Michael Eboh 23 December 2008
Lagos — An expert in Nigeria's financial landscape capital market, Mr. Albert Okumagba has predicted a full recovery of the nation's capital market within the first quarter of next year.
Okumagba, who is the Managing Director / Chief Executive Officer of BGL Plc made the assertion in Abuja on Friday during the Investors Forum organized by Honeywell Flour Mills to sensitize the business community about the hybrid offer of its share that is currently in the market.
According to him, "The nation's capital market would soon be rejuvenated given the investors' enthusiasm to invest in Honeywell Flour Mills and Longman Nigeria Limited, two companies currently raising funds through the capital market. The BGL boss predicted a rejuvenated capital market within the first quarter of next year with a fully recovered market, stressing that there could not be a better time to invest in a bearish adding that the situation in the Nigerian market was worsened by unnecessary panic.
"But, I can assure you that this is the right time to buy shares and invest in the capital market. The various measures put in place by the regulatory authorities would help safeguard investors' interest from further plummeting.
He however, urged the government at all levels to ensure that a conducive environment was created in the country for business to thrive, adding that investors in the capital market would soon begin to reap bountifully from the current lull in the market, stressing that those who agonize today due to the bearish trend in the global market, would definitely smile tomorrow when the market returns to its bullish nature.
"With the Honeywell and Longman offers, it's time to reinforce market confidence and validate the platform of capital market as a veritable source of raising funds," he said
Speaking in the same vein, Chairman of Honeywell Flour Mills, Oba Otudeko told participants at the Investors' Forum in Abuja that the decision to take the company to the stock market at this time was to reaffirm his faith in the capital market as the most veritable source of raising capital for both the public and private sectors of the economy. "Where some see fear and others have panic; real investors see value and opportunity", he said.
Otudeko who doubles as president of the Nigerian Stock Exchange, however, advised investors to take advantage of this opportunity to invest in the company, hinging his reasons on the company's strong fundamentals and bright future.
On offer for sale to the public are 1,252,941,177 ordinary shares of 50k each and also on offer for subscription 941,176,471 ordinary shares of 50 Kobo each at N8.50 per share. This unique offer is being packaged by some of the biggest issuing houses in Nigeria, led by FBN Capital Limited and BGL Plc.
Attended by investors and key opinion leaders in both public and private sectors, the Honeywell Flour Mills Plc investors' forum showcased the strong fundamentals of Honeywell Flour Mills Plc's business.
Stockbrokers and market watchers close to the company affirm that the principals of the business are bullish by nature. "They are careful, cautious men and women of proven capacity
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