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New D-G for SEC

Posted by KENNETH MADUEKE and OKEY NWANKWO on 2004/10/28 | Views: 533 |

New D-G for SEC


GOVERNMENT has appointed Mr. Musa Alfaki, a seasoned stockbroker, as the new Director-General (DG) of the Securities and Exchange Commission (SEC), with effect from Tuesday October 26.

GOVERNMENT has appointed Mr. Musa Alfaki, a seasoned stockbroker, as the new Director-General (DG) of the Securities and Exchange Commission (SEC), with effect from Tuesday October 26.

His appointment followed the expiry of a five-year term of Dr. Sulyman Ndanusa.

Daily Champion gathered that ahead of last Septemberís expiration date for Dr. Ndanusa, Presidency was literally besieged by interested candidates who mounted intense lobby for the plum job.

However, Dr. Ndanusa may have made frantic efforts to secure another term but probably countered by other interest groups.

Competent sources said even capital market operators were more favourably disposed to having a new D-G as they claimed that Dr.Ndanusa was uncompromising on issues affecting us."

Daily Championís attempt to get views on this development from SEC was abortive as none of its staffers obliged comment.

The Finance Ministry, Office of Secretary to Government of the Federation (SGF), Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) as well as Nigerian Stock Exchange (NSE) may have been informed of Mr. Alfakiís appointment, it was learnt.

The new D-G is a Governing Council member of the NSE with over 18 years exprience in capital market.

Mr. Alfaki, holder of BSc, and a master degree in Business Administration (NBA), was until the new appointment, the Managing Director/Chief Executive Officer of M & F Investment and Securities Limited.

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