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By Chukwuma Umeorah and Awusi Glory
The Independent Shareholders Association of Nigeria (ISAN) has said it would seek to address judicial issues stifling the activities of investors and its effect on the capital market and the economy at large.
This is coming after it announced that it will be holding its 7th Triennial Delegates’ Conference which will hold October 27, 2022 in Lagos.
Speaking at a press conference in Lagos, the National Coordinator of ISAN, Prince Anthony Omojola said that the event was necessitated by the urgent need to proffer a panacea for several policies and laws that is stifling the activities of the capital market thereby deterring investors.
The Triennial event is themed “Administration of Justice in Nigeria and our Economy”, will be a platform for all strategic stakeholders in the nation’s economy and the Nigerian Capital Market (NCM) with focus on issues that are pertinent to economic development and corporate governance.
Noting the viable role that ISAN has played in the past with regard to protection of the interest of investors’, Omojola reiterated the association’s commitment saying that this year’s edition would focus on discussion of new ideas that will help in strengthening the judicial system.
“As a watchdog of publicly quoted companies, we have charged ourselves with the responsibility of ensuring that all stakeholders adhere to the rules in accordance with Best Corporate Practices with diligence.
In the course of playing our own part in the scheme of things, we have had to agree and disagree with successive governments, their Regulatory Agencies, Company Boards and their managers, particularly those listed on the Nigerian Exchange Limited (NGX). We have organized demonstrations and even gone to court to seek redress and correct legal interpretation on some issues we consider arbitrary by regulators. It is of credit to ISAN that we have fought so many battles and won.”
He noted that the performance of the market is largely based on government policies.
According to him, the lengthy and frustrating judicial processes is impeding smooth market operations. He noted that the current policies regulating the macro-economic environment are not favorable to the operation and growth of the economy and that ISAN seeks to interface with the government for the redress of such policies.
“We know the way our capital market is structured; it operates under certain policies of the government. When the policies are good, the market comes out good, but when the policies are bad, the market suffers,” he said. It also aims to address the issue of intimidation of some companies and shareholders by regulatory bodies.
