Nigeria’s SEC DG, Oteh Re-elected AMERC Chairprsson

Director General, Securities and Exchange Commission (SEC), Arunma Oteh has been unanimously 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) currently taking place in Rio de Janeiro, Brazil.
Oteh was acclaimed 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 were Saudi. Arabia and Egypt.
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.
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” Oteh added.
She stated that her priority would be to build capacity among AMERC- member countries and promote the integrity of the securities markets to engender investor confidence which are critical to the development of the AMERC capital markets and economies. Her words “ i will do my best and will continue to rely on your support to ensure that AMERC continues to grow stonger and stronger. We will embrace global best practice to ensur that our markets are world class markets”.
In her opening remarks at the meeting, the AMERC chairperson described the regional meetings as very critical because it is a forum for all members to share lessons from each other and address some of the issues that are most pertinent for the Region.
She described the theme of this year’s meeting: Market based financing for global growth, A forward looking approach, as apt at a time when there is greater recognition in the countries and globally about the value of capital markets notably for job creation through funding, SMEs or large companies through fostering economic inclusion and also to meet the huge infrastructure financing requirement.
In his remarks, Chairman of IOSCO board, Greg Medcraft disclosed that the organisation is determined to build on the changes and the good work it has done in the past to ensure that markets can fund the real economy and drive economic growth globally which in turn he said, would improve standard of living.
Medcraft also emphasised the ongoing innovation driven complexities in production, markets and technology adding “we are living in a digital world and we have to stay above the game by recognising the risks early and putting measures in place to nip it early.
“Digital disruptions to business models is a serious challenge and it is important that we as regulators understand how to mitigate risks”.

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