The stakeholders expressed divergent views even as the House of Representatives Committee on Capital Markets and Institutions, headed by Hon. Tajudeen Yusuf began a two- day public hearing on two motions titled: Downward trend of the Nigerian Stock Exchange and urgent need to address the vexed issue of unclaimed dividends.
The President of the Renaissance Shareholders Association, Olufemi Timothy, who spoke up first at the hearing, said the Nigerian Stock Exchange (NSE) has lost Integrity because of shares manipulation and other illegalities.
He wondered how the shares of dead companies kept rising in the Exchange while that of healthy and vibrant companies were static or degraded.
On the post-2008 downward trend of the stock exchange till date, he said: “We investors ( retail, institutions) have discovered that the NSE has turned into something else, hence the continued downward trend of the market without being able to recover for eight years, since 2008.
“Our stock market from our experience as retail investors for two decades now was that the NSE has been turned into gambling centre (Casino Game Market).
