STAKEHOLDERS in the capital market have described the 14–day ultimatum given to the presidency by the House of Representatives to sack the Director-General of the Securities and Exchange Commission (SEC), Ms Arunma Oteh, as misplaced. The market operators said there is rather the need for government to embrace dialogue with the lawmakers, so as work out amicable resolution to the crisis.
The Registrar and Chief Executive, Capital Market Registrars, Mr Walter Ogogo, argued that the planned sack was not necessary. According to him, government should find a way of settling the issues with her, since she was called back to continue with her functions after her indictment.
Also, the Chief Executive Officer, Cowry Asset Managing Limited, Mr Johnson Chukwu, said “I don’t think the issuance of ultimatum is the most appropriate way to resolve issues where there is a divergence of position between the executive and the legislature.
“Such ultimatum, instead of serving the larger interest of the society, tend to exacerbate the conflict. As the House of Representatives knows that it cannot compel the executive arm of government to implement its resolution, the 14-day ultimatum will only widen areas of conflict between the two arms of government.”
Also speaking, an independent investor, Mr Amaechi Egbo, argued that since the law setting up the commission made provisions for hiring and firing, if there was any need for removal, there was the need to follow the law that instituted the commission.
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