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Shareholders task SEC on proper monitoring of operators

By Peter Egwuatu

Mrs. Bisi Bakare, Chairman, Pragmatic Shareholders Association of Nigeria

THERE are lots of sharp practices in the Nigerian capital market and it is time for regulators, especially the apex regulator, Securities and Exchange Commission, SEC to hold the bull by the horns by scrutinising annul reports of   public companies and other activities of operators.

SEC should ensure they do their work diligently without fear or favour, provided that is done in the interest of the market and minority shareholders.

I really commend the recent actions of the commission on the ban and revocations of licenses of some operators found cheating investors. This is not business as usual as SEC has woken up from its slumber.

Mr. Segun Owolabi, Chairman Concerned Shareholders Association of Nigeria

THE commission has been so relaxed in some of its responsibility in terms of supervision and monitoring. Thank God that SEC has started taken some proactive measures aimed at restoring sanity and restoring market confidence.

The commission should be organising seminars for the stakeholders to enlighten the people of any market development. We need more products in the market as well as increased participation of retail investors in our market.

The retail investors should not be ignored because they are the one that always remain in the market whenever there are shocks arising either as a result of local or global economic phenomenon.

Mr. Shehu Mallam Mikail, National President, Constance Shareholders Association of Nigeria

WE want the SEC to be proactive in its responsibility. There should be dialogues among stakeholders and operators. The commission should ensure that its rules are strictly adhered to and there should be appropriate punishment for defaulters.

The punishment must be justifiable and not meant to kill companies. The stakeholders’ interest should be properly protected. We don’t want any abuses in the market. Operators should ensure they play the market in accordance with the rules and regulation.

Nobody is above the law. The commission should not show any bias in its actions.

Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria

THE recent actions of the SEC as the apex regulator would contribute to restore investors’ confidence in the capital market. We want SEC to speedy actions on pending issues in the capital market. It is imperative that SEC investigate and make observations public without delay.

All bottlenecks must be blocked. Thorough investigation is necessary in every case that is brought before the commission.

All decision must be made public, even with the one involving Oando Plc. We want prompt decision of the commission as it has put technical suspension on the trading of the shares of Oando.

There are other cases pending with the commission, such as Afribank Registrar with shareholders of defunct Afribank Plc. All issues should be tackled by the commission as timely as possible.


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