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ISAN seeks review of capital market investment policies

27 November 2013, 09:46

Lagos - The Independent Shareholders Association of Nigeria (ISAN) on Tuesday called for abolition of all commissions on capital market transactions.

It also called for “liberalisation” of government deposits in commercial banks.

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 investor friendly.

The association said that the restriction placed on government’s deposits by the central bank could stifle development by depriving the economy of the needed liquidity.

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 development.

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 infrastructure development.

“Long-term conscious investment in agriculture and agro-products would expand the nation’s employment window, stimulate manufacturing and reduce food importation,” it said.



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