Yemisi Izuora
The acting Director General, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, has given the assurance of the commission’s keenness to work in partnership with Nigeria Stock Exchange (NSE) as well as other stakeholders to promote activities of the exchange.
Gwarzo said the current management of the Commission will do what is necessary to firm up activities of the NSE in the interest of Nigerians and economic development.
He said: “We realise that the Exchange is very important in our quest to move the market to a new level and SEC is keen on exploring areas of collaboration with stakeholders. Some of us have been in this market for some time and we have seen a lot that transpired over the period. We are keen on having close collaboration with people.
He said in view of the renewed collaboration SEC, would launch a new Complaints Management System which would allow issues to be resolved from the bottom.
According to him, “the management is working to empower SROs and trade organizations to enable them handle some complaints and deal with them with dispatch adding that the strategy of the management is not to create committees but to focus on prescriptions and ensuring that they are executed within reasonable time frames.
“We have finished the rules on complaints management framework and very soon, it will be exposed. One of the highlights is to allow complaints to be managed at the lower level.”
On the issue of recapitalisation, Gwarzo expressed delight that the Commission has had a good collaboration with all stakeholders adding that the Commission will return to the exercise within next five months.
Speaking earlier, Chairman, Council of the NSE, Aigboje Aig-Imokhuede, said markets in other jurisdictions had benefitted significantly from collaborations between the regulators and the regulated adding, that he was optimistic that the market in Nigeria would also benefit from the partnership.
He said: “We feel that the market here will benefit from this type of partnership and we will be keen on that. We would like to see this visit as the beginning of strong collaboration between NSE and SEC. This does not in any way cross the line between the regulators and the regulated and we will respect our regulator in every way.”
Also, in his remarks, Chief Executive Officer of the NSE, Oscar Onyema said the visit was an opportunity to rekindle relations and make it stronger in order to build the capital market that Nigerians desire.