Tag Archives: SEC

Reps give SEC 7 days to correct employment irregularities.

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The House of Representatives Committee on Federal Character has given the Security and Exchange Commission, SEC, one week to correct alleged employment irregularities in the commission.

 

The commission was directed to report back to the committee after the deadline.

 

The Chairman of the committee, Ahmed Wase, gave the ultimatum at a public hearing at the National Assembly Complex in Abuja on Wednesday.

 

He said that the committee had gone through the nominal roll of the commission and had discovered some irregularities that contradicted the Federal Character Law.

 

Mr. Wase said that the committee observed that some states across the six geo-political zones were under-represented while others were over-represented.

 

In his response, the Director General of SEC, Mounir Gwarzo, explained that some states where the commission’s zonal offices were located were given consideration.

 

He said that the employment process took into consideration the comfort of members of staff who would work as drivers or clerks at the zonal offices to enable them function effectively.

 

According to the director general, members of staff at the zonal offices will only function effectively if they are familiar with the terrain.

 

The committee, however, said that it was not satisfied with the explanation and demanded that all irregularities be corrected within one week.

 

Source: NAN

SEC to intensify effort to curb market infractions

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Securities and Exchange Commission (SEC) is working on a Memorandun of Understanding, MoU, with the Economic and Financial Crimes Commission (EFCC) to curb market infractions by operators. File photo: The floor of Stock exchange The Commission also reaffirmed its commitment to provide an efficient and effective policing of the Nigerian capital market.
Director General of SEC, Mounir Gwarzo, stated this when the Management of the Commission paid a visit to the Acting Chairman of the EFCC, Ibrahim Magu, weekend in Abuja. Gwarzo disclosed that there has been a close relationship between SEC and EFCC adding that the Commission cannot discharge its responsibilities effectively without collaborating with the anti graft agency.
He said “We are by provision of our law mandated to protect investors on developing the market but the way our law is structured we have limitations over criminal cases and that is why in the last 10 years there has been a very great collaboration between both agencies.
“We hope that when his MoU becomes fully operational it will assist in reducing market infractions to the barest minimum” Gwarzo remarked that the collaboration with the EFCC has been of tremendous benefit to the SEC especially in areas of investigation and enforcement adding that effective policing of the market is one of the ways of retiring investor confidence.
“One of our agenda is to bring back the retail investors to the market and there is no way they will agree to return if they are not sure of the safety of their investments” the DG stated. Responding, Magu expressed delight that the collaboration between both agencies has yielded enormous benefit for the growth of the capital market adding that his agency will continue to provide assistance where required.
Magu said the EFCC has been instrumental in investigating several cases of fraud in the capital market and recovered funds which were returned to investors and assured the SEC of the agency’s continued support.

Recession: SEC hires specialists for risk management, rolls out 10-year masterplan

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The Director-General of Securities and Exchange Commission, Munir Gwarzo, yesterday, said that efforts had been made to enhance service delivery through the recruitment of specialists to fill key offices including Risk Management Division; Strategy Division, Research and Economic division, among others.

 

Gwarzo also assured investors that the commission had resolved to deepen the market through the implementation of the 10 year Masterplan.

 

Speaking during an interactive session with the Tajudeen Yusuf-led House Committee on Capital Market and other Institutions, the SEC Director-General disclosed that its capital market mandate was for the protection of investors and capital market development.

 

According to him, “We have also been vigorously been pursuing our capital market mandate which is investors protection and capital market development and you need resources. So even within those limited resources we have been able to do that.

 

“We also set up the national investment protection fund and we have paid 3,000 beneficiaries. We launched the corporate governance scorecard, we have set up committees to review all the laws in Nigeria and all these cost money,” Gwarzo said.

 

While clarifying issues on the N4.5 billion staff salary and emoluments, he explained that the Commission had judiciously utilised its meagre resources, despite the economic downturn.

 

He said, “We see SEC as a stronger institution, yes we are going through a serious situation because the market is not where we want it to be. It is a reflection of the economy.

 

“Unfortunately SEC relies on what the market is able to make. In other jurisdictions, it is not so. In US SEC prepares its budget, takes it to the US Congress for approval. In South Africa, it is the same thing. Once FSB prepares its budget and it is approved, the market would have to fund it.”

Boost Investors’ Confidence, Capital Market Operators Task Peter Obi

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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.

NHIS Boss Sacked As Obi Is Confirmed As SEC Chairman

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President Goodluck Ebele Jonathan has sacked the Executive Secretary/Chief Executive Officer of the National Health Insurance Scheme (NHIS), Dr. Femi Thomas. He has been replaced by Olufemi A. Akingbade as Acting Executive Secretary/Chief Executive Officer of the NHIS.

Akingbade, who hails from Ekiti State and holds a Bachelors Degree in Computer Science as well as a Masters in Business Administration was the General Manager, ICT in the NHIS until his new appointment.

President Jonathan has also approved the confirmation of Mr. Mounir Haliru Gwarzo as Director-General of the Securities and Exchange Commission.

Mr. Gwarzo who has been acting as Director-General of the Commission after former DG Arunma Oteh finished her tenure, was appointed to the Board of the Securities and Exchange Commission as Executive Commissioner in January, 2013.

Another new appointment coming in the last weeks of Jonathan as president is that of former Anambra State governor Peter Obi, who is now the Chairman of the Securities and Exchange Commission.