House of Representatives Committee on Capital Market and Institutions, shareholders as well as other stakeholders yesterday blamed some of the policies of the Central Bank of Nigeria, CBN, as the cause of the collapse in the capital market.
The Nigeria capital market is currently in a mess having lost billions of investments due to policy summersault and manipulations in high places.
The public hearing by the committee was centred on two referrals: “Downward Trend of the Nigerian Stock Market” and Urgent Need to Address the Vex Issues of Unclaimed Dividends and Its Effect on the Capital Market.”
In his remarks at the two-day public hearing, the chairman of the House Committee, Hon Tajudeen Yusuf stated that the House was concerned about the rapid slide of investments in the Nigerian capital market.
Yusuf hinted that the public hearing would give all the stakeholders- legislature, regulatory authorities, stockbrokers and shareholders opportunity to cross fertilize ideas that would help re-position the capital market.
In their separate presentations, chairman of the Independent Shareholders Association of Nigeria, Ambassador Olufemi Timothy; the presidents of the Institute of Capital Market Registrars, Dr. David Ogogo, and president of the Association of Registered Stockbrokers, Mr. Emeka Mmadubike blamed the CBN for the downward trend in the Nigerian stock market.
They also blamed the federal government for not injecting enough funds to bail out the stock market as well as the commercial banks for injection of slush funds.