SEC: NEW BOARD CALLS NASS BLUFF, APPROVES BUDGET

The new Board of the Securities and Exchange Commission (SEC) which was inaugurated last month has approved the budget of the Commission  in a move that calls the bluff of the National Assembly (NASS).

The Board led by Suleiman Ndanusa was said to have quietly okayed the budget last week  following threats from the workers of the Commission that they would down tools if the impasse between the capital market regulator and the lawmakers was not resolved as soon as possible.

Consequently, last week the workers who had remained without their December 2012 allowances and January 2013 salary were said to have been paid  all their entitlements, with no threat to work stoppage.

Competent sources Sunday Independent the Board relied on some sections of the Investment and Securities Act (2007) to back up its decision.

It was gathered that although, the relevant section of the ISA was not made known it gives the backing for the Board to approve the Commission’s budget.

Sunday Independent reliably gathered that  in the past, the NASS did not specifically approve the budget of the Commission as it was part of the national budget which the lawmakers passed.

While passing the 2013 national budget, the NASS had approved a zero budget for the Commission.

In what was regarded as one of the most crucial meetings since his assumption of office, Ndanusa had assured the workers  that the issue would be resolved during the Board meeting that was held recently to stave off workers restiveness.

Ndanusa, at the inauguration of the new Board a fortnight ago had said that the impasse between the Commission and National Assembly would be resolved as soon as possible.

He had assured that the Board would work with the Minister of Finance, Dr. Ngozi Okojo-Iweala to ensure that whatever issue between the lawmakers and the Commission would be promptly addressed for the benefit of the capital market.

His words: “We will work with the Honourable Minister of Finance to reconcile the Commission with the National Assembly, so that they become more understanding of operations of the SEC.  I believe that nobody would want the market to suffer unnecessarily.  So we are all putting our hands on the table to look for whatever problems and resolve them”.

“We will be discussing with the Minister, who is talking with Mr. President to resolve whatever the problem is.  Just give us some time because it’s part of what we will be reviewing and whatever the advice and suggestions we have, we will work with the Minister to reconcile the Commission with the National Assembly”, Ndanusa assured.

Relationship between the SEC DG, Arunma Oteh and the National Assembly had run into a stormy water with the lawmakers demanding for her removal among the hoards of recommendations made to the Federal Government  in the aftermath of the capital market probe last year.

Their reason was that she did not have 15 years experience in the Nigerian Capital Market as required, among others.

Source: Daily independent