Capital market operators and regulators have been urged to tackle market infractions , insider trading and deluge of unclaimed dividends to boost investors’ confidence.
Segun Ajibola, Professor of Economics, Babcock University and immediate past President, Chartered Institute of Bankers of Nigeria, gave the advice at the inauguration of a new governing council for the Institute of Capital Market Registrars (ICMR).
Ajibola said that market infractions – such as market manipulations – insider trading and unclaimed dividends could hardly happen if operators and regulators would fully live up to their responsibilities.
He said that ICMR members must maintain spotless registers of shareholders by devising means of updating the registers regularly to tackle identity management problems.
Ajibola, who spoke on the topic: “Service with Integrity – A Promise that Must be Kept”, said that ICMR must maintain accurate information of shareholders.
He added that they should resolve ownership matters that might arise in the event of death, and provide a way to deal with unclaimed dividends.
“These are onerous tasks in the midst of the identity management problems the country is still grappling with,’’Ajibola said.
According to him, the composition of investors and shareholders in the Nigerian capital market whose shares members of ICMR are out to protect, are mostly middle aged and retired people.
Ajibola said that ICMR and other regulatory institutions should provide maximum protection for investors and their shares.
According to him, ICMR should remain committed to offering services with integrity to their numerous stakeholders.
“It will be disastrous to every stakeholder if the operators compromise integrity in their dealings.
“Nigerian capital market is still largely underdeveloped compared with many countries with similar level of economic development.
“All hands must be on deck to drive the capital market and sustain the growing level of confidence in the market by the public,’’Ajibola said.
He said that if operators and regulators would play their roles as catalysts, the synergy between the capital and money markets would boost financial inclusion.
Ajibola said that the synergy would help in cultivating savings habits and promoting investment culture in the country.
Ogunbanjo said that the ongoing NSE demutualisation, when completed, would further enhance the capital market by promoting corporate governance.
He added that it would result in transparency and attract strategic partners, investors and good quality issuers.
Owoturo said that the effects of technology in the financial industry could not be downplayed.
He said that the registrar’s business had been influenced by the rise in financial technology.
“The world is going digital, and everyday there is a technological invention designed to solve a problem and ease our lives as humans.
NAN reports that Ms Mary Uduk, Acting Director-General, NSE; Mr Oscar Onyema, Chief Executive Officer, Nigerian Stock Exchange, and Mr Bola Onadele, Managing Director, FMDQ, were awarded honourary fellows at the event.
Edited By: Ijeoma Popoola
Watch Live News
Make A Comment
- My wife encouraged me to go into directing – Halloway, AMVCA award winner
- Benue records first COVID-19 case, takes proactive steps to curtail spread
- RTEAN backs FG’s plan to close motor parks to contain COVID-19 pandemic
- COVID-19: NGO wants government halt essential goods price hike
- Coronavirus – Zambia: 6 additional cases of COVID-19 bringing the total number of cases recorded to date to 28
- COVID-19: We appreciate your concern, Kwara constituents tell Olawuyi
- Coronavirus – Cameroon: Active search for suspected COVID-19 cases
- Coronavirus – Cameroon: Radio announcement (27 March 2020)
- NUJ wants safety kits, palliatives for journalists over COVID-19
- Coronavirus – Sierra Leone: COVID-19 Status Update Saturday, 28th March 2020