Odife helped to strengthen SEC – Gwarzo

By David Agba
Abuja

Director-General of Securities and Exchange Commission (SEC) Mounir Gwarzo has described late Sir Dennis Odife as the most iconic figure in the history of Nigeria’s capital market whose Committee did an exceptional work in fashioning out the capital market regulatory framework.
Gwarzo who spoke at a Night of Tributes organized in Abuja for Sir Odife said the late doyen of the capital market had uncommon foresight, as through that committee he helped chart a new path in the capital market growth in the country.
According to Gwarzo “He made a conscious decision to build a solid foundation for the growth and development of our market. That foundation is what we have as the Investment and Securities Act ISA 2007. This is the law that governs the market. He was the architect of this framework and it was eventually passed into law in 1999. The passage of ISA was a revolutionary move that set the stage for an explosive growth both in stock and bonds.

“But he believed in strengthening the regulator. Anybody that believes in strengthening the regulator believes in ensuring that the right thing is being done. Sir Odife was the one that recognized the need for a strong and independent regulator to effectively police the market. He enshrined in the ISA sufficient autonomy for SEC as a regulator and enforcement powers over the exchanges and capital market operators.
“That has made our market to do better because if you look at the robustness of the ISA there is nothing the regulator cannot do in this market, there is nobody that will cross the line and we cannot take out. Under the prior Securities and Exchange Commission Decree, the SEC lacked vital regulatory and enforcement powers and was not sufficiently motivated”.

He said late Sir Odife who had extensive knowledge of the best practices that obtained in other jurisdictions advocated for greater powers for SEC just like in developed markets. These powers he said include the sole power to register securities and market participants, power to enter and seal off premises of any operator that violates the provisions of the law, powers for inspection, power to initiative cross boarder regulations, power to impose fines and so many other powers adding that these powers can be very critical to maintain sanity in the markets and enabled the SEC to take enforcement action against anybody that crosses the red line.

“In essence, he ensured that SEC was not merely a toothless bulldog; ISA gave the SEC sufficient teeth to take action and assert itself as apex regulator in the market. He was a man of integrity, a strong and resolute man who rose above his peers to establish a reputation as one of Nigeria’s finest technocrats” Gwarzo added.
Speaking earlier, Chairman of the occasion, Chief S. N. Okeke described Sir Odife as a true Nigerian who put the interest of the economic well being of the country above all selfish interest.
“He was a great stock broker, banker and economist, he was very much around at the very beginning of the stock broking industry in Nigeria” Okeke added.