Lagos - The Independent Shareholders Association of Nigeria (ISAN) on
Tuesday called for abolition of all commissions on capital market
It also called for “liberalisation” of government deposits in commercial
ISAN, in a statement signed by its National Coordinator, Sunny Nwosu, said
that review of some inhibiting policies would make the market and economy more
The association said that the restriction placed on government’s deposits by
the central bank could stifle development by depriving the economy of the
It said that the restriction on the deposits could lead to crisis of
confidence between the government and governed.
The association said that the Federal Government, Securities and Exchange
Commission and the Nigerian Stock Exchange had through their policies exposed
retail investors to unwholesome risks.
It said that alienating local investors in the on-going capital market
transformation negated the Federal Government’s policy on inclusive economic
The association also urged the Federal Government to create a level playing
field for both foreign and domestic investors.
“The current emphasis on foreign retail investors to the detriment of local
retail investors amount to economic neo-colonialisation,” it said.
The shareholder group also decried the payment of five per cent by some
banks to the Asset Management Corporation of Nigeria (AMCON) as against the
earlier three per cent of their gross earnings.
It said that the payment to AMCON would discourage portfolio investment and
would affect shareholders’ returns on investment.
The association also called for removal of subsidy on petroleum products,
adding that funds saved through the measure should be used for agriculture and
“Long-term conscious investment in agriculture and agro-products would
expand the nation’s employment window, stimulate manufacturing and reduce food
importation,” it said.