Regulators in the Nigerian capital market are unrelenting in wielding the ‘big stick’ on erring companies. In this piece,Regulators in the country have been heavily criticised over their rate of imposition of sanctions on listed companies that run afoul of rules. The financial sector’s regulators have been said to be more culpable in the wielding of the ‘big stick’ at the slightest offence.
A stockbroker, who does not want his name to be mentioned in print, said the fines from regulators are negatively affecting some quoted firms. He said, “We will like to see you and ask about the issues. When we had the issues like the National ID; when the Federal Government was oppressing us; when we were losing $2bn, and when our stocks were performing poorly, we will like to see you and ask about the issues.”
One of the top members of staff at the Exchange, who spoke with The PUNCH in confidence, said all the listed companies agreed to submit their accounts at the normal time. According to him, “If the regulators do not issue sanction to some firms, they will not know that they are meant to do the needful, hence behaving in whatever way they like. There is nothing the regulators can do than sanction them. And they usually give guidelines for these companies to do the needful. This is not only peculiar to Nigeria but to other countries of the world.”it would be out of place if the regulators began to go through the accounts and personal financing of companies.
“If their companies are not doing well, they can change the executive board members and replace them with those who will perform and change the fortune of the company,” he toldThe National Coordinator of the Pragmatic Shareholders’ Association, Mrs Bisi Bakare, advised the regulators to be human.
On his part, the President of the Independent Shareholders Association of Nigeria, Dr Anthony Omojola, toldthat the association had been campaigning against the frivolous rising fines and penalties.
Source: News Formal (newsformal.com)
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