29th April, 2015
Some capital market operators on Tuesday urged the new Chairman of the Securities and Exchange Commission (SEC), Mr Peter Obi to pursue policies that would reinvigorate investors’ confidence.
NAN in separate interviews in Lagos that investors’ confidence should be the first priority of the new chairman and the substantive director-general, Mounir Gwarzo.
Ariyo Olushekun, the immediate past President, Chartered Institute of Stockbrokers (CIS), who commended the appointments said that the two should work on ways to increase investors’ confidence,
Olushekun said that friendly policies should be introduced to increase local investors participation in the market,adding that more people would embrace the market with the right environment.
He said that the new chairman should use his influence as an ex-governor and banker to bring new investment resources to the market.
Olushekun also urged the new management to map out development strategies that would enhance new listings and enahnce return on investments on the exchange.
Sehinde Adenagbe, the Managing Director, Standard Union Securities Ltd., said that both personalities were “jolly good fellows with what it takes to leverage the market”.
Adenagbe expressed optimism that the market would experience better outlook under the new management, adding that, confidence would also be enhanced.
He said that the market would experience more activities with enhanced confidence.
“It is my belief that under the duo, the market will experience a better outlook,” he said.
Adenagbe said that the two personalities must carry all stakeholders along by working as a team and avoid witch hunting.
He said that they must also work as a team with staff and ensure strong partnership with the Nigerian Stock Exchange (NSE) for market growth and development.
Bayo Adeleke, National Secretary, Independent Shareholders Association of Nigeria (ISAN), said that a lot was being expected from the two personalities becuase they are both practitioners in the capital market.
Adeleke said that they must bring their years of experience to enhance transparency and development of the market.
“The new management should pursue reforms that will make the market more robust, attractive to both local and foreign investors,” he said.
He said that they must accelerate the demutualisation of the exchange and ensure zero tolerance to infractions by strict punishment of any market offender.
Mr Boniface Okezie, President, Progressive Shareholders Association of Nigeria (PSAN), said the appointments would move the market forward.
Okezie, who lauded the Federal Government for the appointments, said that it was a good decision considering the experiences of the personalities.
He said that the former governor was a core businessman with interest in the capital market.
“Gwazo as an experienced man will equally excel in his new assignments. I believe these appointments will move the capital market forward,” Okezie said.
Mr Harrison Owoh, the Managing Director, HJ Trust & Investment Ltd., urged the new management to boost foreign participation in the nation’s capital market.
Owoh said that the new management should check mate insider dealing in the market by ensuring strict compliance to corporate governance.
NAN reports that President Goodluck Jonathan had on April 27 confirmed Gwarzo as SEC Director-General and appointed Obi, a former governor of Anambra State as Chairman of the commission.