Obaseki mulls raising fresh capital from capital market

The Edo State governor, Godwin Obaseki on Monday said the state might consider raising capital from the capital market, stressing that state is soliciting for the support of the capital market community towards the forthcoming National Sports Festival (NSF).

Obaseki stated this at the State Closing Gong Ceremony on the Nigerian Stock Exchange (NSE) in Lagos.

The State will be holding the 20th Edition of the NSF tagged ‘Edo 2020’ in Benin City from March 22 to April 1, 2020.

Obaseki said that the State is on the Exchange to inform the market of the 20th edition of the national sports festival holding in Edo State from March 22, 2020.

According to the Governor, the market has always had the tradition of supporting sports. About 25 years ago, the president of the NSE, then the late chief MKO Abiola cheered the fundraising event for the Olympic for that year.

He said that “Today, we are here to solicit the support of the capital market community in participating and supporting the national sports festival. The national sports festival is very important not only caters for the interest of young people and it is an event put together in uniting the country.”

He stated that the Sports Festival, the National Youth Service Corps (NYSC), are among the policy instruments, the government after the civil war used to unite the country.

“Edo State is using this sports festival as one of its contributions in also enhancing unity in the country,” he said.

He further said that the State will come at an appropriate time to raise one or two instruments for development, saying that “For now we are here to focus on the sports festival.”

The CEO of NSE, Oscar Onyema said “The Governor has been doing quite a lot since, which includes; civic service reforms, Edo Production centre, Edo Innovation hub, the new enterprise and industrial hub, among others.”

He stated that “All these initiatives require funding, which the Market can finance and as the Governor has said, the State may be issuing one or two instruments in the future.”

The former president of the Association of Stockbroking Houses of Nigeria (ASHON), Rasheed Yussuf said that the Market is happy to welcome the Governor, who is also a stockbroker and one of them, assuring of the Stockbrokers’ support to the State.

He noted that the equities market at the end of the trading day went down, reflecting the negative macro-economic.

According to Yussuf, this is the time the government should make use of the capital market is raising instrument in financing the economy.

He urged the government of the importance of the Nigerian Capital Market, which still remains the avenue for raising long term capital for infrastructure, agriculture and others, also saying that Edo State should also seek finance from the Market is developing its Agricultural sector, among others.