Capital market operators urge FG to appoint professional as Oteh's replacement

Some capital market operators have urged the Federal Government to appoint a seasoned stock market operator as a replacement to Ms Arunma Oteh, as the Director-General of the Securities and Exchange Commission (SEC).

According to them, the appointment of an experienced capital market operator would facilitate sustained wooing of local investors into the market.

Mr Emeka Madubuike, the President, Association of Stockbroking Houses of Nigeria (ASHON), said government should consider people that understand market issues.

``Government should appoint an experienced market operator that is grounded in the market as the new DG.

``They should consider somebody that has seen the ups and downs of the market," he said.

According to him, the incoming director-general must be somebody that will work closely with all the market stakeholders in the interest of the market.

Alhaji Rasheed Yussuf, the immediate past President of ASHON, said the operators were pushing for an operator that understood the Nigerian market.

``The director-general must work closely with local investors to increase their participation in the market with less emphasis on foreign investors, ’’ he also told NAN.

He noted that the commission's policies in the past focused on foreign investors, saying emphasis should be on local investors for market growth and development.

``SEC focused on attracting foreign investors when we had not developed our local base.’’

Yussuf called for a stronger collaboration between SEC and the market operators to encourage local participation.

He said: `Our target is to have local investor participation of 80 per cent and foreign investor participation of 20 per cent."

Also speaking, Dr David Ogogo, the Registrar/CEO, Institute of Capital Market Registrars, advised government to appoint a credible person that would be welcomed by the market as Oteh's replacement.

Ogogo stressed the need to raise local investors’ confidence in the market.

He, however, commended the exit of Oteh from the commission at the expiration of her tenure.

``The best thing is for her to go considering her problem with the National Assembly."

SEC had on Jan. 11 announced the exit of Ms Arunma Oteh as the commission’s DG.

It said Oteh would be remembered for her passion, purpose, articulation and implementation of reforms driven as well as the vision to transform the Nigerian capital market to world-class status.

``She was in a hurry to see Nigeria achieve a world-class capital market that will drive development and make Nigeria one of the most attractive investment destinations,” it said.

Oteh was appointed by the late President Umar Yar’Adua in 2009, but assumed duties in January 2010.