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Operators task SEC, NSE, others on local participation

Tony Orji by Tony Orji
October 29, 2019
in ICT Update, Lifestyle, Socio-Economic Issues
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Fortte Oil shares top losers' chart

The capital market stakeholders have called on Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) and other stakeholders to formulate strategies that would boost local participation in the nation’s bourse. The capital market stakeholders made this call during an interview with News Agency of Nigeria (NAN) in Lagos, while reacting to investor apathy in the equities market.

Mr Moses Igbrude, the Publicity Secretary, Independent Shareholders Association of Nigeria (ISAN), advised all market operators in the value chain to invest their time and money on enlightenment programmes to bring back investor confidence.“The capital market value chain starting from SEC, companies, NSE, stockbrokers and registrars must come together to formulate strategies to arouse the interest of the Nigerians to the intrinsic values of market.

“The Nigerians’ low patronage in equities market was due to unavailability of relevant information in a way that would be appealing to the youths on the operations and dynamics of the stock market.’’ Igbrude added that the investors, who lost money during the global financial meltdown, were yet to come back to market. Malam Shehu Mikail, the National President, Constance Shareholders Association of Nigeria, said that government needed to tackle insecurity issues in the country to boost the investor confidence.

Mikail added that infrastructure deficit, especially power needed to be addressed to reduce cost of doing business and living. According to him, there is the need for tax holidays for manufacturing companies and a proper taxation policy to check multiple taxation.He advised government to involve capital market operators in budgetary decision issues. “Capital market is the best avenue to raise long-term funds and it can be used to address infrastructure challenges.“The Nigerian stock market has what it takes to attract investors due to our natural resources and human capacity,” Mikail said. He advised that regulatory agencies to also be transparent and ensure proper scrutiny of board of directors of new companies that intend to list. Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that the recent downturn in the market was due to mismatch of economic policies of the government. Omordion said that government’s uncoordinated fiscal and monetary policies had kept many foreign and domestic investors on the sideline.

He called for incentives such as reduction of transaction cost to encourage and attract investors to participate in the market. Omordion advised that financial market regulators should come together to provide liquidity for the market by adjusting their rules and guidelines. (NAN)

 

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Dr. Tony Orji is the founder and owner of Success Tonics Blog. He is a Senior Lecturer at the Department of Economics, University of Nigeria, Nsukka.

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About Dr. Anthony Orji

Dr. Anthony Orji

Senior Lecturer

Dr Anthony Orji is a Ph.D holder in Economics and a lecturer at the Department of Economics, University of Nigeria Nsukka.

He obtained his B.Sc, Msc and Ph.D Degrees from the University of Nigeria, Nsukka and a Post Graduate Diploma in Sustainable Local Economic Development (SLED) from Erasmus University, Rotterdam Netherlands.

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