Chairman, Progressive Shareholders Association of Nigeria, PSAN, Mr. Boniface Okezie

The capital market is over regulated in my own view and despite the over regulation we have not seen any impact whatsoever on the investors. The investors are supposed to benefit from the regulation under normal circumstances, but what we are seeing is total neglect.   What the regulators are after is money for themselves, you see them embarking on foreign trips in search of foreign investors. Things that they should do in the country are neglected.

Our regulators both Securities and Exchange Commission , SEC, and Nigerian Stock Exchange, NSE are suppose to pursue policies that will enhance the performance of quoted companies , which will in turn results to good dividend payment to shareholders. I expect regulators to engage the government to turnout policies that will engender growth and development of the capital market.

The Chairman, Trusted Shareholder Association of Nigeria, Alhaji Mukhtar Mukhtar

There is no way we can say that the Nigerian capital market is over regulated. We need regulations in our market more because of corruption inherent in our system. There are many issues that need to be tackled in our markets and yet the regulators have not touched on them. Look at the Financial Reporting Council of Nigeria, FRCN case, the former boss, Jim Obazee who was removed for adhering to the principle of good corporate governance is now being mocked about because of politics and religion sentiment.

What are we saying about regulation? I have not met Obazee for once in my life but I have been following his activities that involved good corporate governance in both quoted and unquoted companies. He made sure that Stanbic IBTC Plc imbibed good corporate governance and paid fine for violating the code of corporate governance.

Obazee removal is also to ensure that some other powerful organisations and even Non Profit Making Organisations, NGOs who make profit through their activities, get away with infractions, which is not good for this country.

The Chairman, Professional Shareholders Association of Nigeria, Mr. Godwin Anono

Our market, to my view, is still under regulated. There are issues and mal practices in our market that need to be addressed. So the regulators need to be up and doing in monitoring these companies. The regulators are not engaging the government in churning out favourable polices that will impact on the market positively.

Policy inconsistency and somersaulting have been the bane to the growth of the market. When government takes over companies they described as not performing well, they overstay just for their own selfish interest. We need policies that will overhaul the market. There are some legislations and policies that currently constrained and impede business activity in the country.

The regulators in our market should develop right tools and instruments to accelerate business and investment across segments of the Nigerian economy. Government should piu incentives that will create conducive environment for business to thrive.

Alhaji Gbadebo Olatokunbo, former National Publicity Secretary of Nigerian Solidarity Shareholders Association, NSSA

I cannot precisely say that the Nigerian capital market is under or over regulated. But with the way the regulators of the market perform one can say that the market is over regulated. For instance, if there is an issue in the market that affects the investors, the Securities and Exchange Commission, SEC will just post on its website seeking comments.

But at the end of its all you will still see that what they had proposed abinitio is what they will still go ahead to implement.   So they don’t consider the stakeholders view. Once they have made up their mind on certain issue that is what they will go ahead to execute irrespective of stakeholders contribution.

The market in particular requires regulation no doubt, but it must be followed in accordance with the rules of the market. Issues that have to do with investors should be treated with their contributions taking into consideration. Ideas coming from the investing public must be given recognition; until they learn from this the market will never move to the desired level.