SEC partners IST to curb capital market infractions

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By Chinyere Joel-Nwokeoma
Lagos –  The Securities and Exchange Commission (SEC) on Tuesday expressed its readiness to partner with Investments and Securities Tribunal (IST) and other relevant bodies to ensure zero tolerance on infractions in the nation’s capital market.

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Dr Abdul Zubair, the SEC acting Director-General, made the assertion when the Chairman and members of IST paid him courtesy visit in Abuja.

Zubair said the commission would ensure that perpetrators of fraudulent acts were brought to book.

He said the present management of SEC had zero tolerance on infractions, adding that anyone that flouts the rules would be made to face the consequences of such action.

Zubair told the IST team that SEC had embarked on a number of initiatives to protect investors in the market and ensure that they reap the benefits of their investments.

“SEC has rolled out a number of initiatives and campaigns which have been yielding results.

“These initiatives are to ensure that investors are aware of what to do to protect their investments.

“The e-dividend is one of such campaigns, and we enjoin investors to key-in so that they can reap the benefits of their investments,” he said.

In his remarks, Mr Isaiah Idoko-Akor, the IST Chairman, congratulated the acting SEC DG, on his appointment, expressing the confidence of the tribunal in his ability to move the market forward.

Idoko-Akor lauded the commission for all it has been doing to support the tribunal in the discharge of its duties.

He called for more support to avoid hitches in the performance of the tribunal’s assignments.

“IST is serving the market, it is very important to the market, and that is why we commend SEC for its support to the IST.

“IST needs to be strengthened to be able to carry out its functions effectively.

“As the market is expanding, we also need funds to expand our operations to be able to serve better” he said.

Akor, while commending the SEC on the various initiatives it has rolled out, also called for increased enlightenment and sensitisation of the investing public, especially as it relates to seeking redress on issues relating to the capital market.

NAN reports that the Federal Government on had Dec. 3 announced the appointment of Zubair, as the acting Director-General of SEC with immediate effect.

Zubair, until his appointment, was a director in charge of External Relations in the commission.

NAN reports that Mrs Kemi Adeosun, Finance Minister, on Nov. 29 suspended Gwarzo and set up an administrative panel of inquiry to investigate allegations of financial impropriety leveled against him.

The minister said that Gwarzo was suspended from office to allow for an unhindered investigation of several allegations of financial impropriety levelled against him.

The minister also suspended two other senior staff of the commission, Abdulsalam Naif Habu, Head of Media Division and Anastasia Omozele Braimoh, Head of Legal Department.

The minister, according to the statement signed by the Deputy Director Press in the ministry, Patricia Deworitshe, said panel of inquiry is saddled with the responsibility of investigating the issue. (NAN)

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