By PETER EGWUATU

Stakeholders in the Nigerian capital market have condemned the continuous foreign trips by the management of the Nigerian Stock Exchange (NSE) in its quest for  foreign investors.

A cross section of shareholders who spoke to Vanguard faulted the NSE management for ignoring retail investors who had provided succour to the market during the global financial meltdown that led to the exit of foreign investors.

Reacting, to the development Ambassador Olufemi Timothy, President, Renaissance Shareholders Association of Nigeria, said, “We are disappointed with the management of the NSE for not recognizing  local retail investors who had kept the market from total collapse. The NSE is not interested in retail investors.

NSE Believes that the market is for institutional and foreign investors. The new management of the NSE had not met with the local shareholders groups to discuss issues that affect the market and seek possible ideas that could be adopted to restore investors’ confidence.

The local investors don’t have any relationship with the Exchange yet. The NSE had even threatened to ban retail investors from investing directly in the market. It is really sad, that people we had expected would bring their expertise to bear are disappointing us.”

In his own response, Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria (PSAN),who spoke the minds of its shareholders, said, “ As far as am concerned the current leadership in the NSE ve not done enough in terms of meeting with local investors.

There is an adage that says, “Charity begins at home. We have not seen any impact on the stock market since the new management led by Oscar Onyema took place. His foreign trips are mere waste of time, it is high time we begin to look inward than outside in growing our economy via capital market which we have not seen since SEC took over the running of the NSE.

I want to say that Oscar does not know any shareholders association in the Nigerian capital market since he assumed office. So if he is interested in developing the market  there is need for him to seek the confidence of local investors than going abroad in search of foreign investors that will not help him achieve his goal if he has any. The local investors are the one that sustained our market not the foreign investors.”

Speaking as well, Mr. Taiwo Oderinde, Coordinator, Proactive Shareholders Association of Nigeria (PROSAN), said, “The management of the NSE is deceiving itself. They are only looking for avenue to take money out.

The CEO of the NSE will not succeed in his rescue mission if he does not take actions that will improve the market. It seems that he does not merit that position together with his management team.”

It will be recalled that the NSE recently led top Nigerian companies to London Business Expo in its quest to search for foreign investors.

Specifically, the NSE led  15 companies and some market operators to The African and Caribbean 2012 Business Expo taking place in London from 4th to 9th August, 2012.

The Expo which is a key business related event at the Olympics in London was organized by the African and Caribbean Business Experience Ltd (AACBE) in collaboration with Urban Inclusion and Regenfirst.