Author Topic: DON?T BLAME SEC FOR STOCK MARKET CRISES ? DG  (Read 1025 times)

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DON?T BLAME SEC FOR STOCK MARKET CRISES ? DG
« on: November 28, 2008, 01:55:48 PM »
  Don?t blame SEC for stock market crises ? DG
By Akin Oyedele, Ibadan


The Director-General, Securities and Exchange Commission, Alhaji Musa Al-Faki, has absolved the commission of complicity in the current crisis facing the stock market.

Faulting those blaming the SEC for the development, he insisted that the commission was up and doing in the performance of its regulatory role for the nation?s economic growth.

In furtherance of its constitutional responsibilities, he said that the SEC had put in place stringent processes aimed at ensuring that the stock market did not become an all-comers affair.

The DG bared his mind at the opening session of a two-day seminar on ?The role of the regulatory authorities in investment in shares protection,? organised by the Shareholders? Association, Ibadan zone.

The Chairman of the association, Chief Aderemi Oyepeju, said that the seminar was meant to educate and enlighten the members on their responsibilities as part owners of public quoted companies.

Al-Faki, who was represented by the Acting Head, Lagos zonal office, Mrs. Uche Molokun and Head, Corporate Affairs, Mr. Lanre Oloyi, blamed corruption in the system for the stock market crisis.

He said that the commission also had surveillance team and remote monitoring system that monitord the stock market to identify and plug any loopholes.

The DG said that the SEC was organising a capacity building workshop for its staff and NIPOST staff handling mails following the discovery that mails were not being properly handled.

Specifically, he noted that NIPOST staff had allegedly been found to be inefficient in the handling of dividend warrants, share certificates and related documents.

With the planned introduction of electronic dividend by January, next year, he said that dividends would be sent to the account of investors immediately the AGM of concerned companies were concluded.

To demonstrate the vibrancy of the country?s stock market, he said that a United States-based rating agency ranked it 106th best in the world.

With the country?s shareholders in now excess of 10 million, he said that the country could not be said to be doing badly.

Al-Faki said, ?The worst period of the stock market crisis is over. Therefore, there is no reason for panic among investors.

?Between 2005 and 2008, the Nigerian stock market has grown five fold. What people fail to realise is that the stock market is also affected by forces of demand and supply as is the situation in every market.

?We are optimistic that the market will stabilise very soon. The investors are the soul of the market and we cannot afford to toy with them.?

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DON?T BLAME SEC FOR STOCK MARKET CRISES ? DG
« on: November 28, 2008, 01:55:48 PM »

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