Market News

By Chinwendu Obienyi

Chartered Institute of Stockbrokers (CIS) has said that its recently launched book titled; ‘History of Nigerian Capital Market and its Documentary’, can serve as an academic text for students of economics, finance and securities and investment/capital market studies which could attract future investments.

L–R:  Oluropo Dada, ; 1st Vice President, Chartered Institute of Stockbrokers (CIS); Jude Chiemeka, Ag. Chief Executive Officer, Nigerian Exchange Limited (NGX); Fiona Ahimie,,  2nd Vice President, CIS; Josiah Akerewusi, Registrar/Chief Executive, CIS; Elizabeth Ebi, Member, Board of Fellows, CIS; Umaru Kwairanga, Group Chairman, NGX Group; Oluwole Adeosun, , President and Chairman of Governing Council, CIS; Babarinde  Ademola, Member, Governing Council, CIS  and Kurfi Garba, Member, G during the launch and documentary of the history of the Nigerian Capital Market at the Exchange in Lagos, at the weekend  

The CIS president, Oluwole Adeosun, stated this during the Institute’s 30th anniversary celebration in Lagos recently which attracted market regulators, members of the institute, governing council, seasoned operators in the financial market and topnotch academia.

Adeosun while welcoming the dignitaries, explained that the book was produced to address issues of paucity of comprehensive historical materials and conflicting narratives about the Nigerian capital market at different levels in the public space.

He emphasised that the book serves as an authentic account of the market’s evolution and can be used as an academic text for students of Economics, Finance, Securities and Investment/Capital Market Studies.

Adeosun stressed that the book is not only intended for professionals but also for non-stockbrokers, investors and individuals interested in understanding the history of the Nigerian capital market and its terminologies.

According to him, the book provides insight into the Central Bank of Nigeria’s role in nurturing the market, along with the impact of the 1972 indigenisation exercise that birthed a vibrant equities market and the transformations within the Nigeria Exchange Group (NGX), which in 63 years, has taken on three different names and the emergence of multiple exchanges.

Also speaking, the chairman, NGX Group Plc, Dr. Umaru Kwairanga, lauded CIS for the initiative and stated that beyond the book publication, both NGX and CIS would continue to partner for the overall development of the market.

Kwairanga added that the Nigerian capital market is still largely untapped and investors should take advantage of enormous investment oppourtunities in the securities market. He also assured the institute that NGX Group would increase its advocacy for listing major multinational companies and key government enterprises in the stock market.

A past president of CIS, Mr. Olutola Moboluring, stated that the stock market should be more vibrant. According to him, there is a need to de-leverage the debt market and explore the opportunities in the equities market through capital mobilisation.