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Friday 29th March 2024,
Hope for Nigeria

ADB to raise $1.5bn from capital market –Oteh

The Director General of Securities and Exchange Commission, Ms Arunma Oteh yesterday said that African Development Bank will soon raise a total of $1.5bn from the Nigerian capital market.

Speaking at the first quarter Post-Centenary Capital Market Commiittee media briefing in Lagos, she said the capital market has recorded various achievements that make it an attraction to investors.

According to her, National Pension Commission has invested $22bn in various securities in the market and the Internationa Finance Corporation in also interested in the market.

Oteh, who lauded the efforts of the capital market operators and various committees in the market, stated that a strong regulatory framework has been established for greater participation.

She said, “We also believe that Nigerians want to participate in the privatisation of energy sector by the Federal Government, we are expecting the companies to list their shares.

“Currently the market contributes 27 per cent to the Gross Domestic Product (GDP), we want to make it 100 per cent, as we plan to introduce more products to the market, particularly derivatives.”

Oteh noted that the greatest challenge the market has faced so far is the 2007 to 2009 financial crisis, as the market capitalisation nosedived from N13trn to N7trn during the period.

She added that there is hope in the Nigerian capital market, saying that the best is yet to come as more resources are being spent on humal development and technology.

The Executive Director, Market Operations of the NSE, Mr. Ade Bajomo, said the council of the Exchange has given approval for demutualisation of the NSE.

Already, he said, the Exchange is seeking advice from international experts, particularly from countries that have demutualised their capital markets.

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