…SEC dismisses Ecobank’s claims on alleged shares restoration
Director-General, Securities and Exchange Commission, SEC, Ms Arunma Oteh, has said that the total pension assets of the National Pensions Commission, PenCom, stood at N3.2 trillion.

Oteh, who disclosed this during the capital market committee’s first quarter news conference in Lagos, said that the figure translated to $20 billion, adding  that 13 per cent of the figure, representing N416 billion, was invested in the Nigerian capital market.

She further disclosed that the pension commission was committed to the development of the Nigerian capital market.

The SEC director-general said that the new investment structure would be introduced for pension funds in the second quarter of 2013, adding that the commission would soon launch two new trading platforms for the National Association of Securities Dealers to trade in unlisted securities and bonds to broaden capital market activities.

Meanwhile, the Securities and Exchange Commission, SEC, yesterday said there is no evidence that Ecobank has replaced the shares worth N11 million to Avil Securities Ltd.

Director-General, SEC, Ms Arunma Oteh, disclosed this at a briefing in Lagos, said the Commission had yet to receive any formal letter from the bank.

Also the Federal Government is to sell 70 per cent of the Abuja Commodity Exchange to the public while it retains 30 per cent ownership.

Oteh also disclosed that the value of shares traded on the Nigeria stock Exchange, NSE, is now dominated by local investors with 61 per cent, while foreign investors account for 39 per cent.

It would be recalled that the Commission last week suspended Ecobank from capital market activities for its role in a complaint by Avil Services Limited.

Oteh described the action of Ecobank as irritating, adding that the Commission finds it surprising that a bank like Ecobank could behave the way it has done.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.