DG of NSE, Mr. Oscar Onyema
Onyema calls for Market Transparency as PanAfrican Capital Plc sponsors 2011 Nigerian- South African Chamber of commerce breakfast forum
By Ingram Osigwe
The Nigerian-South African Chamber of Commerce on Wednesday April 20 held its April 2011 Breakfast Forum. The Speaker at this edition was Mr. Oscar N. Onyema, Director General, Nigerian Stock Exchange (NSE)
Mr. Oscar Onyema, spoke on his vision for the capital market to include transparency, Innovation and liquidity. Speaking at the breakfast forum, Sponsored by PanAfrican Capital Plc, Onyema explained that his intension was to position the Nigerian capital market not only as a gateway to African frontier market but also a leading exchange for capital formation.
The NSE boss assured that his management would deploy such drivers of success at the exchange as organizational efficiency and fair level playing field for all participants in order to restore confidence in the market.
The DG of NSE with some members of staff of PAC.
He revealed that the plans of the exchange is to use better regulatory initiatives to attract more capitalization through new issues of from other sectors of the economy including the telecoms industry, adding that the market can do with significant foreign inflows but “ we are not looking for the high frequency trading”. Besides working with government to enthrone friendly policies, the new boss made it clear that new policies and procedures targeted at ensuring qualitative disclosure were best for the market at this point in time.
“Look at the market as a long term investment window instead of a speculative one,” Onyema further advised investors.
Mr Emeka Akwuaka, Company Secretary PanAfrican Capital Plc with the DG of NSE, Mr Oscar Onyema.
Mr. Eugene Ezenwa, MD CEO PAC Securities ltd and Mr Lanre Bakare, Head, Strategy and corporate Planning
He said the capital market was in need of market makers that would help to deepen it and improve liquidity.
"We will look at operational efficiency so that when you want to move a large chunk of stocks or bonds, you can do that easily without impacting on the price of the security, Said Mr. Onyema.
Mr. Onyema said the absence of market makers was affecting market liquidity.
"How do we make sure that securities have a standing bid and offer at any point in time? How do we get market makers that have the right depth and knowledge to provide liquidity in our market place? That is what we are looking at right now," he said
Managing Director/CEO of PAC Securities Limited, Chief Eugene Ezenwa, said the vision of the new CEO of NSE was going to affect the market positively, if well implemented.
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