By Peter Egwuatu
AS part of effort to addressing the lull in the Nigerian capital market occasioned by the economic recession, the Chartered Institute of Stockbrokers, CIS, said it will engage the Minister of Finance and the Securities and Exchange Commission, SEC, on the 10-year Capital Market Master Plan (CMMP) in order to make the market more attractive to investors.
A Board member of the CIS, Alhaji Umaru Kwairanga, who disclosed this to Vanguard said that the Institute empowered by Act 105 of 1992 (Laws of the Federal Republic of Nigeria) as the only body that has legitimate statutory powers to train and certify bona fide professionals in the securities and investment industry in Nigeria, has active interest in the development of its members and the market in general.
To this extent, he said the Institute will engage the Minister of Finance, Kemi Adeosun, Director General of SEC, Mounir Gwarzo and other relevant government agencies over the CMMP that is expected to help spur the market to greater height.
According to him “The Plan, which was launched in 2015 is a very detailed and thoroughly researched document that is intended to guide the evolution of the Nigerian capital market into a global masterpiece by the year 2025.We will engage with government authorities to ensure the fullest implementation of this plan.”
While commenting on the upcoming CIS annual workshop scheduled to take place on July 4 at the NICON Hilton, Abuja, Alhaji Kwairanga, who is the organising committee Chairman said “ Investor confidence is gradually returning as can be seen by the positive numbers in recent weeks. Our prayer is that the Government, the Central Bank of Nigeria and other regulators remain consistent in their resolve to tackle the issues that have held our economy and this country’s potential down in recent years.”
Commenting further, he said “In view of the foregoing and the need to encourage the government to leverage on the capital market to finance this year’s budget deficit, it has become imperative to create a platform for cross fertilisation of ideas. In pursuit of this noble goal, we have, therefore decided to hold a strategic national workshop with the theme: ‘Transiting from recession to top global power: a Working template for Nigeria.’