‘This Is Not The Time For Intervention Fund For Market Operators

The managing director/chief executive officer of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru has said this is not the time for capital market operators to be seeking for intervention funds from the federal government.
It would be recalled that the capital market operators recently asked for N200 billion intervention fund window from the federal government to boost the market’s liquidity.
Kuru made this known during an interview with newsmen on the Nigerian Stock Exchange (NSE) in Lagos, yesterday.
According to him, the issue of forbearance package or intervention fund for stockbroking firms is gone, saying this is the time for businesses to come back and operate properly with good corporate governance in place to ensure that businesses do not survive on the basis of support but on the basis of the dynamic of the business.
“AMCON was set up to buy non- performing assets from international institution and in those asset, we do have quite a lot of margin loans being purchased by equities.Today outside the energy sector, our holdings is the highest in equities which means we have quite a lot of interest in what is happening in the Nigerian Stock Exchange (NSE),” he said.
He pointed out that recently stock market performance has not being impressive, this has led to decrease AMCON balance sheet, saying that, “We are here to give support to the management and operators of the NSE and also AMCON as a resolution company will do whatever it is possible within the ambit of the law to support the development of the exchange.”
He added that market stability is key to the Commission and we will partner with the Exchange to deepening the market, enlightening the people outside to know the importance of investment in equities and to further encourage the local investors  to return back to the market.
Speaking also the chief executive official of NSE, Mr. Oscar Onyema said the Exchange will collaborate with AMCON in developing the capital market.
He added that AMCON is the largest holder of equities in the Nigerian stock market. 

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