Senate Urges SEC To Serve As Alternative To Oil

By Ignatius Okorocha  –  Abuja


Following the current drop in the price of crude oil at the international market, Senate committee on Capital Market has charged the Security and Exchange Commission(SEC)  to fill  the gap as it has the capacity to serve as alternative to oil.

Speaking at a screening ceremony of the commission’s Acting Director-General,  Mounir Gwarzo in Abuja on Monday, chairman, senate committee on capital market, Senator Ayo Adeseun  noted that oil is exhaustible and the one that has been sustaining the country may dry up in the next twenty five years.

He therefore charged SEC to provide an alternative by making the business environment attractive for investors to take advantage.

He said: “The capital market is the most critical element for our economic development. 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 while screening the acting Director-General who has been nominated as the substantive DG, sought to know how he could turn the commission around and play a critical role in boosting the economy of the nation.

In his response, the Acting Director General, Haliru Gwarzo said the commission is capable of boosting the nation’s economy if appropriate steps are taken.

He explained that when Commission cut down cost, more investors would be encouraged to invest thereby injecting money into the system.

Gwarzo also stated that the commission under his watch will encourage the multinational companies especially those in the telecom sector to get listed in the stock market.

Source : Independent

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