By Amaka Ifeakandu
Lagos
Director General, Securities and Exchange Commission (SEC), Arunma Oteh has been returned un-opposed as chairperson of the African/Middle East Regional Committee (AMERC) at the 39th annual conference of the International Organisation of Securities Commissions (IOSCO).
The conference is currently taking place in Rio de Janeiro, Brazil. Oteh was re-elected as Chairperson to head AMERC for the next two years at the end of the AMERC meeting held during the ongoing IOSCO meeting in Brazil based on the experience that she brings as well as quality leadership Nigeria has provided over the years.
By this election, Oteh is to serve on the Executive Committee, the highest decision making organ of the global body for the next two years. Also re-elected was Saudi Arabia while Egypt was newly elected for the next two years.
In her acceptance speech, Oteh who assumed office in January 2010 as head of the SEC, the capital market apex regulatory body in Nigeria, said her election as AMERC chair was a demonstration of the confidence on her, her team at SEC and Nigeria as a whole. She pledged to be a loud voice representing the Region’s interest and her commitment to ensuring that the Region would do its best to uphold the goals and ideals of the global body.
Speaking further she said, “we believe that our work is very important to IOSCO and that it is very important to the market. One of the things we have achieved in the last two years has been greater inclusion and cohesion.
This has not come from the work of the executive alone, but by the work of all of us.”I am excited about the opportunity given us to lead is committee again for the next two years and we will continue to ensure that our committee is the best in IOSCO.”
Oteh disclosed that there is an increasing focus on the capital market away from banking finance as banks are still dealing with the challenges of the global financial crisis adding that the challenge for the regulators is to raise an enabling environment that would not increase risk for the investors and operators.
“Capital markets are very critical to the economy of every nation. The capital market is really the answer as it does not only provide financing but creates the environment where the right products are available. We come together to support each other in enforcement, share information because we believe the world is global”IOSCO succeeds because of co-operation between countries.
In AMERC, we can focus on the things that are most important to us and it is heartwarming that we are making progress in our respective countries” IOSCO was established in 1983 as the standard setter for the securities industry worldwide and currently has over one hundred ordinary members. IOSCO is recognised as the leading international policy forum for securities regulators. The organisation’s membership regulates more than 95% of the world’s securities markets in over 100 jurisdictions and its membership is steadly growing. The Securities and Exchange Commission (SEC) Nigeria was established in 1979 as the apex regulator of the Nigerian capital market.