Financial experts decry incessant sanctions by regulatory agencies

Experts have argued that the incessant sanctions melted to corporate organisations in the country are likely to scare away the much needed investments from both foreign and local investors.

Speaking recently at a forum, the financial experts said the spate of regulatory sanctions in the nation’s bourse would serve as a threat to the country’s quest for foreign investment.

They argued that regulators should not compound the market’s problem as it had suffered a lot of depression due to economic uncertainties.

Former President of the Chartered Institute of bankers of Nigeria (CIBN), OkechukwuUnegbu, said that regulations should not destroy the market and economy in their quest for zero tolerance.

He said that the Securities and Exchange Commission and the Nigerian Stock Exchange (NSE) should be concerned with the developments in the market to boost investor confidence.

According to him, the NSE should pay more attention to the market and map out strategies aimed at protecting investors from unwarranted loss like its contemporaries, adding that investors had lost billions of naira in the market due to regulatory sanctions.

Also, MallamGarbaKurfi, the Managing Director, APT Securities and Funds Ltd., said that government’s major concern should be on ways to increase the number of companies that were paying taxes to boost revenue generation.

“Government should concentrate on ways to increase revenue generation through tax payment instead of huge sanctions being imposed on companies.”

Kurfi said that regulatory sanctions were not good for the market because it would scare foreign investors.He said the action would also affect company’s bottom line and dividend payable to shareholders.