OKEREKE ACCUSED CBN OF CRASHING NIGERIA CAPITAL MARKET *As Oteh refuses to show up at probe panel*

Following yesterdays allegations and accusations of financial imprudence made by the Director-General of the Securities and Exchanges Commission, Ms Arunma Oteh on the removed Director General of the Nigeria Stock Exchange Prof. Ndi Okereke Onyiuke at the on-going house probe on near collapse of the Nigeria capital market, the former DG of NSE appeared before the panel today to defend herself of some of the allegation and also provided some way forward to the present administrators of the SEC and NSE. In her earlier statement the Prof. Okereke accused the CBN merger loans of being the main reasons why the capital market is in the state of comatose, “The merger loans given to most of the commercial banks has cost the present mess faced by the capital market”. She further said that many of the fictitious private companies registered by CAC saw the capital market as a money making avenues for themselves and try to exploit individual and innocent investors in the market. However, she highlighted some major points on how the market can get back to its glory days of market booming. “I wish to state that some of the ways which the market can get its confidence back in the mind of investors are as follows: appointment of the market makers which must include a public enlightenment because the stock market is the barometer of the economy of any country. Secondly, Merger of stock broking firms as this will make them stronger because most of them are too weak to stand alone, thirdly, the E-dividend and E-certificates should be encouraged so that it can be properly kept and protected. She further said that the setting up of another government agency to monitor unclaimed dividends and certificates should be discourage as this would bring over-lapping of duties. Prof. Onyiuke also said that the SEC should have a developmental functions and not just police offenders but should enlighten them while the SEC should be adequately funded by the federal government. She concluded by adding that Value added Tax placed on shareholders should be abolished. Meanwhile the Director General of the Securities and Exchange Commission Ms Arunma Oteh failed to appear before the panel today giving a writing excuse which ask for the permission of the house probing panel to allow her attend an economic summit being chaired by President Goodluck Jonathan but in swift response the chairman of the probe panel Hon. Ibrahim El-Sudi order her to appear before the panel unfailingly by 10am on Wednesday or the law will be used against her.