NASS to restore confidence in capital market
Concerned about the slow recovery of the Nigerian Capital Market, induced by the loss of confidence by investors arising from the huge losses of about four years ago, the National Assembly is set to intervene and take the market back to its pre- crisis era so that the nation can realize it’s huge potentials particularly in the current state of low crude oil earnings for the country.
The joint initiative is by the Senate and the House of Representatives Committees on the Capital Market which will this morning commence the brainstorming and interaction with major stakeholders from both the public and private sectors on the fastest way to revamp the market.
The Vice President, Prof. Yemi Osinbajo is expected to declare open the – two day ceremony holding at the Nigerian Air Force Conference Centre in the Jahi District ,Abuja.
The stakeholders meeting will focus on : “ Realizing the full potentials of the Nigerian Economy through proactive capital market legislation,” and notable government officials as well as private sector business moguls are billed to address or present workable roadmaps to the realization of the vision at the today’s meet.
However, these attempts would be coming amid the recent sack of the Chairman and Chief Executive Officer of the Investments and Securities Tribunal ( IST ) Dr. Ngozi Chinakwalam as well as members and apparent shutting down of the tribunal which is a key organ of the Capital Market intended to accentuate investors’ confidence.
Already, The Guardian’s independent investigations has revealed that more than 25 cases already filed by investors have been trapped as a result of the sack of the chairman and other members who normally sit on the cases.
The Guardian’s further investigation reveals that the sack of the tribunal’s members following the directives of the Minister of Finance Mrs. Kemi Adeosun was in line with an earlier government’s circular directing that all boards should be dissolved, irrespective of the fact that the IST is not a regular government parastatal as its Chairman is both the Chief Executive Officer like in the case of the Economic and Financial Crimes Commission (EFCC) and the like.
But the embattled chairman has since petitioned against her sack to National Assembly committees on Capital Market; the Attorney General of the Federation and the Minister of Finance for a reversal of the action, drawing their attention to the provisions of the IST Act on appointment and removal of the IST Chairman.
However, almost two months later , no word has yet been heard from any of the quarters.