Chartered Institute of Stockbrokers (CIS) has launched its book : “History of the NIGERIAN CAPITAL MARKET” and a Documentary on the market.
The event, which effectively concluded the Institute’s 30th-anniversary celebration, attracted market regulators, members of the Institute’s Governing Council, seasoned operators in the financial market and top-notch academics.
In his welcome address, the Institute’s President, Mr Oluwole Adeosun, explained that the book was produced to address issues of paucity of comprehensive historical materials and conflicting narratives about the Nigerian capital market at different levels in the public space.
“The book has been written to serve two purposes. First, as already mentioned, to provide an authentic account of the evolution of the capital market, from its humble beginnings to the massive wealth creator platform that it is today. The second, and very important purpose is to serve as an academic text for students of Economics, Finance and very specially, the emerging programme of Securities and Investment / Capital Market Studies that is now gaining ground in the country.”, said Adeosun.
He noted that the book was not meant for only the professionals in the capital market and those in finance and business related field, including students, but non-stockbrokers and investors as well for their basic understanding of the history of the capital market in Nigeria and some of the commonly used market terminologies.
According to him, the book provides insight into the Central Bank of Nigeria’s immense role in nurturing the market, along with the impact of the 1972 indigenization exercise that birthed a vibrant equities market and the transformations within the Nigeria Exchange Group(NGX), which in 63 years, has taken on three different names and the emergence of multiple exchanges.
The Chief Launcher and Chairman, NGX Group PLC, Dr Umaru Kwairanga, lauded CIS for the initiative and stated that beyond the book publication, both NGX and CIS would continue to partner for the overall development of the market.
Kwairanga added that the Nigerian capital market was still largely untapped and investors should take advantage of enormous investment opportunities in the securities market.
At the closing gong ceremony to mark the book launch, Kwairanga, who commended the CIS for the book and documentary, assured that NGX Group would increase its advocacy for listing major multinational companies and key government enterprises in the stock market.
Prof. Seth Akutson, the Director of Entrepreneurship Research and Development Centre, Kaduna State University, who reviewed the book said it captured the evolution of the market, its governance structure and transition from the call-over to Automatic Trading System (ATS) among others .
A past President of CIS, Mr. Olutola Moboluring, stated that the stockmarket should be more vibrant. According to him, that there is a need to de-leverage the debt market and explore the opportunities in the equities market through capital mobilisation.
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