CIS seeks govt’s participation in market recovery

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Stanley Opara

The Chartered Institute of Stockbrokers is seeking increased government interest and participation in the capital market, which is faced with critical challenges.

The institute said it was worried by the consistent absence of government’s representatives in capital market fora and its dire consequences on the market development.

It is also clamouring for the utilisation of the capital market to fund the 2017 budget deficit as a demonstration of the government’s belief in the market’s capacity to provide long-term fund for capital projects.

 The President, CIS, Mr. Oluwaseyi Abe, said that governments at all tiers should attach value to workshops, summits and fora organised by the capital market operators by attending in order to have direct interface with the operators on issues of common interest.

Corroborating Abe, the institute’s Second Vice-Chairman, Mr. Tunde Amolegbe, stated that the government officials driving the capital market policies were obliged to come closer to the operators in order to understand the workings of the market and how it could impact on the government policies.

Amolegbe said, “The growth of most developed economies is financed through the capital market. It is obvious that our market has capacity to fund the deficit in the 2017 budget. Participating in the capital market fora would surely bring the government to the operators on a mutually agreeable ways by which the market can be utilised by the government.

“There is no better fora than the ones organised by professional bodies such as the CIS.”

The former President, CIS, Mr. Mike Itegboje, said when a former governor of Edo State, Lucky Igbinedion, attended the CIS Conference in the state in 2001, he developed interest in raising money from the capital market.

Itegboje stressed that this underscored the imperative for government to play pivotal roles in any forum focused on capital market issues.

The institute’s first Vice President, Mr. Adedapo Adekoje, explained that operators in the capital market should not give up in the demand for active participation of the government officials in the market workshops and related avenues as decisions taken at such a forum would stand better chance of implementation.

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