By PETER EGWUATU
… Holds 2nd annual workshop
The Chartered Institute of Stockbrokers (CIS) has admonished companies in the power and housing sectors to seek listing on the Nigerian Stock Exchange (NSE) and use the capital market platform to raise funds that will assist them in their operations.
The President of CIS, Mr. Ariyo Olushekun, said that the Nigerian capital market is deep enough to finance any project and called on companies in the power and housing sectors to list on the exchange to be able to take advantage of the capital market to boost their operations.
He further disclosed that the CIS would be organizing its second annual workshop on July 2nd , 2013 in Abuja , which will attract both government and private functionaries to brainstorm on issues that affect the power and housing sectors and how the capital market can help provide the needed fund to boost the sector and the economy in general.
He disclosed that about N3.4 trillion is lying idle with the Pension Funds Administrators (PFAs). According to him, “The Pension Commission (Pencom) told the CIS that N3.4 trillion is lying idle with the PFAs and challenged the stockbrokers to come out with good products where such funds could be invested. So our market has the capacity to finance any project. Transcorp is already in the market and raising money from the market, so is some other companies raising funds through the private placement because they do not want to expand their shareholdings.
The Chairman of the CIS 2ND National Workshop Committee, Mr. Albert Okumagba, who was represented by Mr. Bisi Oni, a technical committee member of the workshop at a press briefing held weekend in Lagos, said “the workshop will help in addressing issues on power and housing and also unlock the economy.
According to him, “The Minister of power has agreed to preside over the breakfast meeting, while chairmen of the sessions on the theme.”