Fashola, Sambo, Others At 50 Years Of Stock Exchange In Lagos

Lagos State Governor, Mr Babatunde Fashola (SAN) on Monday tasked the management of the Lagos floor of the Nigerian Stock Exchange on the need to look further afield away from traditional businesses for new listings.

Governor Fashola spoke at a ceremony, which also had in attendance the Vice President, Architect Namadi Sambo, the Governor of the Central Bank, Mallam Sanusi Lamido Sanusi to mark 50 years of operation on the floor of the Nigeria Stock Exchange held at the Lagos Stock Exchange in Marina.

He added that enormous opportunities exist that if sufficient flexibility is demonstrated the basket of listing that the market needs can be enriched especially in the field of entertainment and sports.

In his words: “I think there are enormous opportunities that if we demonstrate sufficient flexibility, we can enrich this basket of listing that this market clearly needs especially in the field of entertainment and sports”.

Governor Fashola explained that those represent ways by which the full weight of the Nigerian economy can trickle down to people on whose behalf it is being operated.

The governor who saluted the vision of the founders of the Exchange, said the challenge for the next 50 years should be about how to surpass what has already been achieved.

He added that the ingredient for this had already converged on the heels of an acceptable electoral process which Nigeria has just concluded, with the elections sending out very strong signals on stability in the country.

The governor who also made calls for broadening its base reiterated that the expansion of the exchange will depend on the quality of the output of the businesses whose stocks are being traded, stressing that it would also depend on the level of infrastructure that is available to support the growth of business.

“As a leader of government, I promise to continue to invest in infrastructure and I believe that our country must reinvest with renewed vigour in infrastructure that is available to support business and growth.”

Speaking at the event, Vice President, Architect Namadi Sambo who represented President Goodluck Jonathan said the Federal Government is committed to vigorously pursuing those policies which will have effect on strengthening the investment climate and engendering the requisite climate for Nigeria’s effective engagement with the global economic climate.

The Vice President said as the nation looks forward to the next 50 years, the management of the exchange will use the opportunities to galvanise what has been achieved and examine how best to liberate the capital market not only on how to boost the national economy but to drive the national transformation enterprise.

“I expect the next 50 years to record even more impressive, greater private sector role. This will be further enhanced by our administration’s policy of definitive policies and programmes to transform the business environment,” the Vice President stated.

He saluted the founding fathers for their pioneering role in the Exchange which has become the most dominant in Africa due to its phenomenal growth and limitless opportunities.

Also speaking, the Governor of the Central Bank, Mallam Lamido Sanusi Lamido expressed the view that the Nigerian capital market will bounce back and the Stock Exchange will become the most dominant in Africa.

He added that the Central Bank of Nigeria is very satisfied with what the present management of the Security and Exchange Commission is doing in ensuring safety of investments in the market.

Mallam Sanusi said though the operations of Central Bank and the Security and Exchange Commission (SEC) have been separated by law and now work as separate entities, they cannot operate in isolation of each other.

He added that since many of the banks are quoted on the Stock Exchange, the problems of the banks and the Stock Exchange are intertwined and expressed the commitment of the Central Bank to improve the Stock Exchange.

The ceremony was attended by many dignitaries including the Chairman of the Board of Security Exchange Commission, Senator Udo Udoma, members of the Organised Private Sector and operators on the market.