FG inaugurates SEC Board with Lijadu as Chairman – TheNigerialawyer

The Federal Government on Monday inaugurated the newly
re-constituted Board of the Securities and Exchange Commission,
SEC.

The investiture which was conducted by the Permanent Secretary
of the Federal Ministry of Finance, Alhaji. Mahmoud Isa-Dutse, in
Abuja will have Mr. Olufemi Lijadu as Chairman of the Board of the
Commission.

Lijadu, who hails from Ogun state, and is a leading commercial
lawyer with over thirty years’ experience, was also Executive
Director of one of Nigeria’s top four banking institution, United
Bank of Africa Plc.

Mahmoud in his opening remark said, “This event signals another
milestone in our efforts to emphasize the importance of the capital
market in economic growth and development through the mobilization
of long-term savings for investment as well as efficient pricing of
financial instruments.

“The Nigerian Capital Market, in particular, has provided
platforms through which corporate and government sources for
capital with which they expand their operations and provide
amenities for the citizens.

“The inauguration of the Board of the SEC is critical, as the
existence and operation of a board are fundamental for an agency
like the SEC to adequately and efficiently perform its regulatory
and market development functions.

“It is in recognition of this that the Investments and
Securities Act (ISA) 2007, requires that the Commission have a
Board and Section 4 of the Act specifically provides that the SEC
Board shall be responsible for the general administration of the
Commission.”

He further added: “Our capital market is growing and evolving.
To sustain this growth and eventually transform to a world-class
capital market, transparency and investor confidence is key.

“Investor confidence will accelerate the growth of our market
and increase both domestic and foreign investor participation.
Therefore, we must ensure that our market is transparent and listed
companies imbibe good corporate governance and accountability.

“Like world-class capital markets, ours should be characterized
by high levels of liquidity, depth, breadth and sophistication with
a strong domestic investor base. It should be innovative,
transparent due to robust disclosure regimes, and efficient both in
price discovery and in the allocation of capital.

“We must have it in mind that world-class capital markets do far
more than provide access to capital. They are enablers of
socio-economic development because they hasten the rate of capital
formation, foster a meritocracy and promote good corporate
governance, innovation and entrepreneurship.

“Thus, our capital market should broaden access to economic
prosperity by enabling the emergence of financially responsible
citizens, accelerating wealth creation and wealth distribution,
providing capital to small and medium scale enterprises (SMEs). and
catalyzing housing finance.”

He noted that the inauguration of the SEC Board is timely
because it is coming at the time when many players in the market
are displaying weak corporate governance practices that could
potentially dampen investor confidence and undermine the steady
gains we have achieved since the 2008 stock market crash.

“We therefore count on the patriotic service of the new Board
members to play their own part as crucial enablers in the industry
towards advancing a common vision for the growth and revitalization
of our market,” he said.

Mahmoud also emphasized that: “The administration of President
Muhammadu Buhari is committed to transparency and accountability in
corporate governance.

“To this end, I must emphasize that the role of Governing Boards
is to provide effective oversight and strategic advisory to the
management team. I would therefore like to advise all concerned to
study and strictly adhere to the laid down Laws that have clearly
defined the roles and responsibilities of the Board Members.

“In keeping with the law, the membership of the Board is
carefully drawn from seasoned professionals and eminent
personalities that would inspire confidence and trust from other
stakeholders they would be working with.

“We trust the capacity of the new Board to deliver on their
mandate as we have no doubt that the professional pedigree of
members of the Board, their wealth of experience, and robust
networks will be brought to facilitate the achievement of desired
results.”

The Chairman of the SEC, Mr. Olufemi Lijadu in his remark
assured that the Board will work hand-in-hand with all stakeholders
to ensure transparency and accountability which is critical to
building investors’ confidence and public trust. He also said that
the Commission will always follow the rule of law to enforce rules
in the Capital Market to ensure orderliness.

The Acting Director General of the SEC, Ms Mary Uduk also said:
“The Capital Market will no longer be the same again because we
have gotten the Board we have been waiting for for a longtime
now.

“From the CV of the Board Members, the market will definitely
move forward considering their qualifications and experience.”

Part-time members of the Board are: Mr. Olufemi Dominic Lijadu
(Chairman), Mr. Okokon Ekanem Udo (Representative of the Federal
Ministry of Finance), Mrs. Angela Adewumi Sere-Ejembi
(Representative of the Central Bank of Nigeria), Mrs. Faruk Ladi
Rekiya (part time Commissioner), Mr. Lamido Abubakar Yuguda (part
time Commissioner).

Full-time members are: Ms. Mary Joseph Uduk – Acting
Director-General, Mr Isyaku Bala Tilde – Ag. Executive Commissioner
(Operations), Mr. Reginald Karawusa – Ag. Executive Commissioner
(Legal and Enforcement), Mr. Henry Adekunle Rowlands – Ag.
Executive Commissioner (Corporate Services).

The inauguration of the Board comes with much excitements as
market operators and stakeholders in the sector have been calling
for the reconstitution of the board to strengthen SEC’s
operations.

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