Sometime last year, I had written a critical piece on the ever-sickly NASD
In that piece, I had called out a current Commissioner – they call their Executive Directors at SEC Commissioners, I think- on his role while at NASD as the pioneer MD
My position was very understanding – I felt we had to call in OGA and ask him some pertinent questions about the original visioning that went into its formation if we were to better understand its sickly nature
He didn’t like it and snubbed me at an NGX event when I reached out to salute him.
I felt rather amused that he could take my queries as an Inquisitive man that personal to the extent that he shooed me off and barked at me, ” Please leave me alone
Right behind him was the DG, Dr Agama who walked up to me and with a wide smile said – Duke, you think say na only you dey open eye?
Me sef go open eye for you o and we laughed and hugged
I liked him instantly. His affable down to earth approach to me despite by blistering attack on an instition under his regulatory control really pulled me to him.
Early this week, I came again. The NASD, with its Corporate Governance wahala leading to a simmering feud within its Board and shareholders, had woken me from slumber and taken my attention away from the Ekiti International Theatre Festival that is presently taking up my time.
The issues were annoying and corporate bullies were all over the place running riot and stamping on all laid down procedures and rules including the July 2025 SEC circular which recommended certain guidelines on tenure of directors
So I sent out in a flurry about three articles on the matter standing very strongly against the marauding directors and standing on the side of truth, fair play and justice
Dr Agama called. Duke wetin dey happen and I said I dey o and I said true, true my brother, I for like see you and he said, Oya na and I said give me appointment and he said abeg just waka come my office, I dey.
I flew into Abuja and made a beeline for his office but called him first knowing how difficult it usually is to see a ‘big man’ like this in Nigeria
I dey here o. He responded and I smiled and said to myself – this na different style o
Truly, it was a different style as the only protocol around him was his bemused security man who was stationed at his door
He looked me up and down, apparently very used to seeing all types of big people in full regalia coming to see his oga who after all was the Czar of a multi-trillion Naira market
He didn’t understand who this one with dreadlocks, earrings and shorts was
Even the interference of the nice head of External relations who quipped – Why are you profiling him, didn’t stop him from trying his best to understand the creature standing in front of him
Stand there, he barked, drop your bag and phone and wait small.
I obeyed, being very familiar with the nonsense that goes on in their heads when they are faced with something straight out of Shomolu in their hallowed corporate reception
Dr Agama was beautifully simple, he rushed at me with a wide smile, wearing a black jacket over a t-shirt that was screaming something about Ponzi Scheme
Remember the CBX matter and the Public uproar. The SEC was now doing a lot in that regard
Public education has stepped up, reporting as stepped up, we are working with the NYSC for instance on enlightenment he avers as he sits down opposite me
Duke, how are you? I say fine.
Sir, what’s your thrust, I ask. He jumps at the question with the brilliance of a nobel laureate
Professionalism, education and enlightenment, fair play, strengthening regulation and ensuring a more robust market
What if they beat you alluding to interference and he smiles further
Edgar, I am 57 and have risen from the ranks in the SEC as a manager to where I am now and the trick is to always do the right thing
As he speaks, he stretches a hand towards a picture of his beautiful children just across and on a gallery where numerous awards were well stacked
Those are the people I work for, those are the people that are my deep concern- my family
In that statement, I understand his pressing need to build a brilliant legacy that would keep them proud
What of interference, I throw in.
Edgar, I report directly to the Minister of State for Finance, who has a CFA. The Minister of Finance is a stockbroker, the two heads of the capital market committees at the National Assembly are lawyers, and the President was the most effective user and beneficiary of the capital market as Governor of Lagos State, so conversations are being had and heard
I pushed away and came back with digital assets, crypto and the likes, and he pounced on me – my doctoral thesis is in something – kai, I don forget o, so I perfectly understand that space and the SEC has set up an incubator-like structure with two very major players under that structure.
He assured me of SECs close vigilance of the rapidly growing space with the need to better understand it thereby ensuring robust regulation that will now enable Nigerians to safely access it for wealth creation and other such purposes.
On the NASD which is my real problem, he alluded to the fact that the SEC was watching very closely and that he was awaiting report and recommendations from his Commisoner who was on top of it bfore making a move
See Edgar, if we no strengthen this market and drive investor confidence everything don scatter…
I nod my head in agreement, but by this time, I had started loosing confidence as hunger set in
He spoke very eloquently about very strong ethical issues, the need for transparency and professionalism and the need to grow investor confidence
By this time, I was struggling with concentration.
My legendary brittle attention span had kicked in and i was spiritually leaving his office evnthough my physical being was there with me
I like him. I like his sincerity and I like his personable approach to issues and much more importantly, I like the fact that he was professionally competent with a firm grasp of not only the issues that pervade the system but with a clear road map as to fashioning out solutions
So I grabbed the sweets infront of me, to shore up my concentration as I asked him my last question
Whats next after SEC?
I will go back to teaching. I already teach in two Universities – Nassarawa and Nile so ill just go back and dust my books
Just as he was finishing a beautiful staff ran in, with small fear and panic written all over her face
He calmly told her that he will join them downstairs and smiled at me and said – Make me go join them
We hugged and I took my exit in mad hunger – this man no give me food o on top this big talk, but I still like him for his sincerity and strong sense of purpose.
You see the sacrifices we make for this market?
Na wa
Duke of Shomolu