by Lekan Olanrewaju
Earlier this week Director-General of the Security and Exchange Commission Dr Arunma-Oteh at the resumed House of Reps capital market probe hearing pointed fingers at the Nigeria Stock Exchange over mismanagement of funds as well as “weaknesses in corporate governance, weaknesses in risk management, weaknesses in internal control, insufficient oversight of brokerage firms and listed companies and inability to enforce rules.” Former Director-General of the Nigerian Stock Exchange (NSE), Professor Ndi Okereke-Onyuike however yesterday made her presentations, denying responsibility for the near collapse of the capital market, and blaming the SEC and the Central Bank of Nigeria, CBN.
She stated that the CBN failed to regulate margin loans which banks used to speculate share prices, and did not protect investors when the loans were indiscriminately given out.
“It was margin loans that led to the collapse of the Nigerian Stock Exchange, nothing more,” she said. “We opposed the banks using their own registrars whenever they come to the market for offers.”
She refuted claims by Arunma-Oteh of mismanagement of funds saying: “I am not an angel, but stealing does not exist in my vocabulary,” and went on to accuse the SEC of trying to cover up their burglary of the NSE premises where she said documents such as her birth certificate were stolen.