Stakeholders in the Nigerian Capital market yesterday voted for a substantive director-general for the Securities and Exchange Commission (SEC) who will offer value-based leadership, as the presidency begins the search to replace Aruma Oteh, who ended her five year tenure in January.
Consequently, some stakeholders who see the recommendation order as going beyond Mounir Gwarzo, the current acting DG of the commission, have identified integrity, experience, market understanding and leadership qualities as necessary ingredients for heading the commission which currently enjoys the recognition of the International Organisation of Securities Commissions (IOSCO) –the leading international policy forum for securities regulators.
They also recommend transparency, accountability, good track records and ability to carry all stakeholders along in major policy decisions as other requirements for the exalted position.
Emeka Madubuike, president, Association of Stockbroking Houses of Nigeria (ASHON), says the market needs someone who will be able to communicate adequately with all stakeholders. Madubuike, who is also the CEO of Compass Securities and Investment Limited, said the capital market wants as SEC DG, someone who understands the importance of normal curve in the capital market.
“We require a DG that has operated in the market, someone who has seen the ups and downs of the market (made money in the market and lost money in the market as well), so that when we are comparing our market with other markets, we know what we are doing,” he said.
Oluwatoyin Sanni, group CEO at United Capital plc, expects a substantive DG to have qualities that would include extensive knowledge of financial markets, “preferably a capital market operator with a record of integrity and strong governance background.”
According to her, the ideal candidate should be, “an effective leader with credible track record and ability to rally the capital market community together and also secure the confidence of investors, foreign and domestic”.
Another managing director of Lagos-based investment house said, “My criteria for the person to be appointed will be four simple parameters. These are market understanding, leadership qualities (should have had some experience in leading one of the market associations for instance.”
Speaking further, he said. “The person should also have market presence and wide acceptance and finally, must have a track record.”.
Analysts at Meristem noted that at these indicate the market needs reassurance and direction to boost investor confidence ,adding that the next candidate for the commission should possess “a very sound knowledge and understanding of economic indicators in relation to financial market; excellent history of integrity and accountability; resilience in the face of gloomy situations; and past success – individual who have past success record in similar market situation will be a good option for the market now.”
IHEANYI NWACHUKWU
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