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Reflections on the Stock Market: 2006 - 2011


December 01, 2011

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Five years ago, a small group of professionals realized the potential harm that could be caused by something not well understood at the time - a market boom on top of a delicate regulatory structure driven by a policy that was yet to be fully understood.


While no one could predict the impact it would have, these group of professionals made it their mission to build the best possible service to function as a solution to the problem – acting as a critical component for market confidence in the Nigerian Capital Market through the bridge service created for the market-investor-regulator mix.


Along the way, a few discerning firms and individuals offered their expertise, support, insight and encouragement to allow for what is today known as the proshare service.


It will be immodest of us not to mention these individuals – Jim Ovia, Tony Elumelu, Aliko Dangote, Aigboje Aig-Imoukhuede, Segun Aina, Christian Udechukwu, Bismark Rewane, Olusegun Oshunkeye, Oladimeji Alo, Jide Iyaniwura, Yomi Taiwo Balogun, Chukwumah Biosah, Dipo Dawodu, Bisi Iyaniwura, Kunle Tukuru, Tony Isodje, Ikponmwosa Ogiemudia, Adeboyejo Bashiru, Charles Aigbe, Timeyin Ejoor, Austin Edoja-Peters, Reuben Abati and Tony Chiejina.


Their principled interest was always premised on the integrity of the platform to provide an independent service that would serve as a critical bridge and pulse for confidence in the market.


This remains Proshare's mission today. It is to the credit of these individuals that they have not sought to use their access to influence the decisions made by the analysts, staff, management, and board of the company; even where positions where taken against their personal interest and organisations.


This report is therefore our honest attempt at capturing the developments in the Nigerian Capital Market, nay economy from the first day of the firm to November 30, 2011 when we turned five to now. You may consider it our reflections on a market that defined our existence and ultimately revealed to us our purpose.


Written in a simple prose, the review affords the reader the opportunity to take a journey through the early stages of the boom – indeed its emergence; all the way through the bubble and the eventual market crash owing to a leadership meltdown.


This is an invaluable aide memoiré that should serves as a reference guide for lessons in economic management, capital formation and institution building.


The first 50 pages presents an overview of the economy, regulators and the most defining sector(s) in the economy and capital market during the period – the banking sector; followed by an hypothetical scenario that captures the action, impact and consequences inherent in the lessons from the period. The rest of the review sought to examine the role, contributions, and impact of Proshare during this period.


It is probable that in fulfilling its mandate of establishing a service that would provide a critical component for market confidence in the market, our interventions achieved some notable highs and lows, discovered learning opportunities and opened a new vista on how financial information can play a more positive role in supporting the market. An account of our active five years of excellent market information, market advocacy and  analysis service at no cost to the Nigerian investors and the capital market at large would not be complete without conducting a self-assessment (as we do to others).


This is our scorecard as a firm to the public – we have opened ourselves to the same scrutiny we place on others and hope to learn from it. I hope you find it useful.


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