By Peter OBIORA investadvocate

Nov 15 2010 06.10 GMT

Michael Itegboje, the President of Nigeria’s Chartered Institute of Stockbrokers (CIS) has affirmed that more Bonds would come to the Nigerian Capital Market (NCM) through the recently established Asset Management Corporation of Nigeria (AMCON).

Itegboje made this affirmation Saturday November 13 2010 at the Financial Institution Correspondence Association of Nigeria (FICAN) annual workshop held in Ijebu-Ode, Ogun State, South West Nigeria.

 

“More Bonds would come into the Market soon through AMCON; because about N2.2 trillion are in Toxic Assets and they have to raise Bonds otherwise they won’t get the money to fund these assets.

 

He also called for the strengthening of the Bonds Market,” we must strengthen the Bonds Market and make it more available to the Public; Mutual Funds should also invest in Bonds” he said.

 

The CIS President in his presentation titled “Revelations From The

Bank Audits: Capital Market issues and way forward” said that currently it’s only the Federal and State Government’s Bonds that are making waves. “Corporate Bonds have to come back and we have to work on it to make sure they can be traded easily” he said.

 

From the outcome of the meeting AMCON Management held Thursday November 11 2010 with Stockbrokers, investors and few Analysts at the Nigerian Stock Exchange (NSE), investadvocate gathered that Mustafa Chike Obi, Managing Director (MD) said that Bonds will be issued in five or more different tranches, and AMCON has discussed extensively with relevant parties on the impact.

 

Itegboje further affirmed that restoring confidence in the Nation’s Stock Market is a key issue; and urged all stakeholders to give the Asset Management Corporation of Nigeria (AMCON) the necessary support and backing to achieve its aims.

 

At the FICAN workshop, the CIS President also urged Financial Journalist to Report the truth at all time, “publish the truth, also you have to be careful when you have a very sensitive situation that you know can bring the Market down. It is not everything that should be published; information should be managed positively” he said.