By Matthew Don
Worried by the consistent absence of government’s representatives at capital market events and its consequences on the market development, the Chartered Institute of Stockbrokers (CIS) is demanding for a change of attitude in order to move the market forward.
The Institute is also clamouring for utilisation of the capital market to fund the 2017 budget deficit as a demonstration of the government’s belief in the market’s capacity to provide long-term fund for capital projects.
The President, Chartered Institute of Stockbrokers (CIS), Oluwaseyi Abe said all tiers of governments should attach value to workshops, summits and other fora organised by the capital market operators by attending in order to have direct interface with the operators on issues of common interest.
Corroborating Abe, the Institute’s Second Vice Chairman, Tunde Amolegbe stated that the government officials driving the capital market policies were obliged to come closer to the operators in order to understand the workings of the market and how it can impact on the government policies.
“The growth of most developed economies is financed through the capital market. It is obvious that our market has capacity to fund the deficit in the 2017 budget. Participating in the capital market fora would surely bring the government to the operators on a mutually agreeable ways by which the market can be utilized by the government . There is no better fora than the ones organized by professional bodies such as the CIS”, Amolegbe said.
The former President, CIS, Mike Itegboje said when former governor Lucky Igbinedion attended the CIS Conference in Edo State in 2001, he developed interest in raising money from the capital market.
Itegboje stressed that this underscored the imperative for government to play pivotal roles in any forum where capital market issues take the centre stage.
The Institute’s first Vice President, Adedapo Adekoje explained that operators in the capital market should not give up in the demand for active participation of the government officials in the market workshops and related avenues as decisions taken at such a forum stand better chance of implementation as against the current trends whereby only the operators themselves participate.
A Council member of the Institute, Ropo Dada expressed dismay that the federal government appeared to see the capital market and money market from the perspective of competition rather than complimentary.
Dada who ascribed this misconception to government’s inactive approach to capital market fora noted that until the government appreciates the fundamental roles of the capital market to the growth and development of any economy, the current situation may linger.
“If a bank has challenges, the Central Bank and federal government quickly respond but it is not the same for Stockbroking firms”, Dada said.
Another stockbroker, David Adonri who appraised the visit of the finance Minister, Kemi Adeosun to The Nigerian Stock Exchange for the Exchange and Bloomberg’s programme said :” The body language of the government officials show that they have no regard for the capital market. It is not surprising that the government is yet to reactivate the primary market “.
Meanwhile, the CIS in collaboration with the Nigerian Capital Market Institute has concluded arrangements to hold a one day Workshop on Tuesday, July 4, 2017 with the theme: “Transiting from Recession to Global Economic Power: A Working Template for Nigeria”, at Trancorp Hilton Hotel, Abuja. The Acting President, Professor Yemi Osinbajo is the Special Guest of Honour.