FG Moves To Save Stock Exchange From Collapse

Lanre Oyetade and Odidison Omankhanlen, Lagos - 05.07.2008

CONCERNED with the rising crises at the nation’s stock market, the Federal Government, Bankers’ Committee which comprise of all banks’ chief executives and regulators of the Nigerian Stock Exchange (NSE), at a meeting in Lagos on Friday, resolved to work together to strengthen the internal processes of the market to restore its prosperity.

Speaking after the joint meeting, the Minister of State, Finance, Mr. Remi Babalola, noted that the Federal Government was concerned with the happenings in the stock market, adding that the joint meeting provided the opportunity for the capital market operators and regulators to brainstorm with a view to moving the market forward.

He disclosed that they took a look at all the fundamentals and discovered that there were some misconceptions, stressing that he was optimistic that the market would soon pick up.

Also addressing newsmen, the Governor of Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, maintained that the stock market was strong and robust, stressing that the Ministry of Finance, Securities and Exchange Commission (SEC), CBN, Nigeria Deposit Insurance Corporation (NDIC), Nigerian Stock Exchange (NSE) and Bankers’ Committee were committed to taking proactive steps towards the buoyancy of the market.