The confirmation screening of the Acting Director-General of the Securities and Exchange Commission (SEC) Haliru Gwarzo was held by the Senate last week during which the lawmakers urged Gwarzo to devise means of making the Nigerian Capital market an alternative to the unsustainable oil economy in the country.
The screening by the Senate Committee on Capital Market headed by Mr. Ayo Adeseun made this known when the Ag. Director-General appeared before the Senators in Abuja.
While lamenting on the continued fall in the price of oil in the international market, which is affecting the economy of the country, the Chairman said SEC should fill the gap, saying it has the capacity to do so.
He urged SEC to provide an alternative means by making the business environment attractive for investors to move in both foreign and local.
Adeseun said: “The capital market is the most critical element for our economic development, that is why it is also called the “Barometer of the economy”. Oil is exhaustible and from the information available to us, it may dry up in the next 25 years if we continue on this path, so, the capital market, through SEC, may bail the over 170 million Nigerians out”.
The Senators at the screening asked the Ag. DG how he would turn around the commission and play a critical role in boosting the economy.
In his response, Gwarzo said the commission is capable of boosting the nation’s economy if the right steps are taken.
He explained that when the commission cuts down cost, more investors would be encouraged to invest, thereby injecting money into the system.
He added that the commission under his watch would encourage the multi-national companies, especially those in the telecoms sector, to get listed on the stock market.
This, he said, could be done if government can help by giving a condition that those companies that are listed on the stock market would be the first to be considered for contracts.
He said if such priority is made for those listed companies, the possibility of many companies wanting to be listed as a condition to have priority to do contract would raise the revenue base of the country.
He also said SEC would soon launch surveillance on the floor of the Nigerian Stock Exchange to fight any infraction.