The Executive Commissioner, Operations, Mr. Mounir H. Gwarzo, had taken over the affairs of the commission as the acting Director General. This was announced by the Securities and Exchange Commission on January 12, 2015.
The leadership of the commission was taken over from Ms Arunma Oteh, whose tenure ended on January 7 by Gwarzo.
Ms Oteh, handed over to Gwarzo at a ceremony held at the commission’s headquarters.
Oteh disclosed that her five-year tenure at the commission was absolutely outstanding, and attributed the successes recorded to the cooperation she received from every member of staff.
She said when she joined SEC in January 2010, she was utterly certain about why SEC was important and what its role and what the agenda was. She was able to articulate it in one phrase: ‘Building a world class market.’
“To have a vision and have everyone being able to connect and align around it, whether it is capital market operators, shareholders and other stakeholders, for me were very rewarding.”
She said that what the commission had been able to achieve in summary was to lay a foundation for the nation to see a capital market that would help tackle its infrastructure challenges.
Oteh also said their aim is to build a meritocracy so that it is the feasible businesses that get funded, not necessarily the ones that have connections, so that they can also tackle some of what are seen in the world today, whether it is security challenges that they face or the security challenges that everybody faces.
“And I believe that the capital market is the answer and what we have done in the last five years is to lay a foundation; there is still a lot of work to be done.”
Following the confirmation of her exit by SEC of recent, Gwarzo, who has over 25 years’ experience in the capital market as an operator and regulator, was appointed as the front runner for the job.
Gwarzo takes over the helm of affairs at a time when the capital market is witnessing massive drop in all its indices.
For instance, the Nigerian Stock Exchange ended 2014 as one of the worst performing exchanges in the world as the market capitalisation of the listed equities fell by N1.749tn to N11.477tn from N13.226tn at the start of the year.