Nigeria: Capital Market Operators Encourage Enhanced Market Oversight by New SEC Board

Capital market operators have urged the newly appointed board of the Securities and Exchange Commission (SEC) to strengthen its supervisory functions within the country’s equity market.

Their remarks come as they applaud the appointment of Emomotimi Agama as the new director-general of the SEC.

President Bola Tinubu announced Agama’s appointment as the new SEC DG, along with the formation of a new board for the commission in a statement issued on Friday night by his Special Adviser to the President (Media & Publicity), Ajuri Ngelale.

Prior to his recent appointment, Agama served as the managing director of the Nigerian Capital Market Institute.

The new SEC board, chaired by Mairiga Katuka, includes key members such as Frana Chukwuogor, Executive Commissioner of Legal and Enforcement; Bola Ajomale, Executive Commissioner of Operations; Mrs. Samiya Hassan Usman, Executive Commissioner of Corporate Services; Mr. Lekan Belo, Non-Executive Commissioner; and Garba Kurfia, Managing Director of APT Securities and stockbroker, appointed as a Non-Executive Commissioner.

Tunde Amolegbe, Managing Director of Arthur Steven Asset Management, commended the appointments, highlighting the extensive experience of the board members in the capital market. He expressed confidence in their ability to lead the commission effectively.

Amolegbe emphasized the importance of continuing the implementation of the Capital Market Master Plan and developing commodity exchanges to support local trade in soft commodities such as oil and agricultural products. He also stressed the need for efficient banking recapitalization and achieving market capitalization to GDP levels of at least over 50 per cent by the end of the board’s tenure.

Gbolahan Bello, Chief Executive Officer of Calyx Securities Ltd, praised the selection of seasoned professionals for the board, particularly highlighting Agama’s track record in the capital market ecosystem. He anticipated a more vibrant and proactive SEC under the new leadership.

David Adonri, Vice Chairman of Highcap Securities, congratulated the new DG and urged him to prioritize integrity and trust in the market. He acknowledged the solid foundation laid by the outgoing SEC board and encouraged the new board to build upon it.

Andrew Tsaku, a stockbroker with Kapital Care Trust and Securities Ltd, commended the previous SEC board for its efforts in expanding regulatory frontiers, particularly in addressing emerging trends like cryptocurrency. He called on the new SEC board to enhance market surveillance mechanisms and engage with all stakeholders to ensure effective regulation and leadership within the evolving landscape of the global market.