SEC pledges to attract more local, foreign investors

NSE names Stanbic IBTC Stockbrokers ‘Best Dealing Member’

THE Securities and Exchange Commission (SEC) has pledged its commitment to ensure that the market remains vibrant in order to attract investors both locally and internationally.

    The Acting Director General of the commission, Mounir Gwarzo gave the assurance when he received members of the Chartered Institute of Stockbrokers (CIS) in the Commission’s headquarters in Abuja.

   He said the current management would strive to develop domestic investment from retail and institutional investors

   He said “We will step up to reach out to the market and improve investment. On the international side, what is most important is the enabling environment. Right now the rules are very friendly and that is why we keep changing them from time to time to suit best practices and attract investors.

   The President and Chairman of the Governing Council of the Institute, Albert Okumagba lamented the over 60 percent control of the Nigerian stock market by foreign investors.

     Okumagba said, the current situation were over 60 percent of the market is control by foreign investors give serious cause for concern He said: “The level of participation of our locals is effectively less than 3 million when ideally over 80 million of our people should be in the market.

  “Our coverage of insurance assets in Nigeria is not up to two percent of insurable asserted, if we can increase from two to 20 percent and then to 50 percent, we will be shock at the kind of contribution that insurance can make.

 “We have opportunities for our own domestic investors, the pension companies have over $25 billion which they have taken as money and even though they have a room of about 25 percent to invest only about 12 percent of that has been invested.

“We believe that some of the factors that are holding the market down today will soon ease off, issues of security, election and crude oil prices, once the election are done with, the market will begin to stabilize,” he added.

   Meanwhile, the Nigerian Stock Exchange has named Stanbic IBTC Stockbrokers Limited, a member of the Stanbic IBTC Group, the leading market operator in the Nigerian capital market. The stockbrokerage firm won the NSE CEO Award as the best dealing member firm on the Exchange in 2014.

    The prestigious NSE CEO Award is an annual capital market award, in three sub-categories, that recognizes excellence and exceptional performance by market operators in a given year. Promoters of the awards seek to reward outstanding contributions to the growth and development of the capital market and the Exchange.

    The award reinforces Stanbic IBTC Stockbrokers Limited as the largest stockbroking firm in Nigeria in both volume and value of total transactions handled in 2014. Market data for the year under review showed that Stanbic IBTC Stockbrokers Limited achieved a turnover in excess of 24 billion units of shares, which represented 11.42per cent volume of shares valued at over N472 billion or 17.55per cent to lead both the volume and value tables. Stanbic IBTC Stockbrokers was also the largest stockbroking house in Nigeria in 2013.

   Speaking on the award, the Chief Executive Officer, Stanbic IBTC Stockbrokers Limited, Oladele Sotubo, said the company was delighted to win the NSE CEO award as it validates the commitment and growing capacity of the stockbroking firm, leveraging on the expertise of the Stanbic IBTC Group, to provide robust services in the capital market.

   Sotubo said the award and the recent listing on the Exchange of Stanbic IBTC Exchange Traded Fund (Stanbic IBTC ETF 30), are clear indications of the Stanbic IBTC Group’s focus on building a strong and vibrant stock market.

    “We are delighted to be recognized for our efforts and credible performances in the Nigerian capital market. The award reflects our strong commitment to consistently deliver relevant, innovative and timely solutions to our ever growing local and foreign clientele,”.

  “Increasing our market share is a bold statement that gives our present and prospective clients more confidence to do business with us. It also means that we have to work harder to maintain that position as competition will continue to strive to take the lead from us.” he added.