Abuja – The Speaker, House of Representatives, Mr Yakubu Dogara, has called for stiffer penalties against fraudulent operators in the country’s capital market.
Dogara made the call on Monday in Abuja at a stakeholder’s forum on the `Capital Market and Nigeria’s Economy’ organised by the National Assembly Joint Committees on Capital Market and Institutions.
He noted that tightening regulations in the stock market would ensure that people’s investments were protected from fraudulent operators.
He said that the call became imperative in view of the fact that Nigeria was in need of investors who would bring in their resources to diversity its sources of income.
“I strongly believe that the Capital Market is a major tool for wealth creation and mobilisation of funds to grow and diversify the Nigerian economy.
“I want to emphasise that any proposed legislation must find a way to protect ordinary Nigerians, some of whom have invested their life savings in the market, from fraudulent market players,’’ he said.
Dogara pointed out that several Nigerians had tales of woes from the irresponsible activities of some unscrupulous stakeholders in the market.
“The recent regulatory sanctions on some stock brokers and market players are therefore a step in the right direction,’’ he added.
The Speaker said that the Capital Market offers the best opportunity to diversify the country’s economy by bringing fresh windows for investment.
He expressed confidence that the Capital Market could take the lead in yielding opportunities that could help in revamping the country’s economy.
Dogara expressed the willingness of the House of Representatives to contribute its quota to arrest the `dangerous drift’ in the capital market.
“Considering Nigeria’s population, human and material resources, our Capital Market can do much better in terms of depth, breadth, size, liquidity and access to investment opportunities,’’ he said.
He said that Nigeria was blessed with what it takes to be economically self sufficient, adding that Nigerians must look inwards to ascertain the reason why their country had not attained that status.
“At the heart of these questions must be the realisation that anything of valour is never found on the surface.
“For our market to deliver its full potentials, it must be deepened,’’ he said, and urged the stakeholders to work together to ensure that Nigeria’s diversification drive achieved its full potentials.
According to Dogara, pro-active collaboration between the legislature, executive and organised private sector, will help to achieve the economic potentials of Nigeria’s Capital Market.
“It is indisputable that continued collaboration and buy-in of major stakeholders in the Public and Private sectors is one of the major ways of attaining the lofty ideals and salient objectives of the Nigerian Capital Market Master plan,’’ he added.
Yakubu Dogara, Speaker, House of Representatives
