By; PETER NOSAKHARE, Kaduna
The current probe of the House of Representatives Sub-committee on market regulations and compliance of the nation’s capital market to address presumed anomalies is receiving the backings of some stakeholders in the sector who believe the sector deserves to be sanitized.
The committee which said it has uncovered “a lot of underhand and sharp practices” perpetrated by various companies in the capital market, said it is escalating its activities by inviting offenders for questioning.
Following petitions on alleged sharp practices in the sector, the Mr. Tony Nwulu- led committee said it has invited well over 100 public liability companies to defend their operations.
Nwulu averred that the probe was “primarily designed to sanitize the capital market and restore investors” confidence.
“Truth is that those hiding for now may have to bite their fingers later, because there’s no hiding place for them. The sector has to undergo this necessary sanitization (our capital market), so that Nigerians and investors will feel and know they are safe”.
According to him, “those given a clean bill of health will be highly recommended because some of the companies lived above board and those making false valuations do and will have case to answer”.
Responding to the development which got the clearance from the Apex Regulatory body, the Security and Exchange Commission, (SEC) market stakeholders welcomed the idea considering the fact that the regulatory bodies have failed to do their jobs.