By Udeme Ekwere

Monday, 10 Jan 2011

As the Director-General, Securities and Exchange Commission, Ms. Arunma Oteh, clocks one year in office, she has pledged commitment to moving the nation‘s capital market forward in the New Year.

Oteh spoke to stockbrokers and market operators on the trading floor of the Nigerian Stock Exchange on Friday.

She said, ”We have a lot to do to lay a strong foundation for the market. The feedback we have received in the last one year from both local and foreign stakeholders shows that it is time for us to lay a strong foundation for a capital market that is both of a first-class standard and a world-class standard.

”And so, 2011 will be a time to start proceedings to lay a strong foundation such that the capital market can be the engine of growth for the economy. This is because we believe strongly on the importance of the capital market as an enabler for transforming the economy and for the creation of jobs.”

She, however, acknowledged the support of the brokers, who had been giving guidance and ideas on areas to boost the market and deliver higher returns to investors.

She said, ”We are happy that within the last 50 years, there has been a lot of accomplishments in the capital market, and there is still room for more achievement and so this year is significant to all of us, as we have a lot to do to ensure that we can leave a lasting legacy for the market in the next 50 years.”

She noted that within the next three months, SEC and the NSE would be looking at ways to create more awareness in the market.

Oteh added that a new code of corporate governance, currently awaiting approval from the ministry, would be issued by the end of this month.

She said, “All companies have to comply with the International Financial Reporting Standards, and we hope that with all these measures, there will be lots of improvement in the capital market by the end of this year.”

Source: Punch