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Why The Current Stock Market Probe Should Be Stopped Immediately - Investment - Nairaland

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Poll: Should lawmakers be paid additional personal allowance to carry out their oversight functions?

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Why The Current Stock Market Probe Should Be Stopped Immediately by dounleedee: 12:42pm On Mar 16, 2012
Is this probe in respect of the crash of the stock market or the excesses of the DG? How has the activity of the DG compromised investors' funds in the stock market? I am completely at a loss to the charade we have been subjected to these past two days. If indeed lawmakers are paid to sit to carry out probes of this nature, then we are in deep trouble. I was particularly irked about the Chairman asking for the adjournment of the hearing so they can go and eat the beautiful lunch that was prepared for them. That statement alone tells me a lot about what is the driving force behind the probe. What I have not seen, is how the allegations against the DG were meant to address the problems with our declining stock market. Whilst the DG may be guilty of certain procedural flaws, which obviously have negative costs implications, are we saying there are no government agencies the House of Representatives could have engaged to carry out in depth investigation to address the anomaly? Nigerian investors who have lost money investing in the stock market are waiting impatiently for revelations that will indict the person(s) or organisation(s) responsible for their losses. There was an interesting revelation about the termination of the investigation by the DG into the activities of five banks that was hushed up. This was one of the issues that should have been pursued and exhausted in the interest of investors and Nigerians. What we are seeing instead is just a bunch of public officers who are misappropriating our collective wealth further. What is even more disgraceful is the competency level and educational background of the various heads of departments in director’s cadre under the civil service as epitomised shamefully by the SEC team. There is no doubt that the professionalism and integrity of SEC management is questionable. I am sure this is prevalent in the civil service as a whole and needs to be tackled urgently. If the probe is not going to address the concerns of investors in the stock exchange which is on the decline right now, then we the tax payers should call for an immediate halt of the hearing and mandate the necessary government agencies vested with the appropriate means, instruments and tools to carry out proper investigation execute their functions. Since the beginning of the probe, the stock market has been on the decline. I wonder if the lawmakers are in any way disturbed about this development?
Re: Why The Current Stock Market Probe Should Be Stopped Immediately by wadaos: 5:38pm On Mar 16, 2012
I agree with you totally, the whole exercise so far is a complete charade.

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