Operators task SEC's DG on market integrity

Concerned with what the capital market has suffered in the recent happenings between the National Assembly and the Securities and Exchange Commission (SEC), operators in the market have enjoined the Director-General of SEC, Ms Arunma Oteh, to ensure that the integrity of the market is maintained.The operators, who wish the SEC boss well after her recalled back to the apex body, noted the need for the commission to ensure that cohesion was brought back to the market to ensure further growth and develop-ment. The Managing Direc-tor, Lamberth Securities Limited, Mr David Ado-nri, in his comment, said SEC, as apex regulator of the Capital Market, 'has the responsibility to ensure the orderly growth of the Market. It must ensure that the integrity of the Capital Market is not violated at any time. To perform these functions effectively, the Commission itself must be internally well organised, properly led and free from rancour.'In his contribution, a financial analyst, Dr. Osaro Obabeifo, stated that the commission must help lift the market out of despondency and make it attractive for institutional investors.He stressed the need for the acting DG to carry operators and other stakeholders along in policy formulation that would move the market forward. According to him, 'now that there is relative calm in the market, the SEC DG must deplore her wealth of experience to put in place functioning and a friendly commission.' On the state of the market, Obabeifo noted that the equities market was in dynamic equili-brium and that prices were reflective of funda-mentals and macro-economic variables.He added that aggregate demand was not likely to increase during this period due to migration of financial assets to fixed income and absence of material price sensitive information.The Presidency recen-tly recalled Oteh, following her being asked to proceed on compulsory leave by the SEC board to enable external auditors examine the records of the commission on transaction covering 'SEC Project 50', which she supervised.A circular dated July 17 and signed by the Secretary to the Govern-ment of the Federation, Senator Anyim Pius Anyim, gave Oteh a clean bill of health on the corruption allegations levelled against her.The circular, however, said that Oteh was found wanting for administra-tive lapses reported against her and admini-strative procedures that were not thoroughly observed.
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