Securities & Exchange Commission (SEC) Not Compromised!
Lagos, Nigeria: March 14, 2012: Following the ongoing public hearing on the Capital Market by the House of Representatives Committee on Capital Market, there has been skewed reports online that the regulatory body, Securities and Exchange Commission (SEC) compromised itself by hiring staffers of Access Bank Plc and by so doing has compromised its position as the capital market regulatory body.
It is important to put the story in the right perspectives before the misinformation assumes a life of its own.
The Director General of Securities and Exchange Commission, Ms. Arunmma Oteh used her used her personal goodwill to attract two people on secondment to the SEC from Access Bank. They work in Brand Communications Support and Project Management / Premises Maintenance. - two areas in which SEC was and still is deficient and which are absolutely unrelated to the regulatory mandates / roles of the SEC Nigeria. There is therefore absolutely no conflict of interest involved in the matter.
They work pro bono, i.e. without earning any salaries at the SEC. They are not staff of the SEC and have no intention of taking employment at the SEC. The DG of the SEC should be commended for using her goodwill to attract them at no cost to the Commission.
The Hon. Herman Hembe, Chairman of the Public Hearing has shown needless and manifest hostility to the DG of SEC to the detriment of both the capital market and the national interest. He has twisted the facts to suit premeditated interests which are known only to him.
While we whole heartedly welcome the public hearing, we should be mindful of utterances and acts that may erode the investor confidence which the regulatory body has been building through its numerous reforms.