Legal Practitioner Supports Conveyance Of National Conference

vlcsnap-2014-03-10-13h47m56s156A legal practitioner, Mr Zik Obi, on Monday supported the timing and convening of the National Conference even though the reports produced from the last conference was discarded by the then president.

Speaking as a guest on Sunrise Daily, Channels Television’s breakfast programme, Mr Obi, who was a member of the Judicial and Legal Reforms and Report Writing Committees during the 2005 National Conference, stated that the committee came out with reports but unfortunately nothing came out the reports.

He said the 2005 conference started very well with 19 committees set up but “towards the end, we got a draft constitution. We looked at it and turned it down”.

The draft, according to him, was “submitted by agents of the government”. He noted that “from that moment, things went bad” and the government lost interest in the conference, because the draft “contained one major provision about the extension of tenure of the president”.

Citing the compromises that were reached in wrapping up reports during the previous conference, the Abia-born legal practitioner maintained that “problems will arise if a consensus is not reached on certain issues that will be discussed during the conference.

“What happened at the last time was that, when the issue (allocation of federal funds) came up, those from south-south insisted on 50 per cent minimum; there were lots of debates and those from the north came out in full force to oppose it” insisting that “part of the problem we face is that people tend to look at issues from the partisan point of view. Probably if it favours your religion or the part of the country you come from,” he said.

It is recommended that issues raised during the conference must have at least 75 per cent support of members of the conference to be implemented, but Mr Obi believes that “due to the nature of the matter of the issues involved, it is going to be tough to get that,” noting that “many of the issues- raised during the previous conference- were not resolved” due to how contentious the issues were.

He also noted that Nigerians must first accept that Nigeria cannot follow the path the United Kingdom and United States operate politically because “we don’t have that same maturity yet” insisting that “most (Nigerian) politicians are immature”.

He noted that unless the issue of fiscal federalism, power structure, zonal arrangement and the mode of governance were solved, “it would not make any progress”.

Reps’ Resolution Damages Capital Market – Zik Obi

A capital market operator and lawyer, Mr. Zik Obi, On Monday said the House of Representatives’ resolution which demands that President Jonathan remove the Director General of the Security and Exchange Commission (SEC) Aruma Oteh, is doing more harm than good.

“This kind of resolution causes a lot of damage to the capital market, especially in a situation where efforts have been made to re-build the market that collapsed a few years ago, getting resolutions that never seem to end creates a lot of problems in the market and give interpretation to foreigners that we are unserious in what we do.” Mr. Zik said on Channels Television’s breakfast programme; Sunrise Daily.

He added that he disagrees with the House of Reps’ resolution which they say is based on the DG’s lack of the requisite experience of qualification.

Mr. Zik said that Sec. 32A of the SEC Act provides that the DG must be a university graduate and have at least 15 years related experience in capital market operations.

He also added that Sec. 315 clearly defines a capital market operator and those who perform specialized services in the market are operators and hence it doesn’t apply to regulators.

He stated those in the commission are regulators and not operators.

There are lots of dead woods in the SEC–Market Analyst

Capital Market analyst, Zik Obi, has claimed that there are  lots of incompetent hands in the Security and Exchange Commission (SEC).

The Legal Practitioner who was on our breakfast show Sunrise daily said the Director general of SEC, Ms Arunma Oteh is very much qualified for the position even though the House of Representatives are claiming she is not.

According to the market analyst, a lot of workers in the commission would have loved to rise to the exalted position following Ms Oteh’s suspension, “so there is probably a foul play somewhere because a lot of issues will probably be uncovered with her continued stay in the office hence the protection of individual interest” he argued.

Mr Obi further adds that SEC has been in a bad shape and Ms Oteh is doing or has done a job, warning that her removal will/may further damage the commission’

he concluded.

Launching N5000 note can’t work with the cashless policy- Analyst

Mr. Zik Obi a capital market analyst and legal practitioner has described the cashless policy and the proposed N5000 note as ‘coming at a very wrong time’.

According to the him, it is very wrong to launch the two polices without any sensitization of any kind.

He urge the Central Bank of Nigeria (CBN) to suspend the proposed introduction of N5000 note.

Mr. Zik decried the failure of the apex bank to work with the National Assembly on the N5000 note proposal and warned there’s a lot of problems economically which remain unsolved for CBN than to bother Nigerians with the introduction of new N500o note.

Capital Market Probe: House of Reps. were on a mission for vengeance – Analyst

Looking back at the Capital Market Probe that was held some time ago in the Federal Capital Territory, Abuja to deal with issues surrounding the near collapse of the NSE/SEC.It was full of drama and one which took the center stage was the allegation levelled against the former Chairman of the probe panel, Herman Hembe by the D.G. SEC, Arunma Oteh which led to the removal and prosecution of the former chairman of the panel, now the issue is that can the probe panel chairman who took over from Hembe deliver?

A lawyer and Capital Market analyst; Zik Obi on the Capital Market said the report released by the probe panel on Capital Market was greeted with mixed reactions, in that some people were disappointed while some were not but in his own view, the House of Representatives did not do a good job as it was as if they were on vengeance mission, that is to deal with the SEC D.G., Arunma Oteh.


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