Exchange (NSE) in terms of strengthening corporate governance around the NSE. We have been working with capital market operators on new code of corporate governance which we expect to take effect on April 1, 2011”
“If SEC had come out two years ago to do what we are doing now, people may not understand us. People have lost their life savings and their lives as well because of the issues around governance in our market.”
She said the key for the reform was to restore investors’ confidence, ensure market integrity and entrench good corporate governance.
“If we are successful in restoring investors’— confidence and market integrity, enhancing our disclosure regime and corporate governance, and increasing our product offerings, notably establishing a world class bond market, and a fair and efficient market place my vision of our capital market is one that; becomes a catalyst for growth and a fulcrum for the financial hub of West Africa, enables Nigeria achieve an investment grade rating, a consistent increase in capital flows, and a sharp increase in national savings and capital formation” she added.
She stated that with $220 billion economic size, and a growth rate of 4 to 5 per cent per annum, Nigeria’s is the second largest economy in the Sub Saharan Africa.