As court orders the reinstatement of suspended director-general of Securities And Exchange Commission , Mounir Gwarzo, MARK ITSIBOR writes on its ripple effect on the capital market and the Commission.
An economic analyst attached to an international economic research firm with operations in Nigeria said “For Gwarzo to come back to resurrect what he started may draw the hand of the clock backward, Even though there may not be immediate reaction from the market operators.” He added that it is not good for the head of the Commission to be changed prematurely.
‘Whether we like it or not, he must have made enemies whom he will certainly pay back in their own coin if he is reinstated’ a senior staff of the commission said in confidence. That is the truth. When I nosed round the Commission shortly after the court decision last week, the mood or popular view is that the current system and leadership should continue. A very few of the staff want his reinstatement. “Staff morale will be strongly affected if he comes back.
As it stands, the market is indifferent to any change in leadership of SEC. The indication is that the market will not react. “The only thing that will boost market is if the matter is sorted and a substantive DG is appointed. Whether Gwarzo is there or not, we foresee the market stabilising from July, August this year. He has a few months to stay.
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