Business
Poor Financing, Operational Strategies Stall Investors’ Protection Fund
Unstable financing and capital operators sharp disagreement over operational strategies have stalled the take-off of the Nigerian Stock Exchange (NSE) Investor Protection Fund (IPF).
IPF, re-inaugurated in 2012 by the NSE, was designed to compensate investors’ losses occasioned by bankruptcy, insolvency, negligence or wrongdoing of stock-broking firms and to boost investors’ confidence in the nation’s bourse.
Sources close to the NSE management and council told journalists in Lagos that, “it would be impossible for the fund to take-off without sustainable contributory pool of funds”.
“IPF as presently conceived needed to be restructured to ensure stability and prompt repayment of verifiable claims before kick-off,” he said.
According to the source, the fund cannot be sustained the way it was structured, adding that market regulators and operators need to agree on the fund’s contributory ratio to ensure sustainability.
The source, who described the current structure of the fund as faulty, said that it would be impossible to settle outstanding claims in the market. He said that capital market claims would continue to increase, stressing that the recent BGL Group Plc issues brought to the fore the inadequacies of the subsisting IPF.
“ The exchange needs to come up with strategies on ways to grow the fund to settle both old and new issues in the market to boost investor confidence,” he said.
NSE Chief Executive Officer, Mr Oscar Onyema, had during the 2014 market review in January, said that 343 claims were approved in December 2014 for payment by the IPF Board of Trustees.
He said that the first and second batches of claims verified and approved under the rules of IPF were 343.
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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