Stockbrokers Seek Closer Ties with Government

The stockbroking community has called for closer collaboration with government officials by sending their representatives to events organised by operators for the development of the market in particular and economy generally.

The stockbrokers, under the aegis of Chartered Institute of Stockbrokers (CIS), are also clamouring for utilisation of the capital market to fund the 2017 budget deficit as a demonstration of the government’s belief in the market’s capacity to provide long-term fund for capital projects.

According to the President, CIS, Mr. Oluwaseyi Abe, governments at all tiers should attach value to workshops, summits and other fora organised by the capital market operators by attending in order to have direct interface with the operators on issues of common interest.

Speaking in the same vein, the Second Vice Chairman, CIS, Mr. Tunde Amolegbe stated that the government officials driving the capital market policies should come closer to the operators in order to understand the workings of the market and how it can impact on the government’s policies.

“The growth of most developed economies is financed through the capital market. It is obvious that our market has capacity to fund the deficit in the 2017 budget. Participating in the capital market fora would surely bring the government to the operators on a mutually agreeable ways by which the market can be utilised by the government. There are no better fora than the ones organised by professional bodies such as the CIS,” Amolegbe said.

A former President, CIS, Mr. Mike Itegboje said that when former governor Lucky Igbinedion attended the CIS conference in Edo State in 2001, he developed interest in raising money from the capital market.

Itegboje stressed that this underscored the imperative for government to play pivotal roles in any forum where capital market issues take the centre stage.

Also, the first Vice President, CIS, Mr. Adedapo Adekoje explained that operators in the capital market should not give up in the demand for active participation of the government officials in the market workshops and related avenues as decisions taken at such a forum stand better chance of implementation as against the current trends whereby only the operators themselves participate.

A Council member of the Institute, Mr. Ropo Dada expressed dismay that the federal government appeared to see the capital market and money market from the perspective of competition rather than complimentary.

Dada, who ascribed this misconception to government’s inactive approach to capital market events noted that until the government appreciates the fundamental roles of the capital market to the growth and development of any economy, the current situation may linger.

“If a bank has challenges, the Central Bank and federal government quickly respond but it is not the same for stockbroking firms.” Dada said.