The National Coordinator,Independent Shareholders Association of Nigeria(ISAN),Dr Anthony Omojola has called for the consolidation of 255 Stockbroking houses in the country,saying that only about 10 of them dominate the market.
According to him their own recapitalization should see some Mergers that will bring the number to a manageable size and help to improve the performance of the capital market sector of the economy
Omojola who was speaking in a virtual interview said that going forward there is every likelihood that that the nation will witness some growth in the areas of Medium and Small scale Companies because of some palliatives and tax incentives extended to them in this year’s budget.
On ISAN EXPECTATIONS FOR THE YEAR 2020,he stated as follows:” We are concerned with the purchasing power of the people in terms of goods and services which has been seriously affected by the value of Naira which is a reality of increase in tariffs, rates and other government policies that have negative effects on the people.
”We urge the government to do more to lessen the burden in the business operating environments in the country, so that more profits can be made by individuals, entrepreneurs and companies.Further efforts should be made in de congesting the Lagos Ports with a view of lowering products costs which will have a salutary effect on our level of inflation which is on the rise.
”Nigeria require huge infrastructural improvements in power, road, rail and air. With an improved road and rail transport system, locally produced goods and services will contribute more to the GDP.The question is, how visible is the promise to link all the state Capitals through rail? For this to happen, our budget needs more allocation for better funding Reliance on loans alone may not help us. But if properly funded and implemented, finished goods will be transported through the rails and maintenance costs on the roads will be drastically reduced”.
Going on he stated”In 2020, we expect the full demutualization of the Nigeria STOCk EXCHANGE, and this will usher in more opportunities for bigger investments, standardization of policies and bring along with it some level of confidence in the Capital Market”,even as he asked for palliatives for businesses and investors.
He praised the central banks’ plan to consolidate the banking sector,saying that our banks needs to retool to better serve the needs in the economy,saying that the value of the Naira in the international market gives him cause for concern.As well he expressed joy over the effort to consolidate the insurance sector.