Mrs. Titi Ogungbesan is the Chief Executive Officer (CEO), Stanbic IBTC Stockbrokers Limited (SISL). She joined Investment Banking & Trust Company Limited in 2004, and stayed with the bank through its two mergers. Ogungbesan was appointed to the Board of Stanbic IBTC Stockbrokers as an Executive Director on February 19, 2015. In this interview with Helen Oji, she spoke on the need to sustain confidence in the nation’s bourse, the role of market operators in increasing investors’ participation, and other sundry issues. Excerpts:

The listing of major companies, particularly in the oil and gas, power, and telecoms sectors, on the Nigerian Stock Exchange (NSE), has remained a matter of intractable debate, with both sides offering strong arguments that appear to have stalemated the issue.

What role can market operators like you play to break the deadlock, and possibly encourage the targeted companies to quote on the nation’s bourse?

Our role here will be to act as intermediaries in order to ensure a win-win situation for both parties. The major benefits for listing includes assess to cheaper long term capital whether for expansion or for diversification purposes or even taking on new projects, brand enhancement/visibility, improved transparency, and wider inclusion.

Companies that have a good business model and a good track record of profitability over the years attract investors, who usually want to be part of such businesses.

One of the requirements for listing is that proper corporate governance must be in place. The operators can help persuade these companies to see the advantages inherent in listing on the NSE.

The challenge we now have to take on as market operators is identifying those companies, engaging them, and enlightening them on how the Nigerian stock market can both create more liquidity and value for their business.

I must mention however, that the operating environment is quite challenging at the moment for some of the businesses in those sectors. There has to be a really compelling story for the companies wishing to list on the exchange to get their desired level of liquidity.

The capital market is expected to play a major role in helping government finance a huge budget deficit this year. In your opinion, how well can the market support government’s financing efforts?

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