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Senator Amosun charts way forward on capital market

17th Nov, 2020 | By Sennen Udoh | ||

Chairman, Senate Committee on Capital Market, Senator Ibikunle Amosun, has stressed the need to deploy the instrumentality of the capital market to revive the nation's economy, given the negative impact of Covid-19 and #EndSars protests on the country. The apex lawmaker, who represents Ogun Central District, stated this in an address to capital market stakeholders during an interactive session in the National Assembly recently.

Amosun, an accountant-cum-economist, in a four-page address, said, inter alia, that the event was "apt… and an avenue to meaningfully strengthen the capital market, especially coming at a time like this when concerted efforts are required to revive our economy which has been negatively affected by the outbreak of Covid-19 and the recent #EndSARS protest." Amosun, who is a former governor of Ogun State, added: "This is the most crucial moment for our economy, as Nigeria and indeed the whole world continues to grapple with economic hardship – such that has not been witnessed before."

Like a shepherd bent on ensuring the success story of his flock, he pledged commitment as, Chairman of the Committee on Capital market, to put in place "necessary legislation that would propel the Nigerian capital market to greatness." Displaying broad-based knowledge of the core indices of capital market, Amosun stressed that "there is equally the need to strengthen our Commodity Exchanges (CX) and make the market robust and functional." Thereafter, he went down memory lane of the Committee's oversight visit and commended "some agencies and organizations in the capital market" for their "innovation and drive despite the daunting challenges being faced."

However, in the wake of the long term objective of the Committee, Senator Amosun, who is arguably reputed for excellence, still deemed the performance of the Nigerian capital market as a far cry from public expectations and therefore called for improvement. Amosun stated: "We know a lot more can be done, so we urge you to do more, especially to introduce new products and consolidate on the existing ones, carry out research on other capital markets across the globe to align with global best practices." He decried the issue of unclaimed dividends in the system, which had permeated the psyche of Nigerian capital market as ''worrisome'', asserting "it must be thoroughly dealt with by SEC and CSCS."

News Update

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