By Peter Egwuatu
The Securities and Exchange Commission (SEC) has stated that it would empower trade groups and Self Regulatory Organizations (SROs) in the Nigeria Capital Market to settle complaints in their various groups so that only unresolved issues can be reported to the commission .
Meanwhile, the Abuja Chamber of Commerce and Industry weekend awarded the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar N. Onyema OON, most Innovative CEO of the year 2014 in recognition of his tremendous role in the development of the Nigerian capital market.
Commenting on the award, Onyema said, “I am honoured to receive the 2014 Abuja Chamber Award for Most Innovative CEO of the Year. While this award is personal in nature, it would not have been possible without the great team at the Nigerian Stock Exchange, who are making significant contributions to the development of the Nigerian capital market and Africa at large. This award is for my team, I am just receiving it in my name.”
Meanwhile, Acting Director General of the SEC, Mounir Gwarzo told the members of the Council of Nigerian Stock Exchange, NSE led by Mr. Aigboje Aig, Imokhuede during thier visit to his office in Abuja that the SROs would be given opportunities to settle issues with their members.
He expressed the current management readiness to collaborate with all stakeholders in the capital market as a means to taking the market to greater heights, noting that the NSE is very important in our quest to move the market to a new level and SEC is keen on exploring areas of collaboration with all stakeholders
He also stated that in the light of this collaboration SEC Nigeria is set to launch a new complaints management system which will allow issues to be resolved from the bottom. This will empower SROs and trade groups to enable them handle some complaints and deal with them with dispatch and also exercise some measure of control on their members.
He emphasized that the strategy of the commission is not to create committees but to focus on prescriptions of previous committees and ensuring that these prescriptions are executed within reasonable time frames.
On the issue of recapitalization, Gwarzo expressed delight that the Commission has had a good collaboration with all stakeholders stating that the commission will return to the exercise in the next five months.
Speaking earlier, Chairman of Council of the NSE, Aigboje Aig, Imokhuede said markets in other jurisdictions have benefited significantly from collaborations between the regulators and the regulated adding, that he was optimistic that the market in Nigeria would also benefit from the partnership.
He said “We feel that the market here will benefit from this type of partnership and we will be keen on that.”