The Federal Government on Tuesday inaugurated a new management board for the Securities and Exchange Commission.

Shortly after the inauguration, the Chairman of the board, Mr. Suleiman Ndanusa, said the board would immediately work with the Minister of Finance, Dr. Ngozi Okonjo-Iweala, to settle the rift between the embattled Director-General of the commission, Ms. Arunma Oteh, and the National Assembly.

The National Assembly had, following the failure of President Goodluck Jonathan to remove Oteh as directed in a resolution of the House of Representatives, passed the 2013 budget without allocating any funds to the commission for its operations.

But speaking on the zero allocation decision of the lawmakers, Ndanusa said, “If you look at the mix of our board, you will see that we have the firepower to move the market forward. We will work with market operators and we will discuss with major stakeholders so as to see how far we can build on the progress so far made.

“We will look for solution to it (rift). I am sure that the board, the Executive and the National Assembly will be talking, and we will do the little we can do in terms of joining with the conciliation and that is why I said we are going to be conciliatory.

“We will be discussing with the minister, who is talking with Mr. President to resolve whatever the problem is. Just give us some time because its part of what we will be reviewing, and whatever the advice and suggestions we have, we will work with the minister to reconcile the commission with the National Assembly.”

With regard to capital market activities, Ndanusa said the new board would be tough with enforcement and would empower the SEC DG and members of the executive to enforce rules as they applied to the market.

He described current developments in the capital market as both interesting and challenging, adding that the board would consolidate on the current gains to move the market forward.

The new SEC board chairman hinted that registrars would have to be modern in their approach, adding that the market would also be made more transparent and fair in its dealings.

“This board is ready to work with the DG and everybody in SEC to make Nigeria’s capital market great in Africa and beyond. We will build bridges and encourage reconciliation, and we have already keyed into the government’s transformation agenda,” he added.

Earlier, Okonjo-Iweala had said the constitution of the board followed approval given by both the National Assembly and President Goodluck Jonathan.

She charged the board members to bring in new ideas to the commission in line with the transformation agenda of the Federal Government.

This, she said, was vital because of the important role the stock market played in economic development.

The minister said, “The inauguration of this board is important because the capital market of Nigeria and the stock market are very important aspect of the economy that contributes materially to the direction in which this economy goes.”