Business
Stockbroker Expresses Optimism On Capital Market Rebound
The Managing Director of Compass Investments and Securities Ltd, Mr Emeka Madubuike, has expressed optimism on the full recovery of the Nigerian capital market.
Madubuike told newsmen that the market would experience full rebound with the take-off of the Assets Management Corporation of Nigeria (AMCON) and the new management team of the Nigerian Stock Exchange (NSE).
The stockbroker made the comment in Lagos, on Wednesday, while reacting to the challenges witnessed in the market in 2010 and suggesting the way forward.
He said 20 I 0 was a time of recovery for the capital market in spite of” some hiccups” experienced.
“Last year was a year of recovery for the market, though all did not go as expected because of the hiccups experienced”.
“But with the AMCON coming on board and the new management for the NSE, we are looking forward to greater stability in the market that will boost investors’ confidence,” he said.
Madubuike suggested that the exchange should be run by a technically competent person who had passion for the market and good public relations so as to boost investors’ confidence.
“Whoever will take over the management of the exchange should see his tenure as a rebuilding time and time to rebuild confidence in the investors,” the managing director said.
It was reported that last week, Mr Oscar Onyeama, the Chief Administrative Officer, American Stock Exchange (AMEX) was appointed as the new NSE Managing Director/Chief Executive.
If his appointment is ratified by the Securities and Exchange Commission, Onyeama will replace Prof. Ndi Okereke-Onyiuke, who was removed on August 4, 2010 as the Director General of the NSE.
The capital market has yet to find its footing since the 2008 global economic meltdown that rocked the financial sector, observers note.
He said that with the bill, AMCON would stabilise the financial sector and stimulate the nation’s economic recovery.
“I sign this bill today in full recognition of the critical role that AMCON will play in achieving these two critical objectives for our economy,” Jonathan had said.