FROM LEFT: EXECUTIVE COMMISSIONER, FINANCE AND ADMINISTRATION,SECURITIES AND EXCHANGE COMMISSION (SEC), MR LAWAN STORE; EXECUTIVE
COMMISSIONER, OPERATIONS, MS DAISY EKINEH, AND DIRECTOR-GENERAL,MS ARUNMA OTEH, AT THE HOUSE OF REPRESENTATIVES AD-HOC COMMITTEE PUBLIC HEARING ON NIGERIAN CAPITAL MARKET IN ABUJA
Mr Okechukwu Unegbu, the Managing Director, Maxifund Investment and Securities in Lagos, on Wednesday attributed the slowdown in capital market activities to some policies of the Federal Government.
Unegbu made the observation in an interview with the News Agency of Nigeria (NAN) in Lagos.
He said that increase in tariff on imported vehicles, hike in cooking gas price and insecurity in the country had continued to impact negatively on the market.
According to him, the some policies of the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) would mar economic activities if not checked.
Unegbu, a former, President, Institute of Chartered Bankers of Nigeria (CIBN), said that many foreign investors had divested from the nation’s capital market due to some factors.
“Investment is all about returns and not gambling, but instability in economic policies has created fears among investors,” he said.
The stockbroker also said that lapses in the economy, rising unemployment rate, energy issues and insecurity had created fears in investors.
He said that market regulators should avoid policies that would create tension and fears among the investing public.
“Regulators must consult widely with all stakeholders before rolling out any new policy,” he said.
He said that the growth achieved in the market in 2013 would be eroded with the upward review of brokers/dealers minimum capital requirement to N300 million from N70 million.
Unegbu said that the announcement had ruined the enthusiasm of market operators to do business with most of them strategising on ways to raise their capital base. (NAN)
© anu for Royal Times of Nigeria Newspaper, 2014. |
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