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Some investors at
the Nigerian Stock Exchange (NSE) have called on the managing directors
of the eight rescued banks to present progress reports of their
stewardship to the Nigerian public.

Wole Adetunji,
chairman of the Centre for Shareholders’ Enlightenment Limited (CSE),
said that there are issues which the banks, rescued by the Central Bank
of Nigeria last year, needed to clarify with their shareholders and the
general public.

The former director
general of the Securities and Exchange Commission (SEC) said his
organisation has therefore invited the concerned banks for presentation
on the 3rd of June.

“In the absence of
annual general meetings of these banks where shareholders could ask
relevant information about their financial reports, we (shareholders)
feel a one day conference on their financial reports will be a very
credible avenue of presenting their challenges and issues germane to
the continued existence of these banks rather than personalities issues
the problems of these banks has degenerated into of late,” said Mr.
Adetunji, who is also the chairman of the ChartWell Securities Limited,
a stock broking firm.

Gbenga Idowu,
managing director of the CSE, said the organisation believes that the
problems and challenges of these banks are the overall problems of
Nigerians, adding that shareholders of the troubled banks should all be
allowed to contribute their own efforts at finding solutions to some of
the problems.

Dematerialisation

Meanwhile, Mr.
Adetunji has also called on the management of SEC and NSE to set a
deadline for the full actualisation of dematerialisation of share
certificates “because without this process the capital market cannot
move forward.”

“Other countries
have gone past this stage while we are still struggling with
certificate verification -believing that we can join the developed
nations by the year 2020.”

Share
dematerialisation is the process of converting share certificates to
electronic share lodgment and allotments. The NSE said the process will
increase efficiency and transparency of activities at the capital
market.

The Lagos State
coordinator of Independent Shareholders Association of Nigerian,
Anthony Omojola, said the delay shareholders get from verification and
transfer of share certificate from issuing houses will no more be there
if dematerialisation takes full effect.

“Stock broking
houses that charge for the lodging of share certificate when the value
of the shares is lower than the charge will be force to stop,” he added.