Capital market probe: I've learnt my lessons - Oteh

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MAY 14, 2012

Capital market probe:

I’ve learnt my lesson — Oteh •Admits division in SEC •Probe will strengthen capital market — Operators, Shareholders •SEC Commissioners lied By PETER EGWUATU, MICHAEL EBOH, & NKIRUKA NNOROM

F

ollowing the revelations of the principal officers of the Securities and Exchange Commission (SEC) and the deluge of questions by the ad hoc committee of the House of Representatives probing the near collapse of the Nigeria capital market on Wednesday, Director-General of the SEC, Ms. Arunma Oteh, has admitted that there was division and rancour within the rank and file of the commission, saying that she has learnt

her lesson. Also, in reaction to the on-going probe, stakeholders in the capital market reckoned that the probe is a welcome development and will help in addressing critical issues that had contributed to the near collapse of the market. However, Vanguard gathered that the SEC commissioners lied about some of the issues that were raised at the public hearing. Specifically, it was gathered that the commissioners participated in the project 50, which they claimed they did not know about. Meanwhile, in a statement made available to Vanguard, Oteh said,

“The hearing provides very useful lessons that will guide the Commission’s continuing institutional strengthening programme. The Commission wishes to state categorically that the SEC remains a cohesive institution whose activities are driven by highly professional and patriotic staff under the headship of a very experienced management team and board delivering exceptional service to participants in an envisaged world class Nigerian capital market.” Continuing, she said: “The SEC recognises the challenges to its institutional cohesion arising from the implementation of its on-going

transformational programme. The Commission is fully committed to overcoming those challenges and strengthening the organisation to position it to successfully birth a world class Nigerian capital market which is the object and vision of the transformation project.” She said: “The SEC is not unlike other human institutions; the commission is not immune to common challenges arising from cultural and personal differences.” She remarked that the change project she is leading has the final objective of converting the SEC to a regulator with the best tools, personnel, systems and processes to discharge its regulatory oversight and market development mandate to international best practice standards. She stressed that the multiContinues on page 18

176.75

-1.90

2,308.00

-30.00

20.20

-0.25

112.11 96.27

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*From left: Oxford Business Group Editorial Manager, Rob Withagen, Country Director, Brooke Butler and Executive Secretary and CEO of the Nigerian Content Development and Monitoring Board (NCDMB), Ernest Nwapa

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