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• Market Review

Efficient capital market can salvage ailing infrastructures — Udoma

From: TONY OTARU, Abuja

BUOYED by the rate of decay in the nation's infrastructure across the country, the Chairman of the Board of Securities and Exchange Commission (S.E.C), Senator Udoma Udo Udoma has reminded Nigerians that the funding requirements of the nation's ailing infrastructures can only be provided by an efficient capital market that enjoys the confidence of both local and foreign investors.

Udoma said for the board to properly reposition the nation's capital market, it has immediately retained consultants to do a complete diagnostic of the securities exchange commission so that areas of organizational weaknesses could be identified and put in proper perspectives.

Senator Udoma told newsman in Abuja while inangurating the technical committees on the review of corporate governance for public companies and that of the review of capital market structure and processes.

According to Senator Udoma, the technical committee made up of 16 mambers has Mr. A.B. Mahmouel as its chairman while the committee to review the capital market structures and processes also made up of 16 members has Mr. Adedotun Sulaiman, a reknowned chartered Accountant as its chairman .

Senator Udoma told the two committees that the terms of reference in their various mandate should include the review of the Nigerian Corporate Governance code for public companies, examine in the light of recent experiences and how effective it has been in improving the quality of corporate governance to identify the strength, weaknesses, opportunities and challenges of the Nigerian capital market with a view to repositioning it to meet immediate and future developmental aspirations of Nigeria.

In a welcome address, the director-General of the securities and exchange commission (S.E.C), Musa Al-Faki stated that the inauguration of the two committees by SEC is the first step towards providing a roadmap that will ensure a comprehensive action on areas of weaknesses in the Nigerian capital market within the shortest possible time.

Al-Faki stressed, :”The regulators and operators must prepare themselves to embrace changes and challenges that the outcome of the respective assignments of these committees may throw up.”

The D.G warded “we must depart from the conduct of the past where steps taken to improve the efficiency and competitiveness of this market had been met with resistance and agitations that were usually aimed at preserving the existing but inefficient ways of doing business in this market”.

He remarked that there was the need for stakeholders to make certain sacrifices and be prepared to take challenges if the market is to be moved forward to the next level.

He assured the 2 committees of SEC readiness to assist them do their work efficiently and effectively and complete same as at when due.

The two committees has eight weeks to complete their various assignments.