ABUJA — THE House of Representatives
Committee on Capital Market and Institutions
and other stakeholders, weekend, bemoaned the
huge loss in billions of investments in the
nation’s capital market.
They blamed the Central Bank of Nigeria, CBN,
the regulatory authorities for the persistent
downward slide of share prices in the Nigerian
Stock Exchange, NSE.
This was revealed at a public hearing
conducted by the committee.
House Committee Chairman on Capital Markets
and Institutions, Tajudeen Yusuf, PDP, Kogi, in
his opening remarks at the two-day hearing,
stated that the House was concerned about the
rapid slide of investments in the Nigerian capital
According to Yusuf, the public hearing will give
all the stakeholders — legislature, regulatory
authorities, stockbrokers — the opportunity to
cross fertilize ideas that will help re-position
the capital market.
He also said one of the planks in the legislative
agenda of the 8th House of Representatives was
to consistently seek, support and evolve
meaningful and realistic initiatives and
measures through which the nation’s economy
could experience growth and development.
Earlier, while declaring the investigative hearing
open, Speaker of the House, Yakubu Dogara,
noted that the persistent downward trend in the
Nigerian Stock Exchange and the issue of
unclaimed dividends by investors were two
issues posing serious national challenges.
Some stakeholders, 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
presentations, blamed the apex bank for the
downward trend in the Nigerian stock market.
While blaming the Federal Government for not
injecting some funds to bail out the stock
market, they also identified poor regulation,
including the injection of slush funds by
commercial banks, and CBN policy somersault,
as the reason for the collapse of the nation’s