The Federal Government has urged the new board and management of the Securities and Exchange Commission (SEC) to be transparent to enhance investors’ confidence in the capital market.
The Permanent Secretary, Federal Ministry of Finance Alhaji Mahmoud Isa-Dutse, made the call while inaugurating the reconstituted board of the commission in Abuja.
Alhaji Isa-Dutse said the new board was coming at a time that many players in the stock market were displaying “weak corporate governance practices”, the weaknesses, according to him are capable of dampening investors’ confidence and undermining the steady gains achieved since the 2008 stock market crashed.
He added that the market should be innovative and efficient both in price discovery and in the allocation of capital.
The nine-member board, comprising five part-time and four full-time members, has Mr Olufemi Lijadu as Chairman, and Mrs Mary Uduk as Acting Director of the commission.
The part-time members of the board are; Mr Olufemi Lijadu, Chairman, Mr Okon Ekanem Udo, representative of the Federal Ministry of Finance, Mrs Angela Adewumi Sere-Ejembi, representative of the Central Bank of Nigeria (CBN), Mrs Faruk Rekiya and Mr Lamido Yuguda.
The full-time members are; Mrs Mary Uduk, the Acting Director-General SEC, Mr lsyaku Tilde, Mr Reginald Karawusa, Mr Henry Rowlands all of SEC.
In his response, the Chairman of the Board, Lijadu said the board would work toward strengthening the capital market.
“There is the need to reinforce public trust. We will enthrone transparency and accountability in the discharge of our duty.
“I thank the Federal Government for this great honour and privilege given to us to serve,” he said.
Uduk, the Acting Director-General, SEC, said operating this four years without a board was not easy, and thanked the Ministry of Finance for being there all through the years.
She also commended the role played by members of the capital market community in calling on the Federal Government on the need to constitute the board, adding that their effort had yielded results.
The inauguration was coming four years after the Commission had its last board in 2015 under the leadership of Mr Peter Obi, former governor of Anambra.