N300m new capital: Operators seek extension

As the September 30 deadline for the new capital requirement for market operators approaches, some operators have renewed calls for an extension. Speaking with New Telegraph the operators noted that insisting on the deadline and withdrawing the licences of those who could not meet the deadline would throw the market into further crisis.
The reasons cited for the demand included lack of investors’ confidence, the dwindling prices of crude oil and the impact on the economy, especially the devaluation of the naira and the hike in interest rates. Director-General of Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, had recently said that the commission had no plans to extend the deadline, stressing that it has come to stay. He said that the capital requirement would be implemented vigorously.
“The deadline is still September and progress is being made; the level of compliance has gone up, but we are determined to keep to that September 30, no shaking, no going back. There is no going back and we are happy the way we are receiving responses from all the capital market operators,’’ he said. But the Managing Director of Perfecta Securities Limited, Mr. Emma Eze, told New Telegraph that SEC should put aside the recapitalisation of stockbroking firms currently being pursued and first restore investors’ confidence. “SEC should put aside the recapitalisation process for now. The issue of new capital requirement will not reactivate the market, what will reactivate the market is restoration of investors’ confidence.




For the full story, check New Telegraph newspaper.































































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