Business
Capital Market Inertia: Bank Boss Blames FG
The Managing Director, First Bank of Nigeria, Mr Olabisi Onasanya, has said that the reluctance of government to intervene in the capital market had impacted negatively on the market.
Onasanya said that the rebound of the market would depend on the speedy intervention by the federal government as was done in the banking and aviation sectors.
Reports say that Onasanya made the remarks at the eight annual Pearl Awards Public lecture on capital market development in Lagos.
In his lecture titled “Rejuvenating the Nigerian Capital Market for Sustainable Growth and Global Competitiveness: Issues, Challenges & Options”, Onasanya said that the capital market needed forbearance on the debt owed by operators.
According to him, the forbearance at concessionary rates, would still be inadequate to address the over N300 billion operators’ debt overhang.
He also suggested the deepening of the Exchange’s product offerings, adding that shallowness and lack of breath contributed to the problem of the market.
“There is a strong requirement to strengthen the Exchange’s investor education and awareness function, especially for retail investors to ensure a more viable market,” he said.
Mr Tayo Orekoya, Chief Executive Officer of Pearl Awards Nigeria, said that stakeholders should chart a new course for speedy recovery and sustenance of market development.
Orekoya said that investor confidence in the market was still low in spite of concerted efforts being made by regulatory authorities to revive the market.
Reports say that Pearl Awards project was instituted in 1995 to recognise and reward quoted companies for operational excellence and outstanding performance in the capital market.
It is designed primarily to spur competitiveness and excellence amongst quoted companies, thereby enhancing vibrancy, growth and development of the Nigerian capital market.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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