By PETER EGWUATU & NKIRUKA NNOROM

The Securities and Exchange Commission (SEC) has said that the absence of a board in SEC for about six months delayed some actions, noting that many things left undone would now be taken care of.

The commission also assured the management of the Nigerian Stock Exchange (NSE) and Central Securities Clearing System Plc, CSCS,  of its support and cooperation in order to move the Nigerian capital market forward.

The Chairman of the Board of SEC, Mallama Sulleyman Ndanusa, gave the assurance during a visit of the board members to NSE and CSCS in Lagos.

According to him, the absence of a board in SEC for about six months delayed some actions, noting that many things left undone would now be taken care of.

He further said the visit to the Exchange is part of the strategies of the new board to collaborate with all stakeholders in the market  with the aim of ensuring high level of regulation and protection of investments in the Nigerian capital market.

The SEC team, which included its Director-General,  Arunma Oteh, other commissioners and top management, held separate meetings with management of the NSE and CSCS.

However, speaking during the interaction with the board and management of CSCS, Ndanusa   declared that the market would witness improved regulation following the coming in of a new board in SEC.

He expressed excitement over the innovative efforts of the new management of NSE and CSCS in ensuring that the market is more attractive to investors, assuring that SEC would support  those efforts so that  the aspiration of  making  Nigerian market gateway  to investments in Africa is realised.

“Our visit today is to see what you people are doing and assure you of our support.  The new board of SEC believes in working with all stakeholders, listening to the challenges and finding solutions to them. We all have learnt our lessons from the downtown and moving forward, we need to work together.  It is no longer possible to work in isolation. Our mission here is to show that it is new paradigm and we are excited with what we have seen,” Ndanusa said.

He added that CSCS, particularly is very critical and strategic for the Nigerian market given the function its plays.

“The operations of CSCS are very critical in ensuring transparency, integrity and accountability in the market. No matter the level of technology, without a strong depository  the market cannot grow,” Ndanusa said.

In his welcome remarks, the NSE’ CEO, Mr. Oscar Onyema, said the visit of SEC team was historic and was a sign of good things to come. He said the board is composed of experienced professionals capable of moving the market forward.

Speaking in the same vein,  the Managing Director/Chief Executive of CSCS, Mr. Kyari Bukar, said   CSCS was being transformed into a leading depository that can compete globally.

He said with the support of the board, the management of CSCS would wotrk with other market stakeholders on market issues especially   dematerialisation.