The Association of Owners of Stockbroking Houses of Nigeria (ASHON) is making moves to support the federal governmentâ€™s efforts to take the economy from recession and put it on a sound footing.
To this end, ASHON will hold the Capital Market Summit on Thursday, May 25, in Lagos.
Speaking yesterday at a press conference on the summit, Chairman of ASHON, Chief Patrick Ezeagu explained that the event would create a platform to identify means by which the federal government can salvage the economy.
According to Ezeagu, the theme for the summit, â€™The Road to Nigeria’s Economic Recovery- The Capital Market Routeâ€™, was borne out of the association’s desire to sensitise the federal government and other tiers of government as well as the private sector players/investors on the critical roles the capital market can play towards the achievement of the objectives of the Economic Recovery and Growth Plan (ERGP) and successful implementation of the 2017 budget.”
He noted that the capital market primarily helps to mobilise funds from the surplus economic units and channels them to the deficit ones.
Ezeagu said: “This underscores the fact that government’s budget deficit gap and critical infrastructure development can be financed through the instrumentality of the capital market. Indeed, the history of our capital market in Nigeria is robust with several times in the past when governments at various tiers took advantage of the market to raise funds to execute infrastructural projects.”
Also speaking at the event, Vice Chairman of ASHON, Mr.Akin Akeredolu-Ale explained that the relative stability in the forex market and good corporate earnings were part of the factors driving the stock market currently and they are sustainable.
According to him, with better policies the market would be able to play its role of economic development capital formation.
“As members of the capital market community, we are all aware that market is simply a barometer that gauges the mood of economy, hence, we all have a duty to support the government in whatever form that can bring about dramatic turnaround of our economy in Nigeria,â€ Akeredolu-Ale said.
Speaking on the profile of the participants, ASHON’s Public Relations Officer and Chairperson of the Organising Committee, Mrs. Ify Ejezie stated that “Special Guest of Honour is our illustrious member, the Executive Governor of Edo State, H/E Mr. Godwin Obaseki who shall flag off the summit Summit and receive award for his contributions to the growth and development of the capital market in Nigeria.
The roll-call of guests also scheduled for distinguished awards are: Alhaji Aliko Dangote, founder, DangoteGroup, Oba Otudeko, founder, Honeywell Group and Mr. Pascal Dozie, founder, Diamond Bank and some top-level government officials are expected to grace the occasion.”
She added the summit will come up with recommendations on how to turn around the economy generally and the capital market in particular.