From Kemi Yesufu and Fred Itua, Abuja
Speaker of the House of Representatives, Yakubu Dogara, has disclosed that the House has commenced the process of tightening regulations in the stock market to ensure that the investment of Nigerians and other players are protected from fraudulent operators.
The Speaker who made the disclosure while delivering an address at the opening ceremony of Stakeholders Forum on the Capital Market and Nigeria’s economy in Abuja, said the House was committed to enacting laws that adequately deal with fraudulent capital market players, with a view to making fraud in the capital market highly unattractive.
The conference was organised by the National Assembly Joint Committee on Capital Market and Institutions.
He said: “We strongly believe that the capital market is a major tool for wealth creation and mobilisation of funds to grow and diversify the Nigerian economy. We want to emphasise that any proposed legislation must find a way to protect ordinary Nigerians, some of whom have invested their life savings in the market, from fraudulent market players.
“Many Nigerian’s have tales of woes from the irresponsible activities of these unscrupulous stakeholders in the market. The recent regulatory sanctions to some stock brokers and market players is therefore a step in the right direction.”
The Speaker stressed that the Capital Market offers the best opportunity to diversify the economy by routinely attracting new investment.
He further expressed the willingness of the House of Representatives to contribute its quota, to arrest this dangerous drift.
“Considering Nigeria’s population, human and material resources, our Capital Market could do much better in terms of depth, breadth, size, liquidity and access to investment opportunities,” he said.
“As major stakeholders in the Nigerian-project, the National Assembly strongly believes that a pro-active engagement and collaboration between the legislature, the executive and Organised Private Sector, will help to achieve the economic potentials of the Nigeria’s Capital Market.
“It is indisputable that the continued collaboration and buy-in of major stakeholders in the Public and Private sectors is one of the major ways of attaining the lofty ideals and salient objectives of the Nigerian Capital Market Master-plan”.