June 15, 2012 / PROSHARE

There are indications that the Federal Government is set to constitute a new board for the Securities and Exchange Commission (SEC) from Monday to avoid a corporate governance gap.

Until Friday, the board was headed by Senator Udoma Udo Udoma and the Director General, Ms Arunma Otteh (at this time on a well intentioned compulsory leave) alongside three commissioners, one representative each of the Ministry of Finance and the Central Bank of Nigeria (something that still reflects the aberration related to how the SEC was set up – including the CBN; which should not be in a 21^st century SEC regime). The CBN’s role in the SEC and the SEC’s post at the EFCC and AMCON all represent an aberration that defines our backwardness as an entity,

We understand that the positions fornteh executive commissionrs will be advertised, based on what the Minister of Finance said today when she visited the SEC.