….says capital market must be protected
The Speaker of the House of Representatives, Hon Yakubu Dogara, has explained that the House decided to intervene in the face-off between the Minister of Finance, Mrs. Kemi Adeosun and the suspended Director General of the Security and Exchange Commission, Mr. Muonir Gwarzo in order to protect the capital market’s integrity.
Dogara added that the House’s intervention was also aimed at improving public perception of the sub-sector, boost investors confidence, build trust and encourage primary investment.
He further assured that the House of Representatives was determined to unravel what led to the conflict, with a view to resolving and finding reasonable solutions geared towards achieving positive impact on the capital market and the national economy.
Speaking at a public hearing organised by the Committee on Capital Market at the National Assembly, the Speaker said it’s important to provide a conducive environment for the capital market to contribute massively to the nation’s economic growth and development, especially with the economic quagmire the nation had found itself.
He also noted the importance of integrity and perception to the growth of the capital market and the economy, saying no investor would be interested in putting funds in a market fraught with instability, confusion, crisis and bickering, “no matter how well the package may look.”
The Speaker said, “The House of Representatives, and indeed the National Assembly, have been pro-active on various fronts, in meeting and realising legislative actions geared towards boosting the Capital Market and the Nigerian economy.
“As a Legislature, we are not unmindful of the importance of perception in the Capital Market. Similarly, integrity is very paramount to the growth of the Capital Market and the economy. Regardless of the juicy package put together by stakeholders, however, no investor will be interested in putting funds in a Market that is fraught with instability, confusion, crisis and bickering.
“It is as a result of these and our firm commitment to protect market integrity, improve public perception of the sub-sector, boost investors confidence, build trust and encourage primary investment in the Capital Market, that the House of Representatives resolved to intervene in this matter.
“As a Parliament, we strongly believe that the downslide in Nigeria’s economy provides the best opportunity for the Capital Market to fill this gap by taking the lead in contributing massively to economic growth and development.
“However, this lofty ideals and objectives cannot be realised in an atmosphere of strife, discord, mistrust and disconnect between and amongst key functionaries of the Capital Market and the national economy.”
He reiterated that the House of Representatives was determined to always support operators, stakeholders and regulators in achieving their respective goals and objectives in order to help them contribute positively to driving Nigeria’s economy .
