Stockbrokers worry over CBN's phased handling of banking problems
August 19, 2009
CAPITAL market operators have warned that the phased management of the ills in the banking sub-sector will erode the gains of the sector's consolidation and confidence in the economy.
The Director-General, Nigeria Stock Exchange (NSE), Prof. Ndi Okereke-Onyiuke said the concerns of the stockbrokers stemmed from the emerging confidence profile in the nation's banking sector.
"While the dealers appreciate and commend the efforts of the Central Bank of Nigeria (CBN) in sanitising the banks, they are insisting that the phased remedy may be counter-productive," Okereke-Onyiuke said.
The News Agency of Nigeria (NAN) quotes the DG of the NSE as saying that the dealers suggested a one off solution to the nation's bank liquidity and corporate governance problems.
The President of the Chartered Institute of Stockbrokers (CIS), Mr Dipo Williams, and the Chairperson, Association of Stockbroking Houses (ASHON), Alhaji Rasheed Yusuf, confirmed the fears of the dealers.
They also insisted that the fate of the banks was in the interest of the larger public.
Williams said the phased management of the situation would precipitate an enlarged confidence crisis in the nation's financial sector and urged the CBN to do it all at once.
Meanwhile, Okereke-Onyiuke has also said that the full suspension of transactions in the shares of the five banks would impact negatively on the market.
The Director-General, who declined to provide details of the impact, however, said that besides the anticipated decline in market capitalisation, market and shareholders' liquidity would also be greatly affected.
The Guardian Newspaper, Wednesday August 19, 2009
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