The House of Representatives probe of the capital market resumed on Wednesday, with suggestions that operations of Security and Exchange Commission should be made more transparent and efficient.
President of the Chartered Institute of Stock-brokers of Nigeria, Mike Itegboje accused the SEC of micro-managing the Nigerian Stock exchange because it has eight members on the council of the exchange which it is supposed to be managing.
To protect investors especially those who have lost their shares in the nationalized bank, Mr. Itegboje asked that the shareholders should be given some ratio of shares in the banks by the core-investor instead of outright liquidation.
Also the national chairman of Progressive Shareholders of Nigeria, Mr Boniface Okezie stated that until the nationalized bank are return to the shareholders, confidence will never be restored to the capital market, which is currently at its lowest ebb. “The confidence in the market will never come back until the issue of nationalization is revisited and the banks are returned back to the shareholders, because illegality cannot become legality” he said.
Mr Okezie also defended his claim that the current DG of the Security and Exchange Commission is not qualified for her appointment due to her lack of 15years mandatory experience in the commission/exchange as stipulated by the law.
The probe continues on Thursday.