Business
Shareholders Want More Funds In Capital Market
Some shareholders on Thursday urged the Federal Government to pump more funds into the capital market.
They told newsmen in Lagos that government should also review its tax on dividends and speed up privatisation of companies to facilitate their listing on the bourse.
President, Nigeria Shareholders Solidarity Association (NSSA), Mr Timothy Adesiyan, said that the 10 per cent withholding tax being paid by investors on dividends should be abolished.
He said that the incidence of multiple taxes was discouraging more investors from coming into the market.
Adesiyan said that the regulatory authorities should ensure that shareholders were compensated before delisting any company on the Exchange from 2013.
Alhaji Gbadebo Olatokunbo, a shareholder, said that government should support activities of the Securities and Exchange Commission (SEC) to sustain investor confidence.
He said that stability and consistency of government’s policies would enhance recovery of the capital market.
Olatokunbo advised the executive and legislative arms of government to work together to facilitate the development of the market.
“It will be proper to end hostilities over the leadership of SEC now, “ he said.
Mr Boniface Okezie, President, Progressive Shareholders Association of Nigeria, urged the Federal Government to revisit the nationalisation of Afribank, Spring Bank and Bank PHB.
Okezie said that shareholders of the three nationalised banks were dissatisfied with the manner their compensation was being executed.