Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Investor Protection Fund takes off in 2014

16 January 2014, 15:07

Lagos - The Chief Executive Officer, the Nigerian Stock Exchange (NSE), Oscar Onyema, has said that the Investor Protection Fund (IPF) would come into operation in 2014.

The IPF was established to give investors a statutorily backed avenue for reducing the losses they suffer as a result of bankruptcy.

It will also cover losses arising from insolvency, negligence or wrongdoing by dealing members.

Onyema, who said this at the NSE's 2013 market review and outlook for 2014, added that the IPF would strengthen the confidence of domestic investors.

He said that retail investors’ participation in the market as at November 2013 stood at 49.06 percent.

Onyema also said that the operations of the exchange in 2014 would focus on sustaining the market growth.

He said that the NSE would also sustain the attraction of foreign investors in the Nigerian capital market.

Onyema said that the NSE would increase its investor education with other financial market regulators, to enhance financial literacy.

He said that the NSE would ensure a world class surveillance programme and enhanced government relations for the capital market and national economic development.

Onyema revealed that quoted companies and brokers were sanctioned to the tune of N61.21 million and N43.5 million
respectively in 2013 for various market violations, noting that it would continue with its zero tolerance to irregularities.

Reviewing the 2013 performance, Onyema said that the market capitalisation of listed equities grew by N4.25 trillion to N13.23 trillion, against the N8.98 trillion posted in 2012.

He said that the value of traded equities in 2013 appreciated by 58.66 percent to N1.04 trillion.

Onyema also said that the NSE, within the period under review, recorded two listings and 19 new bond listings.

He, however, observed that the political environment ahead of the 2015 election and change of leadership in the Central Bank of Nigeria (CBN) could pose some challenges to the market in 2014.

-    NAN


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...