MIXED reactions yesterday, trailed the resumption of duties of the acting Director-General of the Securities and Exchange Commission (SEC), Ibrahim Bolaji Bello.

While some stakeholders commended  his appointment and subsequent resumption of duty, others argued that he has stayed "too long in the system to be able to effect changes".

President, Association of Stockbroking Houses of Nigeria (ASHON), Emeka Madubuike, however, urged him to "streamline activities at the commission in the interest of investors".

He explained that the impression created during the public hearing was that there was no cohesion among senior staff of the commission, adding that is capable of discouraging local and foreign investors.

Specifically, he advised the acting DG to do everything within his power to restore more investors to the Nigerian market. "The SEC management must work together in the interest of the market".

An economist, Matthew R. Otoide, explained that based on the profile of the acting DG, "he may not be able to champion result oriented reforms".

Speaking further, he said: "The acting DG has either retired or is about to retire. The question is what do you expect from such a man. He is not in a position to push for the much needed reforms. The sector needs an aggressive personality not somebody who has been part of the system in the past 30 years. Bello should be allowed to retire. We need a DG that can work".

Another source, who did not want his name mentioned, called for an independent audit of SEC staff strength, adding that those with required qualification should be allowed to function "instead of plying politics with everything".

The source argued that the only way to make SEC functional and produce the result Nigerians need is to carry out an independent staff audit to determine "who is where and what qualifications got you there. This is a national institution. The best hands must be allowed to function. That is the standard all over the world".

The Federal Government had last Thursday appointed Bello as the new Acting Director General of the Commission. His appointment takes effect from Monday, June 18, 2012.

The Minister of Finance, Mrs. Ngozi Okonjo-Iweala, declared last week Thursday in Abuja that Bello was to take charge of the running of the affairs of the apex regulatory body of the Nigerian capital market just as the four-year term of the former board of SEC led by Senator Udoma Udo Udoma expired Friday, June 15, 2012.

Bello is a fellow of the Chartered Institute of Stockbrokers (CIS). He is currently the Director of Administration in SEC.

IBB, as he is fondly called, was born in Ilorin, Kwara State. He attended Government Secondary School, Ilorin, Federal Government College, Sokoto and University of Lagos and graduated with B.Sc. Business Administration in 1978.     He holds an MBA from the Ahmadu Bello University, Zaria in 1981.