Former President of the Chartered Institute of Stockbrokers (CIS), Mr. Ariyo Olushekun, has requested of the Federal Government integrity over the plans to enact a law on injection of N6.5 billion idle funds into the capital market.
He noted that the investment if properly executed would boost the nation’s economy and impact positively on shareholders’ investment.
While speaking with our correspondent during the weekend, Olushekun said that government participation in the capital market would boost the nation’s economy through proactive capital market legislature.
In his words, “it will be good a thing provided the N6.5 billion idle funds are managed appropriately. I will love to see a proper management of these funds by good people with integrity and people who understand what it takes to invest in the capital market.”
He explained further, “the funds should be used in trading stocks with strong fundamentals. A proper understanding of those stocks must be conducted before investing in them.
“Once investment is made on those stocks, core investors are to be approached to pick up those stocks and the funds are invested back into the capital market. By so doing, the capital market will not witness volatility,” he added.
Also, in support of the former CIS President, Doyen of Stockbrokers, Mr. Sam Ndata, said the injection of N6.5 billion idle funds would turn around the capital market.
He also stressed the need of transparency and government commitment in reviving the nation’s economy.
According to him, “the current capital market is struggling and if the N6.5 billion is injected into the equities market, it will boost stocks growth and the economy in general.”
He, however, doubted government implementation and proper channeling of those funds.
On this he said, “Government implementation matters. How the N6.5 billion going to be utilized when invested in the capital market? How is government going to implement it and who are those to manage those funds,” he questioned.
The Chairman, Senate Committee on Capital Market, Senator Isiaka Adeleke had disclosed that plans were on by the Federal Government to inject N6.5 billion into the Capital Market.
While speaking at a stakeholder’s forum, titled: “Realizing the Full Potentials of the Nigerian Economy through Proactive Capital Market Legislation,” Senator Adeleke said that the era of change in the country calls for a major shift in approaches to seeking solutions to political, social, and economic challenges facing the nation.
The Lawmaker hinted that the National Assembly planned to enact legislation that would compel idle funds in bodies like Pension Funds for the stimulation of the Capital Market to play expected role in the growth of the country’s economy.
Adeleke said, “As a mono-product economy, with oil and gas constituting the life-blood, the global downturn has continued to negatively affect meaningful growth and development.
“As a parliament we strongly believe that the downward slide of Nigeria’s economy provides the best opportunity for major stakeholders to begin to return the economy to vibrancy. We are confident that the Capital Market can and should perform this role.”
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