By Amechi Obiakpu
Speaker of the House of Assembly, Rt. Hon. Yakubu Dogara, has said that for investors confidence to be restored in the Nigerian Stock Exchange (NSE) adequate sanctions must be seen to be meted on defaulters.
Dogara said that if the nation wants to see its stock exchange thrive, managers of the exchange must take the issue of sanctions seriously.
The speaker made the assertion on Friday, at the end of the trading session on the floor of the Nigerian Stock Exchange, Lagos State.
“We need to create and sustain the confidence of the capital market and one way we can do that is to take the issue of sanctions very serious.
“Even if I lose my money as an investor, but when I know that sanctions will be given to those who commit infractions my confidence in the market will be restored,” Dogara said.
The Speaker noted that in the past, “we were not able to punish those whose activities led to the crash of the market.” He added that when people see that defaulters are being punished immediately, confidence in the market will begin to grow. “People must see clearly that regulators are on top of their job,” he stated.
Dogara advocated that the stock market be taken seriously as it will go a long way to enhance economic activities of the nation.
He appreciated the effort of the Stock Exchange, particularly the master plan crafted for the market at the recent capital market summit held recently in Abuja. He observed that any beautifully crafted master plan that is not adequately implemented will become useless.
To this end, Dogara emphasised that every agreement reached at the summit will be given necessary attention.
On the need for telecommunications company to be enlisted in the stock exchange, the speaker noted: “We believe that for us to deepen the market, telecommunications company have to be enlisted in the capital market.
“A section of the Bureau of Public Enterprise (BPE) states that companies that are successful should list part of their equities in the market. And as a responsible parliament we will do everything we can to ensure things are done accordingly. Even if it means inventing some kind of legislative tools to ensure this.”
He added that the spectrum licence given to telecomms operators in d country will expire soon and at the point of renewal operators will be made to enlist part of their equities in the Nigerian stock exchange to strengthen the capital market which will in turn improve the economy.
“Since we are talking about change, we have to ensure that we change the way we do things. In the past, there was no synergy between the Council and the parliament but now that is changed,” he concluded.
•Photo shows (L-R) NSE CEO, Oscar Onyema, Speaker of the House of Rep. Hon. Yakubu Dogara, Aigboje Aig-Imhoukhuede, Chairman of the Council and Hon. T.J Yusuf Chairman House Committee on Capital Market at the stock exchange house, Lagos on Friday.