THE SECURITIES & EXCHANGE COMMISSION (SEC)

In 1962, a year after the establishment of the Lagos Stock Exchange, an ad hoc consultative and advisory body known as the Capital Issues Committee was established under the aegis of the Central Bank of Nigeria (CBN). Its mandate was to examine applications from companies seeking to raise capital from the market and to recommend the timing of such issues. The Committee, however, had no legal backing, but operated non-officially as a capital market consultative and advisory body within the Central Bank of Nigeria but an increase in the level of economic activities, and consequently capital market activities necessitated the creation of another body, the Capital Issues Commission in March, 1973 to take over the activities of the Capital Issues Committee.

Following the acceptance of the recommendations of the Financial System Reviewing Committee in 1976, the Federal Government endorsed the establishment of the Securities and Exchange Commission to supersede the Capital Issues Commission.

Among their functions includes: Register and regulate Securities Exchange; Capital Trade Points; Futures, Options and Derivatives Exchanges; Commodity Exchanges and any other recognized Investment Exchange Funds, Capital Trade Points, Mergers, acquisitions, take-over and other forms of business combinations under the Act.

The Securities and Exchange Commission is also a member of International Organization of Securities Commission (IOSCO).The board members includes Senator Udoma Udo Udoma (Chairman) Ms Arunma Oteh (Director General) Ms. Daisy Sunjuba Ekineh (Executive Commissioner Operations), Mr. Charles A.Udora (Executive Commissioner Legal Enforcements) Alh.Lawal Sani Stores (Executive Commissioner Finance & Accounts), Mal Yahaya Ali (Commissioner) and the Non-Executive Commissioners are Mr. Omoha lexy Omoha Barr, (Mrs) Monke Fatade and Alh. Umaru Bello Girei.