Afrigather Whereas Nigeria’s inventory market continues to soar globally, its regulator, the SEC, continues with out oversight.
In January, NGX, Nigeria’s inventory market, was the world’s best-performing inventory market, however amidst this rally, an important watchdog is lacking: the board of the Securities and Change Fee (SEC). Nigeria’s SEC oversees the trade and protects buyers however has operated and not using a board for practically a yr.
“President Tinubu has not made any appointments but,” an funding analyst on the SEC who declined to be named advised TechCabal. Sometimes, the president appoints board members, and the Senate confirms the appointees to insulate the board from political interference in its job to maintain the SEC accountable.
The NGX and the SEC didn’t reply to TechCabal’s request for feedback on the time of this report.
The time period of the earlier board expired in Might 2023. Per the SEC website, the board includes a boss and 4 different members, together with the Ministry of Finance and Central Financial institution representatives. The SEC’s Director-Common, Lamido Yuguda, is the highest-ranking official on the board, per the SEC’s organogram.
Regardless of the optimism across the NGX within the final yr, there have been issues that want regulatory consideration. The market’s frothiness has masked allegations of insider buying and selling and an important criticism: the NGX’s lack of ability to draw new and thrilling listings.
EDC Nigeria, a securities analysis agency, says the rise in inventory costs is because of buyers taking positions “in essentially pushed shares as we method the earnings season.”
