Business
Shareholders Want FG To Focus On Capital Market
Some shareholders last
Saturday urged the Federal Government to pay more attention to the capital market in the interest of the nation’s economy.
They said in separate interviews in Lagos that the nation’s economy would not grow if government continues to pay lip service to the capital market.
Mr Boniface Okezie, the President of the Progressive Shareholders Association (PSA), said that government should take a holistic look at the problems of the market and chart a new way forward.
He said that government should review the economic reforms carried out by the market regulators to know if they were in the best interest of the market or based on selfish interest.
Okezie observed that nationalisation of Bank PHB, Afribank and Spring Bank made most investors to shy away from the stock market.
Reports say that the three nationalised banks are now called Keystone, Mainstreet, and Enterprise respectively.
According to him, all the federal government transformation agenda will not see the light of the day under a sick capital market, which is the hub of any nation’s economy.
Mr Sunny Nwosu, the National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), advised the government to organise stakeholders’ forum on the need to understand the market problems and challenges.
He said that government must interact with shareholders to appreciate their mission and pains following the erosion of their investment through the regulators induced policies.
Another shareholder, Mr James Osoka said that incompetence, on the part of market regulators, contributed to investors lost of confidence in the market activities.