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Capital market operator tasks Buhari to reconstitute SEC board after 3 years

A capital market expert, Mr. Ambrose Omordion, on Thursday said that reconstituting the board of Securities and Exchange Commission (SEC) should be a priority of President Muhammadu Buhari in his second tenure.

Omordion, Chief Operating Officer, InvestData Ltd., said this in an interview with the News Agency of Nigeria (NAN) in Lagos State on expectations from the new government.

NAN reports that President Buhari dissolved the board of the commission on July 16, 2015, and two months later set up an eight-man panel, headed by former Secretary to the Government of the Federation, Engr. Babachir Lawal, to reconstitute them.

Omordion said Federal Government’s failure to reconstitute the board for over three years had serious implication for operational efficiency of the apex capital market regulator.

He said that SEC should be strengthened with the appointment of board of directors for growth and development of the capital market.

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Omordion said that the development was affecting some operational activities of the commission thereby dampening investor confidence.

He said that all the three tiers of the government should focus on policies that would revamp the economy and trigger growth following the conclusion of the general elections.

Omordion urged government to leverage technology and ensure turnaround of every sector in order to create productive economy that would reduce unemployment rate.

“Monetary and fiscal policies should complement each other in this dispensation.

“Budget planning and implementation should be improved upon by ensuring early presentation for approval to come on time within January and February of every year,” he said.

According to him, budget disbursement and implementation style should be worked on in order to make the needed impact.

He noted that government should embark on people oriented and economic policies that would drive small scale businesses.

Omordion said that “the stock market is expected to rally with the relative peace after the general elections.”

He explained that low liquidity and confidence had dampened the expected rally as volume of shares traded and money inflow index remained down, in spite of ongoing earnings season. (NAN)