Efforts to enhance liquidity and deepen the Nigerian capital market will soon receive a boost as a United Kingdom-based global private equity firm, International Commerce Management Limited (ICML) and Nigerian financial services group, GTI Capital Group, are exploring ways of enhancing the attractiveness of the market to foreign investors.
In furtherance of the discussions between the two investment and financial services firms, the management of ICML visited Nigeria recently. During the visit, the management of ICML GTI held talks with the Nigerian Stock Exchange (NSE), NASD OTC Plc and other stakeholders in the Nigerian capital market.
The President of ICML, Mr. John Kavvouras, was quoted as saying the Nigerian capital market had enormous potential and holds numerous opportunities that the company, working with GTI Capital, could bring its global knowledge and capital to help in creating values for all stakeholders.
He said one evident area of under-capacity that the management of ICML has noted and would seek to create values thereon is the low level of market-making capability in the Nigerian market.
He said the number one thing that the Nigerian market was crying out for was market-making capability as the international investors needed liquidity.
“ICML and GTI Capital would work together in this area, combining their vast capital and global and domestic knowledge to make the difference,” he said.
Kavvouras noted that enhanced market-making capability will boost liquidity of the market and will naturally lead to increased inflow of foreign portfolio investments.
“Pretty terrific; lots and lots of what to do, it’s an exchange that is developing, emerging, and in line with what we do. There are so many things that the Nigerian market can tap into. Lagos, should be the financial capital of the Sub Saharan Africa,” Kavvouras said.
Speaking in the same vein, Vice President, Emerging Market, ICML, Samuel Retiola, said the Nigerian economy had a positive outlook in spite of obvious challenges.
According to him, there was a commendable high degree of professionalism among Nigerian capital market operators and general sense of responsibility for collective development of the market and the economy.
“There are tremendous opportunities and high level of professionalism. One of the things that we particularly appreciated is the general knowledge that we going to do this together. We are highly impressed. GTI has also been wonderful. I never knew there is so much of professionalism in the Nigerian market,” Retiola said.