Constitute SEC’s Board, Stakeholders Task New Finance Minister
As new Minister of Finance, Mrs. Zainab Ahmed assumed office on Monday, capital market stakeholders said one action she could take to calm the rout in the stock market is to constitute the board of Securities and Exchange Commission (SEC). President Mohammadu Buhari appointed Ahmed to replace Mrs. Kemi Adeosun who resigned last week.
Ahmed was Minister of State for Budget and National Planning before her new appointment. When she resumed work on Monday, she told the staff of the ministry that she would work closely with the Permanent Secretary to catch up on the activities of the Ministry.
She said: “These are very challenging times for our country. It means we are part of the economic team that has been charged with making sure there is economic stability in our country. We have very serious revenue challenges and it is up to us to shore up the revenues of this country.”
Stakeholders said one of the ways to stabilise the economy is to have a strong and virile capital market that can provide needed funds for both corporates and governments to boost economic activities.
According to them, to have a strong capital market require a strong regulator with a board, noting that the board of SEC should therefore be constituted without further delay.
SEC has been without almost three years after the previous board was dissolved a development that has been giving many operators concerns.
A chartered stockbroker and Chief Executive Officer, Sofunix Investment and Communications, Mr. Sola Oni said: “The new finance minister should tackle head-on the corporate governance challenge staring SEC in the face by doing just two things: constitute the board of SEC and address the long -awaited issue of substantive director general and commissioners for the commission immediately. This will enhance professional performance of our commission as a quoted company cannot be allowed to operate without a board of directors.”
He added that the minister must intensify efforts at reviewing the current status of the existing policies that are meant to create enabling environment for