OrderPaperToday- Stakeholders in the capital market have blamed the Central Bank of Nigeria (CBN) and other regulatory authorities for the persistent downward slide of share prices in the Nigerian Stock Exchange (NSE).

Leaders of the Institute of Capital Market Registrars; Independent Shareholders Association of Nigeria; and Association of Registered Stockbrokers who spoke at a public hearing organized by the House of Representatives Committee on Capital Market and Institutions.

They bemoaned the huge loss in billions of investments in the nation’s capital market saying the CBN condoned illicit activities of commercial banks in deals involving slush funds.

The public hearing which held on Tuesday in Abuja centred on two resolutions referred by the House to the committee viz: “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”.

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Chairman of the Committee, Mr. Tajudeen Yusuf (PDP, Kogi) in a remark stated that the House is concerned about the rapid slide of investments in the Nigerian capital market.

He hinted that the public hearing will give the stakeholders to cross fertilize ideas that will help re-position the capital market.

Speaker of the House Mr.Yakubu Dogara in an opening remark noted the persistent downward trend in the stock exchange and the issue of unclaimed dividends by investors as two issues posing serious national challenges.

He lamented the effect that a persistent downward fall in the price of crude oil in the international market has had on the Nigeria stock market.

Some stakeholders who spoke including Dr. David Ogogo, Amb. Olufemi Timothy and Mr Emeka Mmadubike- Presidents of Institute of Capital Market Registrars, Independent Shareholders Association of Nigeria and Association of Registered Stockbrokers respectively- in their individual presentations clearly blamed the CBN for the  problem.

They also blamed the Federal Government for not injecting enough funds to bail out the stock market as well as various policy summersaults as other reasons for the collapse of the nation’s capital market.



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