SEC DG, Arunma  Oteh

Goddy Egene

Exactly two months after the Federal Government dissolved the Board of Securities and Exchange Commission (SEC), a new board is yet to be reconstituted, a development market operators said will further delay the recovery of the nation’s stock market. They have therefore, called on the government to appoint a new board.

The Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala,  had on June 15, announced the dissolution of  SEC’s board following the expiration of its tenure of four years.

But due to the suspension of SEC Director-General, Arunmah Oteh, by the board then, Okonjo-Iweala announced the appointment of Mr. Brahim Bolaji Bello as acting DG of the commission.

The minister had promised to constitute a new board, adding the government was  looking  forward to the report of the audit  that the board  ordered to look into the Project  50, which led to the suspension of the Oteh.

While government has received the report and reinstated Oteh for almost a month, the market is still awaiting the constitution of a new board.

Senior stockbrokers and market operators who spoke to THISDAY last Monday, said the government should not delay further in reconstituting the board of the commission.

According to them, considering the intrigues that led to the suspension of Oteh and her reinstatement, the commission should have a board that will assist in stabilising the market.

“The DG has assumed office for almost a month now and she has been working without commissioners and a full board. Given the controversies surrounding her suspension and recall and the observation of the government pertaining to the report of  pricewaterhouse coopers(PWC),  there is the need for a board to be reconstituted without delay,” a broker said.
Another operator explained as the apex regulator of the capital market, leaving only the DG to work without a board  would not help in the efforts to regain investors’ confidence.

“We need a board that is constituted not  based on political appointees.  But a board that has people who are knowledgeable about the market. The government should bring people who understand the market  and when such people work in harmony with the management of the commission, the impact of their decision would be felt and seen in the market,” he said.

The board of  SEC comprise  nine members   made up of  the  chairman,  DG, three executive commissioners, two non- executive commissioners, and  a  representative each from the Ministry of Finance and  the Central Bank of Nigeria  (CBN).