Osinbajo tasks stakeholders in stock market on laws to reposition sector

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Dogara promises tougher punishment for fraudulent players

Vice President Yemi Osinbajo has challenged stakeholders in the capital market to come up with new laws and initiatives that will reposition the sector to enable it play its role of wealth creation, employment generation and massive infrastructural development.

The Vice President, represented by the Special Assistant to the President on Economic Matters, Dr. Adeyemi Dipeolu, stated this yesterday in Abuja in a message to a two-day stakeholders’ forum on ‘’Realising the full potentials of the Nigerian economy through proactive capital market legislation organised by the Senate and House of Representatives joint committee on capital market and institutions.

He said that the importance of the capital market in providing long-term finances could not be over-emphasised, especially at this critical time the nation’s economy is witnessing shortage of long-term financing of infrastructure.

Also in his address, the President, National Council of the Nigerian Stock Exchange and Co-chairman of the occasion, Aigboje Aig-Imokhuede, said the forum would give deeper understanding of the capital market.

Meanwhile, Speaker of the House of Representatives, Yakubu Dogara, has said that the Chamber under his leadership would facilitate the passage of stringent regulations in the stock market to ensure investors and other players are protected from fraudulent operators.

In his address yesterday at the forum, Dogara said the decision had become imperative in view of the country’s dire need for investors to bring in their resources to diversify Nigeria’s sources of income.

His words: “We strongly believe that the capital market is a major tool for wealth creation and mobilisation of funds to grow and diversify Nigerian economy. We want to emphasise that any proposed legislation must find a way to protect ordinary Nigerians, some of who have invested their life-savings in the market, from fraudulent market players.

“Many Nigerians have tales of woes from the irresponsible activities of these unscrupulous stakeholders in the market. The recent regulatory sanctions to some stockbrokers and market players are, therefore, steps in the right direction.”

The Speaker stressed that the capital market offers the best opportunity to diversify the nation’s economy by bringing fresh vistas and windows for investment, while expressing confidence that the capital market can and should fill this gap by taking the lead in yielding opportunities that will help in revamping Nigeria’s economy.

He called on all stakeholders to work together to ensure that Nigeria’s diversification achieves its full potentials, saying: “As major stakeholders in the Nigerian project, the National Assembly strongly believes that a pro-active engagement and collaboration between the Legislature, the Executive and Organised Private Sector (OPS), will help to achieve the economic potentials of the Nigeria’s capital market.

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