The Director General of Securities and Exchange Commission (SEC), Ms Arunma Oteh, has charged Nigerian investors to return to the capital market, for the country to take its position in the global capital market.
SEC Director who stated this during the town hall meeting at Rivers State House of Assembly Auditorium in Port Harcourt, said for Nigeria to take its place at the global capital scene, there must be a turn around and a re-orientation of minds, as only three per cent of Nigerians invest, as against 60 per cent of Americans who invest in the capital market.
Oteh reiterated that there is hope in the Nigerian capital market, stressing that at the present, many foreigners who understand this are busy investing in Nigerian stock exchange to reap when the market bounces back.
She noted that the three-day investor/issuer education outreach programme of SEC in Port Harcourt, was aimed at educating the public on the importance of investment and the retrieval of lost hope, adding that the SEC has set every regulation on ground to make the environment uncomfortable for bad eggs in the system.
On the bonds that would soon be issued by the Rivers State government, Commissioner for Finance, Hon. Chamberline Peterside said that all efforts are being made to stabilise the state accounts and record to enable us manage the bonds and to ensure that any other leadership that will succeed us will not abuse the laid down structure.
Earlier, the Zonal Head of SEC, Port Harcourt office, Mr. Okokon Akpan, had noted that there is the need for investors in Rivers State to diversify, stating that it is only a few that invest in equity.
Akpan called on the people to utilise the wealth of opportunities that will be provided by the bonds when it finally hits the market, later in the year.
He reiterated that many have benefited from the capital market but “it is too bad that the country of about 60 million, only 10 million invest in equities”.