The Speaker of the House of Representatives, Yakubu Dogara, has explained that the House decided to intervene in the conflict between the Minister of Finance, Kemi Adeosun, and the suspended director general of Security and Exchange Commission, Mounir Gwarzo, in order to protect the capital market’s integrity, improve public perception of the sub-sector, boost investor confidence, build trust and encourage primary investment.
He also added that the House of Representatives is determined to unravel what led to the conflict, with a view to resolving and finding reasonable solutions geared towards achieving positive impact on the Capital Market and national economy.
Speaking at a public hearing organised by the committee on Capital Market at the National Assembly, the speaker said it is important to provide a conducive environment for the capital market to contribute massively to the nation’s economic growth and development, now that there has been a downside in Nigeria’s economy.
He also noted the importance of integrity and perception to the growth of Capital Market and the economy, saying no investor will be interested in putting funds in a Market that is fraught with instability, confusion, crisis and bickering, no matter how well the package may look.
He said, “The House of Representatives, and indeed the National Assembly has been pro-active on various fronts, in meeting and realising legislative actions geared towards boosting the Capital Market and Nigerian economy.
“As a Legislature, we are not unmindful of the importance of perception in the Capital Market. Similarly, integrity is very paramount to the growth of Capital Market and the economy. Regardless of the juicy package put together by stakeholders, however, no investor will be interested in putting funds in a Market that is fraught with instability, confusion, crisis and bickering.
“It is as a result of these and our firm commitment to protect market integrity, improve public perception of the sub-sector, boost investors confidence, build trust and encourage primary investment in the Capital Market, that the House of Representatives resolved to intervene in this matter.
“As a parliament, we strongly believe that the downslide in Nigeria’s economy, provides the best opportunity for the Capital Market to fill this gap by taking the lead in contributing massively to economic growth and development.
“However, this lofty ideals and objectives cannot be realised in an atmosphere of strife, discord, mistrust and disconnect between and amongst key functionaries of the Capital Market and national economy.”
He reiterated that the House of Representatives is determined to always support operators, stakeholders and regulators in achieving their respective goals and objectives in order to help them contribute positively to driving Nigeria’s economy.