Tordue Salem
15 October 2008
Rep. Uche Ekwunife (PDP Aniocha/Njikoka/Dunukofia), has advised experts trying to save Nigerian money markets from the brink to concentrate on the stock market if meaningful results can be achieved.
Rep. Ekwunife, a former bank Executive, argued that "the bail-out should be for the Capital Market, because the Stock market is loosing value at a rapid speed from 13 Trillion naira to less than 9 Trillion naira in the last 6 months."
The Anambra-born legislator argued that many investors would be negatively affected if urgent step were not taken by the House of Representatives and other stakeholders to stem the tide.
"Many Nigerian investors will grossly be affected if nothing is done urgently to save their investments, as the effect will be much on the Pensioners, Teachers, Civil Servants and also Politicians who invested heavily on stock for the rainy days," she said.
She further advised that "care should be taken not to mislead the depositors in the financial Institutions to avoid panicky withdrawals from Banks because our Banks are relatively strong."
Meanwhile the House of Representatives, has also begun the review of the NYSC Act 1973, to include clauses that would recommend punishment against government and private establishments that turn down Youth Corps members posted to serve in their various offices entitled "Frequent Rejection of National Youth Service Corps (NYSC) Members Posted to Government Establishment, Corporate bodies and other Agencies", and sponsored by Rep.
Warman Ogoriba and 32 others, came up with the recommendation for the review of the Act after a tedious debate on it.
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