STOCKBROKERS and shareholders in the Nigerian capital market have been encouraged to maintain the current tempo in the stock market as bulls continue to overwhelm the bears in the equities market.
They were also tasked to brace up for the challenges ahead in order to sustain the recovery being experienced in the market.
The Chairman of Association of Stockbroking Houses of Nigeria (ASHON), Mr. Emeka Madubuike, who made this call, said a lot of hard work, integrity, transparency and collaborative efforts to confront the obvious changes lie ahead.
According to him, “We believe that by working together, all stockbrokers will survive in one form or the other. Our association, the front-line operators of the capital market, has gone through very difficult time in the last five years since 2008, but thankfully, we are beginning to see a recovery, which gives us a lot of hope going forward.”
He said the operators are very hopeful and looking forward to a market with 40 million investors from the current five million investors.
“We are also expecting a state-of-the-art trading platform that promises great customers and operators experience, $1trillion market capitalisation and one that is the main driver of economic development,” he said. While addressing stakeholders in the capital market recently, Madubuike called for the support and cooperation of all stakeholders in the efforts to attract more patronage to the market.
“To our partners on this project called the capital market, our fellow regulators, investors and other stakeholders, we ask for support, understanding and cooperation as we work collectively to position the market to play its pivotal role in the development of our economy,” he said. He commended the chairman of Lafarge Cement WAPCO Nigeria Plc, Chief Olusegun Osunkeye, for assisting in restoring investors’ confidence in the market.
He noted that despite the challenges in Nigeria, the nation was still a good investment destination, saying “This is an outcome of my interaction with foreign investors. They believe that in Nigeria, there is high risk and high return-on-investment (RoI),” he said.
