The Senate Committee on Capital Markets has today informed the Securities & Exchange Commission (SEC) of its intention to conduct a full scale investigation into developments in the Nigerian Capital Market.

 

This decision was arrived at today at the public hearing held with Ms. Arunma Oteh, Director General of the Securities & Exchange Commission who was invited to brief it.

 

Mr. Emmanuel Ikazoboh, Interim Administrator of the Nigerian Stock Exchange was absent at the hearing, which prompted the Senate Committee to request for his compliance within 24 hours after which it would issue a bench warrant for his arrest.

 

These developments played out at the event, which had the media in attendance and which elicited heated exchanges between the legislators and the apex regulator, SEC.

 

The investigation is expected to cover the activities of the SEC within its mandate as prescribed by the ISA 2007; financial records, its activities since the take over of the NSE; and market transactions it considers require further light.

 

Officials of the JSE & the Recruitment of the DG NSE

 

In an unrelated development, sources confirmed to Proshare NI that the recruitment of the new DG for the NSE moved closer to a resolution with an interview and screening exercise conducted today in Ikoyi, Lagos.

 

The interview panel consisted of the Interim Administrator, Mr. Emmanuel Ikhazoboh, Alh. Maccido (Council Member), Ms. Tinu Awe (acting as Secretary) and two officials from the Johannesburg Stock Exchange (JSE).

 

We could not ascertain the role of Accenture in this particular process and their absence would indicate that the no longer play a role.

Source: Proshare