New SEC Chairman Promises Improved Regulation

The Chairman of the Board of Securities and Exchange Commission, Mallam Sulleyman Ndanusa, has assured that the nation’s stock market? would witness improved regulation following the coming in of a new Board in SEC.

Speaking during a visit of the Board members to the Nigerian Stock Exchange (NSE) and Central Securities Clearing System Plc (CSCS) in Lagos yesterday, Ndanusa? said the absence of a Board at SEC for about six months delayed some actions, noting that many things? left undone would now be taken care of.??

He assured the management of NSE and CSCS of its support and cooperation in order to move the Nigerian capital market forward.? According to him, the visit was part of the strategies of the new Board to collaborate with all stakeholders in the market? with the aim of ensuring high level regulation and protection of investments in the Nigerian capital market.? The SEC team, which included its director-general,? Arunma Oteh, other commissioners and top management, held separate meetings with the management of the NSE and CSCS.

He expressed excitement over the innovative efforts of the new management of NSE and CSCS in ensuring that the market more attractive to investors, assuring that SEC would support? those efforts so that? the aspiration of? making? Nigerian market gate? to investments in Africa is realised.

“Our visit today is to see what you people are doing and assure you of our support.? The new board of SEC believes in working with all stakeholders, listen to the challenges and find solutions to them. We all have learnt our lessons from the downtown and moving forward we need to work together.? It is no longer possible to work in isolation. Our mission is here is to show that it is new paradigm and we are excited with what we have seen,” Ndanusa said.

He added that CSCS, particularly is very critical and strategic for the Nigerian market given the function its plays.

“The operations of CSCS are very critical in ensuring transparency, integrity and accountability in the market. No matter the level of technology, without a strong depository? the market cannot grow,” Ndanusa said.

In his welcome remarks, the Chairman of CSCS, Mr. Oscar Onyema, said the visit of SEC team was historic and was a sign of good things to come. He said the board composed of experienced professionals capable of moving the market forward.

Speaking in the same vein,? the Managing Director/Chief Executive of CSCS, Mr. Kyari Bukar, said?? CSCS was being transformed into a leading depository that can compete globally.

He said with the support of the board, the management of CSCS is working with market stakeholders on market issues especially?? dematerialisation.

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