Stakeholders set agenda for new SEC board

Capital market operators in Nigeria have commended President Bola Tinubu for the appointment of Dr. Emomotimi Agama as the Director-General designate for the Securities and Exchange Commission (SEC).

They gave the commendation in separate interviews while reacting to the new SEC board composition by the President. It would be recalled that President Tinubu had last Friday approved the appointment of a new Director-General for SEC. This was contained in a statement issued by Ajuri Ngalale, a spokesperson for the President.

The President also appointed the following professionals to the board of the Commission, Mairiga Aliyu Katuka as Chairman, Frana Chukwuogor, Executive Commissioner (Legal and Enforcement) and Bola Ajomale as Executive Commissioner (Operations)

Others are Mrs Samiya Hassan Usman, Executive Commissioner (Corporate Services), Lekan Belo, Non-Executive Commissioner and Kasimu Garba Kurfi, Non-Executive Commissioner.

Reacting, the President of Capital Market Academics of Nigeria, Prof. Uche Uwaleje, described Agama’s appointment as “a round peg in a round hole.” Uwaleke, who said that Agama had been in the commission for over 20 years, urged him to continue from where the present SEC Director-General stopped. He said that implementation of the Nigerian capital market master plan must be paramount in his agenda.

Also speaking, the Managing Director of Arthur Steven Asset Management Limited, Olatunde Amolegbe, hailed the appointment of Agama along with the other board members of SEC.

Amolegbe said the appointment was well thought through and appropriate for the enhanced growth and development of the capital market.

“Most of them are well-grounded capital market professionals with decades of experience under their belt both locally and internationally.

“Agama has been a regular in the Nigerian capital market for upward of 25 years or maybe more as far as I know,” he said.On the agenda for the new team, Amolegbe enjoined the new team to continue with the implementation of the capital market masterplan. He also urged them to develop the nation’s commodities exchanges to fill the gap of trading in locally sourced soft commodities such as oil and gas and agricultural products.

Amolegbe added that the new team should ensure that the regulatory-induced banking recapitalisation is conducted in an efficient and orderly manner.

“The medium-term goal will be to position the capital market to facilitate the one trillion-dollar economy goal of the Federal Government will be key.

“I would like to see us achieve a market capitalisation to Gross Domestic Product levels of at least over 50 per cent by the end of their first tenure. These are lofty but achievable goals, while congratulating the outgoing team for the excellent work they’ve done.

“I wish the new team the very best as they embark on this journey,” he said.