A capital market operator, InvestData Limited, has urged the Federal Government to make the reconstitution of the board of the Securities and Exchange Commission one of its top priorities.
The Chief Operating Officer, InvestData, Mr Ambrose Omordion, disclosed this in an interview with the News Agency of Nigeria while speaking on expectations from the new government.
NAN reported that President Muhammadu Buhari had dissolved the board of the commission on July 16, 2015, and later set up an eight-man panel, headed by a former Secretary to the Government of the Federation, Mr Babachir Lawal, two months later to reconstitute it.
Omordion said Federal Government’s failure to reconstitute the board for over three years had serious implication for operational efficiency of the apex capital market regulator.
He said SEC ought to be strengthened with the appointment of a board of directors for growth and development of the capital market.
He stated that the development was affecting some operational activities of the commission, thereby dampening investor confidence.
Omordion said, “All the three tiers of the government should focus on policies that will revamp the economy and trigger growth following the conclusion of the general elections.
“Government should leverage technology and ensure turnaround of every sector in order to create a productive economy that will reduce unemployment rate. Monetary and fiscal policies should complement each other in this dispensation.”
Omordion added that budget planning and implementation should be improved upon by ensuring early presentation for approval to come on time within January and February of every year.
According to him, budget disbursement and implementation style should be worked on in order to make the needed impact.
He noted that government should embark on people-oriented and economic policies that would drive small-scale businesses, adding that the stock market was expected to rally with the relative peace after the general elections.
Omordion explained that the low liquidity in the market and the lack of confidence of investors had dampened the expected rally as volume of shares traded and money inflow index remained down, in spite of ongoing earnings season.