New Listings’ll Drive Stock Market Growth – FTC GMD

The Nigerian stock market will experience unprecedented growth if new firms in critical sectors such as telecommunications, power, oil and gas get listed on the Nigerian Stock Exchange, the Group Managing Director, Financial Trust Company Nigeria Limited, Mr. Alexander Ajayi, has said.

The FTC is a financial services provider, focusing majorly on stock broking.

Ajayi noted that the privatisation and deregulation of the Nigerian economy remained critical factor and would play a huge role in propelling the desired growth.

He stated this on Wednesday at the firm’s office in Lagos during a programme to mark the 40th anniversary of the company.

He said, “More companies need to get listed on the NSE, especially in the telecommunications, power and oil and gas sectors. The private sector has to drive the economy. The primary market needs to be re-energised to take the big firms that would decide to come on board.

“The stock market needs new listings to attain the target growth of the NSE, which is N1tn market capitalisation this year.”

The FTC boss said the country had so much capacity that needed to be developed, and accessing funds via the capital market which is cheaper, would go a long way in empowering businesses financially.

Speaking on the company’s plans going forward, he said all avenues of growth in the capital market were being explored starting from the NSE to the NASD and the FMDQ.

He stressed the need for Nigeria to diversify its economy so that the volatility characterising the global oil market would not continue to impact significantly on the economy, while also urging the government to provide the enabling environment in terms of laws, environmental protection and infrastructure.

Ajayi pointed out that the company was leveraging contemporary technologies to drive its operations, and had invested in innovations that would drive seamless interface with clients.

“The use of the right technologies is a low-hanging fruit for us because that is the best and most effective way to reach customers, while also getting the desired feedbacks,” he said.

In the same vein, the Managing Director, FTC, Mrs. Bolaji Afolabi, said the company was celebrating a new beginning and would get stronger and better.

She said, despite the past and current challenges facing the economy, the company was targeting to become the service provider of choice.