SEC, NSE, CSCS Assure Investors of Safer Stock Market

SEC DG, Arunma Oteh

The Board of the Securities and Exchange Commission (SEC), Council of the Nigerian Stock Exchange (NSE), and Board of the Central Securities Clearing Systems Plc (CSCS) Tuesday pledged to collaborate more to ensure that investments in the Nigerian capital markets are safer and yield better returns.

The Chairman of the Board of SEC, Mallam Sulleyman Ndanusa, gave this indication when the commission’s board members met with the Council and management of the NSE and Board and the management of CSCS in Lagos.

THISDDAY had last Monday reported the SEC’s planned meetings with stakeholders as part of strategies of the new board to move the market forward.

Speaking during the interaction session with the board and management of CSCS, Ndanusa   declared that the market would witness improved regulation following the coming of a new board in SEC.

According to him, the absence of a board in SEC for about six months delayed some actions, noting that many things left undone would now be taken care of.

“Our visit today is to see what you people are doing and assure you of our support. The new board of SEC believes in working with all stakeholders, listening to the challenges and finding solutions to them. We all have learnt our lessons from the downturn and moving forward we need to work together. It is no longer possible to work in isolation. Our mission here is to show that it is new paradigm and we are excited with what we have seen,” Ndanusa said.

In his welcome remarks, the Chairman of CSCS, Mr. Oscar Onyema, said the visit of SEC team was historic and a sign of good things to come for the market.
On his part, the Managing Director/Chief Executive of CSCS, Mr. Kyari Bukar, said CSCS was being transformed into a leading depository that can compete globally.

Meanwhile, trading at the stock market remained bearish for the second day as the NSE All-Share Index depreciated by 0.49 per cent to close at 32,784.56 yesterday.

Also trading on the shares of Nigerian Bag Manufacturing Plc (BAGCO) was halted yesterday following its planned merger with Flour Mills of Nigeria Plc.