By  Michael Eboh
Shareholders of public companies in the Nigerian capital market has been blamed for the failure of certain companies to abide by strict corporate governance principle.

Mr. Peter Nta made this remark during the launch of his book, ‘Shareholders Rights under the Nigerian Laws’, in Lagos, last week.
According to Nta, the bane of Nigerian investors and the nation’s investment horizon has been attributed to their lack of commitment in appreciating and understanding attendant rights as shareholders.

He disclosed that sustainable investments and its attendant wealth creation would only be possible if Nigerians avail themselves of subsisting legal opportunities to assert their rights, adding that shareholders’ failure to enforce their rights made it impossible for the nation to institutionalise good corporate governance.

He urged shareholders not to loss hope, following the advent of the global economic crisis, stressing that the global financial meltdown and the ongoing national banking reforms were veritable opportunities for investors to maximize their rights under the law.

According to him, the current companies’ mismanagement and threats of failure or collapse in Nigeria will continue to be fostered, if Nigerians continue to personalise publicly quoted companies.

He disclosed that the issue of insider trading, abuses and self-dealings by directors can only be checked by separating companies from its founders, directors and managers.

In his review of the book, Jide Ologun noted that the inauguration of the book was the best returns to Nigerian investors in the face of sustain investment crash and the agony.

Ologun, who is the current Chairman of the Lagos State Chapter of the Nigerian Institute of Public Relations (NIPR), opined that the 13 chapters of the book remain a stimulant for investors in the Nigerian economy to appreciate friendly legal teeth for shareholders in enforcing their rights.

He said, “The factual and judicial notice in the book covers shareholders rights as put in place by Federal Government agencies, self-regulatory organizations and non-governmental organizations.

“What the book, shareholders rights under the Nigerian law has done is to simplify and challenge Nigerians and foreigners in maximising the full benefits of their rights under investments laws.”

“The book remains one of Nigeria’s contemporary answers in managing global financial difficulties.”
Earlier, the Chairman of the occasion, Professor Mike Jegede commended Nta for contributing to the development of nation’s investment terrain and confidence profile.

Jegede said that shareholders rights under the Nigerian law because of its sustainable benefits would help to demystify the notion that books are the most potent avenue to hide facts from Nigerians.