Shareholders Group Lend Support to SEC
The Shareholders' United Front has supported the position of the Securities and Exchange Commission (SEC) on the management and administration of the Trust Fund Scheme that the administration will be done by men of proven integrity and experience elected by all stakeholders.
Speaking yesterday in Lagos, the Mr. Gbenga Idowu, National Coordinator of the Association explained that " it is our belief that the Trust Fund Scheme to manage the nation's unclaimed dividend is long over-due in the interest of accountability, probity and profitability of our investment."
Idowu added that "we observed that the argument for or against the Trust Fund Scheme to manage the unclaimed dividend had been an old one and well debated but the superior argument of those for over weighed the ones of those against it."
He said that his association was reacting to the recent reports in the nation's dailies on capital market activities. According to him, the shareholders resolved that the nation's capital market as an important economic integral part of the nation that holds the key to economic freedom of all Nigerians as a result any related issues or utterances must be weighed with utmost responsibility and sincerity by all stakeholders.
"We believe collaborative efforts by both SEC and NSE to introduce laudable and progressive reforms at expanding and deepening the nation's capital market will lead to further enrichment of all stakeholders," Idowu said.
He added that association holds the board and management of the Capital Market regulators responsible for the efficient staffing, employment of appropriate technology, sourcing of funds to finance their respective operations in an organised and transparent manner.
The shareholders believe the need to improve service deliveries and modernisation of operational efficiency by the regulatory authorities in the market may lead to increase in their staff strength and marginal increase in what investors may pay for attendant services.
"We believe that in the market there is no sacred cow and the need for all regulators of the market to be seen to be neutral and impartial in the interest of fair play and confidence in the market. We are proud of men and women who hold key positions in navigating the direction of the nation's capital market at this point in time for their vision and focus. But we urge them to focus more on issues that will further improve their contributions to the development of the market rather than the ones that will retard its growth," said the association's coordinator.
|
