L
LequteMan
Guest
The tension and anxiety in Nigeria's capital market is on the rise as the deadline for recapitalization of market operators approaches, with no foreseeable change in the December 3, 2014 cut off date, Daily Independent says.
Reports say business activities are grinding to a halt following worries by some operators who may not be able to meet the deadline and are in pains on what line of action to take.
The anxiety is being heightened by the on-going inspection of records by officials of The Nigerian Stock Exchange who visit stockbroking firms to assess, among other things, their readiness to comply with the Securities and Exchange Commission (SEC) directive.
Some market operators attributed the lack-lustre business activities in the stock market in recent times to insistence by the regulator that it would not go back on the deadline.
They said some of the big time stock broking firms are colluding with the Commission to snuff them out of business, alleging that the regulator feels that it can do without the small stockbroking firms.
While a good number of them said that they were not opposed to the new increases in their capital base, they have been urging the Commission for an extension on the deadline to enable them comply or make adequate arrangement for merger or other forms of acquisition.
But SEC has insisted that the deadline for recapitalisation of capital market operators remains December 31, 2014.
“The December 31, 2014 deadline is still on course. But we are happy that many of the institutions are responding and taking various options available to recapitalise." SEC Director General Arunma Oteh said.
#Nigeria
Reports say business activities are grinding to a halt following worries by some operators who may not be able to meet the deadline and are in pains on what line of action to take.
The anxiety is being heightened by the on-going inspection of records by officials of The Nigerian Stock Exchange who visit stockbroking firms to assess, among other things, their readiness to comply with the Securities and Exchange Commission (SEC) directive.
Some market operators attributed the lack-lustre business activities in the stock market in recent times to insistence by the regulator that it would not go back on the deadline.
They said some of the big time stock broking firms are colluding with the Commission to snuff them out of business, alleging that the regulator feels that it can do without the small stockbroking firms.
While a good number of them said that they were not opposed to the new increases in their capital base, they have been urging the Commission for an extension on the deadline to enable them comply or make adequate arrangement for merger or other forms of acquisition.
But SEC has insisted that the deadline for recapitalisation of capital market operators remains December 31, 2014.
“The December 31, 2014 deadline is still on course. But we are happy that many of the institutions are responding and taking various options available to recapitalise." SEC Director General Arunma Oteh said.
#Nigeria