Shareholders have called for concerted efforts to address judicial processes and laws adversely impacting the Nigerian capital market.
They noted that the capital market plays important roles in the national economic development and its efficiency will impact the overall performance of the economy.
Speaking under the aegis of Independent Shareholders Association of Nigeria (ISAN), they said there was urgent need to proffer solutions to several policies and laws that are stifling the activities of the capital market thereby deterring investors.
National Coordinator, ISAN, Prince Anthony Omojola said iSAN has played major roles in the past with regard to protection of the interest of investors’, reiteratting the association’s commitment to investors protection.
.As a watchdog of publicly quoted companies, we have charged ourselves with the responsibility of ensuring that all stakeholders adhere to the rules in accordance with best corporate practices with diligence.
“In the course of playing our own part in the scheme of things, we have had to agree and disagree with successive governments, their regulatory agencies, company boards and their managers, particularly those listed on the Nigerian Exchange Limited (NGX). We have organized demonstrations and even gone to court to seek redress and correct legal interpretation on some issues we consider arbitrary by regulators. It is of credit to ISAN that we have fought so many battles and won.” Omojola said.
He noted that the performance of the market is largely based on government policies.
According to him, lengthy and frustrating judicial processes are impeding smooth market operations.
He noted that the current policies regulating the macro-economic environment are not favorable to the operation and growth of the economy and that ISAN seeks to interface with the government for the redress of such policies.
“We know the way our capital market is structured; it operates under certain policies of the government. When the policies are good, the market comes out good, but when the policies are bad, the market suffers,” Omojola said. It also aims to address the issue of intimidation of some companies and shareholders by regulatory bodies.
He said the association will beam searchlight on the regulatory environment at its forthcoming triennial delegates’ conference billed for next week in Lagos.
He noted that with the Governor of Lagos State, Mr. Babajide Sanwa-Olu as the chief host, the event promises to involve top government and private sector officials including delegates of regulatory agencies such as the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Corporate Affairs Commission (CAC), the Nigerian Exchange Group (NGX) and delegates of ISAN from zones all over Nigeria.
General Secretary ISAN, Chibuzor Emmanuel said the association has been at the forefront of advocacy for the protection of interest of investors.
‘In the area of unclaimed dividend, which stands at N177 billion as at 2021, ISAN would continue to engage its members and the public in sensitization on how the capital market really works and how they can claim their dividends.
”What we are doing presently is continuous engagement to encourage our members to interface with the registrars and make sure they collect their dividends. We sent the list of unclaimed dividend to all our zonal branches to identify investors who are yet to claim their dividends so that they can do so,” Emmanuel said.
He enjoined all stakeholders’ to take active part at delegates’ conference and play their respective roles in improving the growth of the economy.