The Independent Shareholders Association of Nigeria (ISAN) has urged the political class to refrain from making unguarded utterances and focus more on issue-based campaigns ahead of the 2023 elections.
The shareholders’ group said that such utterances are capable of disrupting economic activities and investment in the nation’s capital market.
According to them, unguarded statements will impact negatively the capital market as markets all over the world thrive on information.
Speaking at a news conference to announce its seventh Triennial Delegates Conference and Gala Night slated for Oct. 27, in Lagos, the Publicity Secretary of ISAN, Mr Hakeem Batula, noted that if the polity is calm going into the election, the country would witness a peaceful poll while the stock market becomes stable to attract more investment inflow.
“ISAN sought for good and enduring environment particularly as we approach another election year. This is because there is a need to continue to protect the investment of our members and ensure the sustainability of listed firms’ businesses,” Batula said.
Speaking on the theme of the conference: “Administration of Justice in Nigeria and Our Economy,” ISAN Coordinator, Mr Anthony Omojola, said the nation’s economic fortune has deteriorated in the last decade due to the distortion in the process of justice administration.
Omojola said that the alterations have affected adversely the operations of the listed companies, impact negatively on their share prices and make investors wary of the market.
He said the conference would create an interface where government, legislators, shareholders and operators will brainstorm on laws infringing the operations of the capital market and constituting disincentive to investment.
“For instance, the laws that hamper the operations of the manufacturers Association of Nigeria also affect listed firms.
Omojola also called for enhanced collaborations among the Nigerian capital market regulators to enthrone a regime of a friendly operating environment.
He noted that regulatory activities must be in such that information and regulations can be disseminated across sectors to enable participants and operators to have the benefit of knowledge.
Omojola argued that a situation where the Nigerian market operates in secret in the areas of regulation is a disincentive to growth objectives.
“Regulators should put measures in place to boost investors’ confidence.
“The Securities and Exchange Commission (SEC) should collaborate more with investors. You do not need to impose rules and policies, there is a need to understudy the system to know whether a particular policy would be favourable and impact positively on the market,” he said.
Omojola stressed the need for investor education to boost investment in the Nigerian capital market
