Issuing houses in the country will meet with the Central Bank of Nigeria and Asset Management Corporation of Nigeria in order to discuss the regulator’s policies affecting the capital market, our correspondent has learnt.

The Vice-Chairman, Association of Issuing Houses of Nigeria, Mr. Victor Ogiemwonyi, gave our correspondent the hint in a telephone interview on Wednesday after the Annual General Meeting of the AIHN in Lagos.

Ogiemwonyi, who is also the Managing Director, Partnership Investment Company Limited, said, “We are meeting the CBN and AMCON soon, we want to discuss a wide range of issues with them. There is a committee working on a position paper that we are going to table to them.

“There are so many pronouncements and policies that have been carried out by the CBN which affect the market, we want to sit down and find out how they can help so that the policies can move the market forward.”

Meanwhile, the Chairman, AIHN, Mr. Bolaji Balogun, said the global economy had yet to shake off the effects of the financial crisis of 2008 and 2009, adding that the slow trend would likely continue with a mix of cautious improvement in economic conditions in mature economies and a stabilisation of the growth rates in major emerging markets.

On the association’s operating performance, he said total receipts of membership subscription reduced marginally from N22.5m in 2011 to N21.9m in 2012 in spite of the increase in the number of member houses, who paid annual dues in 2011 and 2012 respectively.

“The reason for this is the huge outstanding dues collected in 2011,” he added.

The statement of account also showed that the AIHN expenses increased marginally to N23.8m in 2012 from the 2011 figure of N23.3m. Also, N10.3m was transferred to the accumulated fund, increasing the fund to N153m.

On the activities of the association, Balogun said it continued to play a fundamental role in creating an enabling environment for the investment banking business and the issuance of different asset classes in the Nigerian capital market.

He added, “Through our collaboration with the Nigerian Stock Exchange, Chartered Institute of Stockbrokers, Association of Stock Broking Houses of Nigeria and the Nigerian Economic Summit Group, the market received tremendous support from the finance minister. This led to the announcement of a debt relief on the margin facilities of 84 stock broking firms and certain tax reliefs in order to re-invigorate activities in the stock market.”

Source: Punch (by Ademola Alawiye)