Capital market in critical period —Shareholders

THE Nigeria Capital Market has passed through serious difficulties in the last three years, though very good opportunities still exist for investors.

This was disclosed by the outgoing chairman, Ibadan Zone Shareholders’ Association, Chief Sola Abodunrin, at the association’s Annual General Meeting (AGM), held at Omo Ajorosun Club House, Ibadan, Oyo State, on Thursday.

Chief Abodunrin said: “The Nigerian economy that has been quite resilient at a constant growth rate of about six per cent per annum, has gradually moved into recession. As at now, the growth rate is 2.24 per cent, while oil price is about $44 per barrel.”

He encouraged investors to invest in the Nigeria economy, noting that “This is a very good opportunity for investors. We should cash in at this opportunity and buy shares that have good fundamentals and when the economy improves, we shall all be laughing to our banks.”

Speaking on the association’s challenges, the outgoing general secretary, Mr Eric Akinduro, said “In 2015/2016, global economic activities remained unfriendly. Market capitalisation has been nose-diving without any sign of improvement and this has slowed down activities within the market.”

Ibadan Shareholders Association comprises of shareholders from Ekiti, Kwara, Ogun, Ondo, Osun and Oyo states.

However, the market is still full of potentials, particularly companies that have good fundamentals.”

At the end of the meeting, election was held with Mr Eric Akinduro emerging as the new chairman of the association.

Ibadan Shareholders Association comprises of shareholders from Ekiti, Kwara, Ogun, Ondo, Osun and Oyo states.