The new
Board of the Securities and Exchange Commission (SEC) which was inaugurated
last month has approved the budget of the Commission in a move that calls
the bluff of the National Assembly (NASS).
Board of the Securities and Exchange Commission (SEC) which was inaugurated
last month has approved the budget of the Commission in a move that calls
the bluff of the National Assembly (NASS).
The Board led by
Suleiman Ndanusa was said to have quietly okayed the budget last week
following threats from the workers of the Commission that they would down tools
if the impasse between the capital market regulator and the lawmakers was not
resolved as soon as possible.
Suleiman Ndanusa was said to have quietly okayed the budget last week
following threats from the workers of the Commission that they would down tools
if the impasse between the capital market regulator and the lawmakers was not
resolved as soon as possible.
Consequently, last
week the workers who had remained without their December 2012 allowances and
January 2013 salary were said to have been paid all their entitlements,
with no threat to work stoppage.
week the workers who had remained without their December 2012 allowances and
January 2013 salary were said to have been paid all their entitlements,
with no threat to work stoppage.
Competent sources Sunday Independent the
Board relied on some sections of the Investment and Securities Act (2007) to
back up its decision.
Board relied on some sections of the Investment and Securities Act (2007) to
back up its decision.
It was gathered that
although, the relevant section of the ISA was not made known it gives the
backing for the Board to approve the Commission’s budget.
although, the relevant section of the ISA was not made known it gives the
backing for the Board to approve the Commission’s budget.
Sunday Independent reliably
gathered that in the past, the NASS did not specifically approve the
budget of the Commission as it was part of the national budget which the
lawmakers passed.
gathered that in the past, the NASS did not specifically approve the
budget of the Commission as it was part of the national budget which the
lawmakers passed.
While passing the
2013 national budget, the NASS had approved a zero budget for the Commission.
2013 national budget, the NASS had approved a zero budget for the Commission.
In what was regarded
as one of the most crucial meetings since his assumption of office, Ndanusa had
assured the workers that the issue would be resolved during the Board
meeting that was held recently to stave off workers restiveness.
as one of the most crucial meetings since his assumption of office, Ndanusa had
assured the workers that the issue would be resolved during the Board
meeting that was held recently to stave off workers restiveness.
Ndanusa, at the
inauguration of the new Board a fortnight ago had said that the impasse between
the Commission and National Assembly would be resolved as soon as possible.
inauguration of the new Board a fortnight ago had said that the impasse between
the Commission and National Assembly would be resolved as soon as possible.
He had assured that
the Board would work with the Minister of Finance, Dr. Ngozi Okojo-Iweala to
ensure that whatever issue between the lawmakers and the Commission would be
promptly addressed for the benefit of the capital market.
the Board would work with the Minister of Finance, Dr. Ngozi Okojo-Iweala to
ensure that whatever issue between the lawmakers and the Commission would be
promptly addressed for the benefit of the capital market.
His words: “We will
work with the Honourable Minister of Finance to reconcile the Commission with
the National Assembly, so that they become more understanding of operations of
the SEC. I believe that nobody would want the market to suffer
unnecessarily. So we are all putting our hands on the table to look for
whatever problems and resolve them”.
work with the Honourable Minister of Finance to reconcile the Commission with
the National Assembly, so that they become more understanding of operations of
the SEC. I believe that nobody would want the market to suffer
unnecessarily. So we are all putting our hands on the table to look for
whatever problems and resolve them”.
“We will be
discussing with the Minister, who is talking with Mr. President to resolve
whatever the problem is. Just give us some time because it’s part of what
we will be reviewing and whatever the advice and suggestions we have, we will
work with the Minister to reconcile the Commission with the National Assembly”,
Ndanusa assured.
discussing with the Minister, who is talking with Mr. President to resolve
whatever the problem is. Just give us some time because it’s part of what
we will be reviewing and whatever the advice and suggestions we have, we will
work with the Minister to reconcile the Commission with the National Assembly”,
Ndanusa assured.
Relationship between
the SEC DG, Arunma Oteh and the National Assembly had run into a stormy water
with the lawmakers demanding for her removal among the hoards of recommendations
made to the Federal Government in the aftermath of the capital market
probe last year.
the SEC DG, Arunma Oteh and the National Assembly had run into a stormy water
with the lawmakers demanding for her removal among the hoards of recommendations
made to the Federal Government in the aftermath of the capital market
probe last year.
Their reason was that
she did not have 15 years experience in the Nigerian Capital Market as
required, among others.
she did not have 15 years experience in the Nigerian Capital Market as
required, among others.
Source: Daily independent
