By Peter Egwuatu
The Independent Shareholders Association of Nigeria (ISAN), yesterday, re-affirmed their confidence in the Nigerian Stock Exchange (NSE) as the nation’s famous window for wealth creation among Nigerians.

ISAN members said that unequivocal affirmation stemmed from verifiable contributions of NSE to them individually and collectively as shareholders and the entire Nigerian economy.

But the shareholders Group expressed with dismay the current outburst of an estranged member of the council on the health of NSE.
The group under the leadership of Sir Sunny Nwosu said that the unwarranted characterization of the exchange as unhealthy remains a calculated attempt to destroy a legacy institution and rubbish council
members and management.
Members feel that the current attitude of “we must all sink” further vindicates ISAN’s position on the composition of the Council of the Exchange prior to the March 12 verdict setting aside the purported election of the Exchange last year.

In view of the ongoing campaign of calumny, ISAN called on the NSE’s auditors to live_up to their responsibilities and obligations to the investing public.

“Our position on the continued silence of the Council and auditors is that their continued silence in the face of organized misrepresentation of facts by aggrieved individuals remains an abhorrent use of privilege.

That the impartiality of SEC as the apex capital market regulator in its continued silence while visible and calculated attempts are made daily to ruin individuals and corporate investors questioned the capacity of the regulator”.

We challenge the board and management of SEC to clarify issues pertinent to financial health of the NSE as the Exchange reports to it.

ISAN also challenged SEC to investigate the veracity of the widely circulated insolvency allegations of the Exchange with a view to invoking the fully powers of the Investment and Securities Act (ISA) on the culprits.

On the future of investors, ISAN National Coordinator, Sir Sunny Nwosu urged investors especially its members not to panic or engage in desperate dumping of their shares adding that the future holds more for shareholders.

“What is happening in the capital market and the entire economy is part of a game plan to rubbish the polity as we gradually enter the election year.

“Shareholders must not allow themselves to be deceived by disgruntled elements who only want to create a market of uncertainty preparatory to sustained mop -up and strategic positioning in the key sectors of the economy,” Nwosu said.