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Why we intervened in Finance Minister, DG SEC’s conflict — Dogara

Speaker of the House of Representatives, Yakubu Dogara, Thursday explained that the House intervened in the conflict between the Minister of Finance, Kemi Adeosun and the suspended Director General of Security and Exchange Commission, SEC, Munir Gwarzo, to protect the integrity of the Capital Market. He also stated that it was pertinent to   improve public perception of the sub-sector, boost investors’ confidence, build trust and encourage primary investment.

 

Dogara also assured that House would unravel the cause of the conflict, with a view to resolving and finding reasonable solutions geared towards achieving positive impact on the Capital Market and national economy. The Speaker spoke at a public hearing organised by the Committee on Capital Market at the National Assembly. He said it was important to provide a conducive environment for the capital market to contribute massively to the nation’s economic growth and development now that there had been a downside in Nigeria’s economy. He also noted the importance of integrity and perception to the growth of Capital Market and the economy, saying no investor would be interested in putting funds in a Market fraught with instability, confusion, crisis and bickering, no matter how well the package might look.

 

He said:  “The House of Representatives, and indeed the National Assembly has been pro-active on various fronts, in meeting and realising legislative actions geared towards boosting the Capital Market and Nigerian economy."As a Legislature, we are not unmindful of the importance of perception in the Capital Market. "Similarly, integrity is very paramount to the growth of Capital Market and the economy. Regardless of the juicy package put together by stakeholders, however, no investor will be interested in putting funds in a Market that is fraught with instability, confusion, crisis and bickering. It is as a result of these and our firm commitment to protect market integrity, improve public perception of the sub-sector, boost investors confidence, build trust and encourage primary investment in the Capital Market, that the House of Representatives resolved to intervene in this matter."

 

“As a Parliament, we strongly believe that the downslide in Nigeria’s economy, provides the best opportunity for the Capital Market to fill this gap by taking the lead in contributing massively to economic growth and development. “However, this lofty ideals and objectives cannot be realised in an atmosphere of strife, discord, mistrust and disconnect between and amongst key functionaries of the Capital Market and national economy.” Dogara reiterated the determination of the House to support operators, stakeholders and regulators in achieving their respective goals and objectives in order to help them contribute positively to driving Nigeria’s economy.

 

Photo Credit: 
guardian.ng

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