The Chartered Institute of Stockbrokers has launched a book and a documentary on the capital market to mark its 30th anniversary.
In his welcome address at the launch, which took place on the trading floor of the Nigerian Exchange recently, the institute’s President, Oluwole Adeosun, explained that the book, History of the Nigerian Capital Market, was produced to address issues of the paucity of historical materials and conflicting narratives about the Nigerian capital market at different levels in the public space.
He said, “The book has been written to serve two purposes. First, as already been mentioned to provide an authentic account of the evolution of the capital market, from its humble beginnings to the massive wealth creator platform that it is today.
“The second, and very important purpose is to serve as an academic text for students of Economics, Finance and very specially, the emerging programme of Securities and Investment/ Capital Market Studies that is now gaining ground in the country.”
Adeosun added that the book provides insight into the Central Bank of Nigeria’s role in nurturing the market, along with the impact of the 1972 indigenisation exercise that birthed the equity market and the transformations within the Nigeria Exchange Group, which in 63 years, had taken on three different names.
The Chairman of NGX Group Plc, Dr Umaru Kwairanga, lauded CIS for the initiative and stated that beyond the book publication, both NGX and CIS would continue to partner for the overall development of the market.
Kwairanga added that the NGX Group would increase its advocacy for listing major multinational companies and key government enterprises in the stock market.
The Director of Entrepreneurship Research and Development Centre, Kaduna State University, Professor Seth Akutson, who reviewed the book, said it captured the evolution of the market, its governance structure and transition from the call-over to Automatic Trading System, among others.
A past president of CIS, Mr Olutola Mobolurin, stated that the stock market should be more vibrant.
According to Mobolurin, there is a need to de-leverage the debt market and explore the opportunities in the equity market.
A financial expert present at the launch, Segun Aremu, said, “The capital market is indeed a catalytic sector that has the ability to infuse development into the nation and as well become a viable means for sustainable long term growth.
“The launch of this historic book shows that truly we will only be remembered by what we have done.”
The CIS, founded in 1990, was first known as the Nigerian Institute of Stockbrokers.