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Home |   About Us |   Contact Us |   Members |   Search |   Subscribe |   Disclaimer |   THE GUARDIAN CONSCIENCE, NURTURED BY TRUTH LAGOS, NIGERIA.     Friday, July 23 2004   news   editorial/opinion   politics & people   business   sports   metro   capital market   weekend   golf weekly   Guardian Chat Click to join the chatroom Reps panel alleges malpractices at SEC From John-Abba Ogbodo, Abuja F ROM the House of Representatives Committee on Capital Market yesterday came an allegation that the operations of the Securities and Exchange Commission (SEC), were marred by irregularities. The Chairman of the committee, Ahmed Wadada, who announced this at a press conference in Abuja said the findings of his committee about irregularities in SEC were shocking. He alleged that the commission had been conducting its activities with utmost secrecy just as the organisation had remained insensitive and adamant to the yearnings of stakeholders. "The regulatory framework of SEC is not sensitive and responsive to the yearnings of stakeholders. "SEC has not been a team player in the industry and it has impacted negatively on the security market," he said. Wadada further alleged that some financial impropriety were discovered in the commission by his committee. One of the instances according to him, was during the budget defence. SEC presented a revenue target of N2.8 billion for the whole of year 2004 but the committee discovered recently that in one day, the commission realised an income of N90 million. The chairman said in addition that the commission had failed to render account to the committee on its revenue generation for the first and second quarters of 2004. Following this discovery, the committee, Wadada further said, would investigate the activities of the commission since inception. The chairman also expressed dismay over the attitude of the commission towards the thematic workshop which the committee proposed to hold in August. The workshop, the chairman said, would provide the frame work for a review of the Investment and Securities Act. Consequently, he said "our position will be conveyed to the president and the minister of finance for action. The chairman noted that the committee would press for total overhaul of the place with a view to making it more proactive and responsive. � 2003 - 2004 @ Guardian Newspapers Limited (All Rights Reserved).  Powered by dnetsystems.net dnet�

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