Following the appointment of Dr Emomotimi Agama as the Director General of the Securities and Exchange Commission (SEC) on Friday, retail shareholders have called on the new administration of the Commission to engage shareholders as this will engender a robust capital market.
On Friday, Ajuri Ngelale, Special Adviser to the President on Media and Publicity, announced the appointment in a statement, directing Agama, with over 10 years at the Securities and Exchange Commission (SEC), to take over from Lamido Yuguda who is now a member of the Monetary Policy Committee.
The appointment of the new DG and other office at the Commission comes amidst the Commission’s face off with the Fiscal Responsibility Commission (FRC) over SEC’s alleged non-remittance of over N45 billion to the Consolidated Revenue Fund.
Reacting to the appointment, shareholders, in setting, asked Agama to ensure that his tenure is all-inclusive as this will help him succeed.
Mr Moses Igbrude, National Coordinator of Independent Shareholders Association of Nigeria (ISAN), while noting that Dr Agama is an experienced in house SEC DG, who had been in the system for some time now, added the new DG must be proactive and responsive to happening in the capital market.
“Having worked in various departments and sections of the organisation and market, he should know the weaknesses and strength of SEC and the capital market and use that experience to build and strengthen the market for economic growth.
He and his team should have a listening ear to complaints with the mind of addressing issues objectively and efficiently.
“He should know that much is expected of him now with banking recapitalisation around the corner, unclaimed dividends and delisting of companies from exchange among others,” Igbrude said.
Taiwo Oderinde of the Proactive Shareholders Association of Nigeria, while noting that the appointment was based on the complaints by some stakeholdets, urged Agama to learn from the past mistake and to move the capital market forward.
While congratulating the new DG, Bisi Bakare, President, Pragmatic Shareholders Association, hoped that he will bring his experience to bear and reposition the regulatory body to achieve its stated objectives.
She noted that the new SEC DG should pay attention to: the ongoing rise in unclaimed dividend which now is at over N190 billion; the frequent delisting of company from the capital market and work assiduously to reduce market infracture which as continued unabated as result of uncheck malpractice in the market.
She added that Agama should ensure that SEC play its leading role as apex regulatory body and also draw up a realistic road map for capital market development which will position the market as a role model for others in Africa and global world.
Boniface Okezie, National Coordinator, Progressive Association of Nigeria (PSAN) commended the Presidency, noting that this appointment will go a long way to chart a new course for SEC.
“I believe that Dr Agama will be proactive to go to work, to bring the needed change, to turn things in this apex regulator called SEC.”
He said with banks recapitalisation quest, the new DG should make move to ensure that regulatory approvals are fast and seamless.
“I wonder how they can cope to quicken the move to help Banks recapitalisation as instructed by CBN, without the unnecessary delay being caused by not giving quick approval on many applications been filed to them by this companies coming to raise funds.
“This has been the problem these banks face when they file in their applications to SEC. They do not get the approval on time. Even after the completion of the capital raise, they have to wait months to get final approval. All these cause delay to implement their programmes of utilising the money they raised by Right Issues or Initial Public Offer. Therefore, I call for proactive SEC in this new appointment made by president.
He also urged the new SEC DG to carry every stakeholder along noting that nobody has monopoly of wisdom.
He recalled that a former DG of the Commission, from his engagement with stakeholders was able to bring about great policies , among which was e-dividend policy. Therefore, Okezie urged the new DG to have regular stakeholders, meetings and run an open-door office.
Aside the appointment of DG, Lairiga Katuka was also appointed as SEC’s board chairman, while Frana Chukwuogor was appointed as executive commissioner (legal and enforcement); Bola Ajomale, executive commissioner (operations); Samiya Usman, executive commissioner (corporate services).
President Tinubu also approved the appointment of Lekan Belo and Kasimu Garba Kurfi as non-executive commissioners.
According to the statement, President Tinubu anticipates the SEC board to bring to bear their wealth of experience and competence in advancing the commission’s core mandate.
Ngelale said the responsibilities of SEC are developing and regulating a capital market that is dynamic, fair, transparent, and efficient, to bolster investor confidence and contribute immeasurably to the nation’s economic development.
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