The Securities and Exchange Commission (SEC) will today inaugurate a 10-man committee of experts, including international fund managers, to review the operations of the Nigerian capital market and align it with its peers around the world.
The planned reform comes in the wake of lingering worry over the continued downward trend in the stock market in spite of desperate moves by the Federal Government to stem the fall.
This latest intervention at the instance of SEC is expected to be the forerunner to perhaps the most fundamental reform of the market and should help to restore the market’s reputation and give comfort to major market players who have taken a very dim view of the unorthodox methods applied lately by the authorities.
Business Day learnt that the committee which to be chaired by Adedotun Suleiman, chairman of both Accenture and Cornerstone Insurance plc, draws membership from both J.P Morgan and Goldman Saachs. Other members of the committee include Albert Okumagba, chief executive of BGL Securities, Francis Wood, managing director of FCMB Capital and Bismark Rewane, leading economist and managing director of Financial Derivatives who has consistently canvassed more market transparency.
The review panel is expected to focus on such issues as the controversial upper and lower cap on price movements and the cost structure of transactions on the market.
The stock market lost 25.5 percent before the Federal Government intervention which appear only to have caused more concern than comfort. . Source: BusinessDay Newspaper
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