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Stockbrokers cautions regulators over negative pronouncements

BY PETER EGWUATU

Following the resumption of new Acting Director General of the Securities and Exchange Commission (SEC), Mr. Bolaji- Ibrahim Bello, stockbrokers have warned regulators and operators to desist from making negative statement that would further erode investors’ confidence.

Managing Director, Unex Capital Securities Limited, Mr. Francis Chukwujama said, that negative pronouncement is not good for the market at the moment and advised regulators to make utterances that would attract investors to the market.

He said that adequate policies should be initiated that would engender confidence and stability in the market.

According to him, “The recent increase in market based activities was due to the low price of equities as new investors are beginning to take advantage.

He noted that Bello’s knowledge and commitment in the industry would enhance the dynamics of portfolio investment and bring succour to the troubled market.

Another stockbroker who prefers not to be mentioned said, operators hoped that the appointment of new Acting Director General would increase investors’ confidence in the market.

According to him, The new Acting Director-General of SEC is as an experienced stockbroker who understands the challenges of the market and is expected to work with operators and other stakeholders to address the issues that affect market.”

He urged the Acting Director-General to use his wealth of experience to create sustainable liquidity.
Malam Garba Kurfi, the Managing Director of APT Securities and Funds Ltd., said that Bello’s appointment would rekindle most investors interest in the market.


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