21 November 2012

Nigeria: Market Makers - Vitafoam Commends NSE

Managing Director and Chief Executive Officer of Vitafoam Nigeria Plc, Mr. Joel Ajiga, has commended the Nigerian Stock Exchange (NSE) for the ongoing market recovery and introduction of market makers in the capital market. Ajiga gave the commendation when he led the management of the company for visit to the NSE.

The NSE had on September 18 this year introduced market makers into the Nigerian equities market with the aim of increasing investor confidence and deepening the market, starting with 16 quoted companies. The programme now covers 33 stocks with Dangote Flour Mills Plc, Unity Bank Plc and Prestige Assurance Plc, being added this week.

A market maker is a brokerage firm or bank that maintains a firm bid and asks price in a given security by standing ready, willing, and able to buy or sell at publicly quoted prices.

While praising the move which is expected to ultimately boost liquidity in the market and ensure some form of stability in the market, the management of Vitafoam promised to remain committed to shareholder value and to furnish the exchange with regular information about its operations in line with Post Listing Requirement.

The Exchange's Executive Director, Operations and IT, NSE, Mr. Ade Bajomo, who represented the NSE Chief Executive Officer, Mr. Oscar Onyema, expressed joy that the market makers had impacted the market positively, noting that a board of trustees had been constituted for its Investor Protection Fund - to enhance investor protection.

Ajiga was accompanied on the visit by the company's Executive Director, Sales and Marketing, Mr. Peter Folikwe; Technical Director, Mr. Taiwo Adeniyi; Executive Director, Finance, Mr. Brass Ogun; Company Secretary, Mr. Lekan Sani; and the National Sales Manager, Mr. Bamidele Sola Owoade; who rang the closing bell.

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