The Public Relation Officer of Independent Shareholders Association of Nigeria, ISAN, Mr. Moses Igbrude

•Moses Igbrude:

We read from newspapers about the Investors Protection Fund, IPF, but as an association we are yet to get any communication from the NSE to that effect. If truly that such Fund exists at least the NSE would have communicated to all registered shareholders group in the country. We are the retail investors to whom the Fund is meant for and as such should be aware of its existence.

I repeat to the best of my knowledge, none of our members has benefited from such fund. We don’t even know the composition of the board members. Nevertheless, it is a good development for the market if we have such Fund. There is need to be transparent in the management of such Fund. If the Fund is meant for the minority shareholders, to which ISAN belong, then we should be aware so that our members can take opportunity of it whenever the need arises.

•Sunny Nwosu:

Sir Sunny Nwosu, Immediate past National Coordinator of ISAN

We are not sure that such Fund exist because the shareholders who are suppose to be beneficiaries have no information.

There ought to be public enlightenment of this scheme, which is a contravention on the part of the NSE if actually the Fund exist, let the exchange tell us or make public the names and amount each of the shareholders got from the IPF. The information is important to give credibility to whatever claims they are making. If they pay high net-worth investors and leave the retail investors that are not justifiable to say they have paid out N7.2 million to investors generally.

They have said that shareholders are represented, but I and my members are not yet aware. We have not heard anything from IPF Board. If there are shareholders representative and the person has not briefed us of development then such a person is not a true representative of the shareholders.

It is a good thing to have such Fund, but there should be awareness and transparency in the disbursement to enhance investors’ confidence in the market.

The issue of sidelining the retail investors on issues that affect them should be discarded.

•Olufemi Timothy :

Ambassador Olufemi Timothy, Chairman Renaissance Shareholders Association of Nigeria

I am aware that there is Investors Protection Fund from the Securities and Exchange Commission, SEC and NSE. It is a good development having the IPF as the major objective of the commission is to protect investors. But, how the fund is administered and managed is very important. There should be transparency in the management and disbursement of money.

But how the SEC and NSE disburse the money I cannot say. This information should be available to the investing public domain.

Also, I think there is duplication of these Funds. The NSE is suppose not to establish an IPF since SEC has such fund already . SEC has the statutory responsibility to create IPF as entrenched by the Investment and Securities Act, ISA . The NSE is just an operator.

SEC should give report of what they have done with the Fund. They should tell us how many investors have been defrauded and compensated.

•Segun Owolabi:

Mr. Segun Owolabi, Chairman Concerned Shareholders Association of Nigeria

I am aware of the NSE IPF as I read from newspapers. We have not been communicated as a body that such Fund exist. We don’t even know the conditions or criteria that must be met before an investor can apply for this money.

These are things that are supposed to be sent to the shareholders especially the local ones. For now none of our members have benefited. It is a commendable achievement for the establishment of such Fund.

But what I think is that it is like the Fund is not meant for small category of investors. That could be one of the reasons why most retail small investors are not aware.

The NSE IPF is just protecting big time investors; it has not affected us as small investors. There should be transparency of the management and I think it should be modified if it does not take the interest of minority shareholders.