THE ROLE OF STOCK BROKERS IN THE ECONOMIC DEVELOPMENT OF NIGERIA

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CHAPTER ONE

1.0     INTRODUCTION

In any economy there is a financial system  that is responsible for regulating  the financial environment of the society determining the types  and use of funds to be issued, source of funds to be put. The financial system is really made  up of two major markets, namely money and capital stock market. The many market is the market for short term funds and securities including treasury bills, treasury certificate negligence of deposits, commercial paper and other funds of   which are less than a year duration.

Thus the  aim of the regulating bodies composed of Nigerian stock  exchange commission (SEC) is to promote development of  orderly capital  market to have authority over its members (stock broking firms) to whom it set  rules of ethics are made to guide their  professional behaviour in the course of carrying  out its functions and create awareness of the general public. Stocks exist to enable companies in need of long term financing to sell pieces of the business stock equity securities in exchange for cash. This is the principal method of raising business capital other than  issuing bonds. When the stocks of these corporations, which all which corporations  must issue, are owned by the public at large, including both private investors and institutions, they are said to be publicly held. These publicly held shares can be easily traded (sold) to other investors in the stock market and are  thus  said to be liquid,  or  readily conversed to cash. Stock breakage firms usually, serve as intermediaries in the transactions, buying the new securities at wholesale prices from the issuer and then reselling them to  the investing public at retail prices

1.1     HISTORICAL DEVELOPMENT OF CASE STUDY   IN NIGERIA STOCK EXCHANGE

The dealing members of the Nigeria stock exchange are institutions who are licensed  by the exchange as stockbrokers to buy and  sell securities quoted on the  exchange on behalf of the investing public.

In 1960, Nigeria stock Exchange was established with branch  in Kaduna in 1978. Prior to the establishment of the Nigeria stock exchange the were not equipped enough with the information of stock broking and its importance to an individual, groups, organizations and global economic development.

In essence the awareness  was low but from 1936 to date a considerable number of stock broking firms sprang up in Nigeria and in  Kaduna particularly the first stock broking  firm served as an eye opener to investors and the potential ones, with a highly experienced board and a crop of seasoned and   dedicated  professionals positioned to tackle the challenges of this new millennium. The branch is situated  in Kaduna to exploit the immense untapped natural resources and economic potentials of the country in general.

There are today 226 dealing  members of the Nigeria stock exchange. Many of them are affiliates of bank and other reportable financials institutions. Dealing members of   Nigeria stock exchange  can now accommodate foreign shareholders in their equity capital or go into any form of partnership with foreign stock brokerage firms.

Application from foreign stock brokers as members of the   nigeran stock exchange can  now be  enter anted within the  rules and regulations of the inorganic stock exhcnage, as well as  registration with securities and exchange  commission and corporate afiars commission following the abrogation of the exchange control Act 1962 and Nigeria promotion Decree of  1982 as stated in the Nigerian stock exchange fact exchange book 2004 page 334.

Finally, the  existence of stock  broking firms as  members of  Nigeria stock exchange  has  helped to create a  wealthy tomorrow for clients and increase  the wealth of shareholders and job creation for the  unemployed.

1.2     STATEMENT OF PROBLEM.

Capital market are generally expected to produce the institutional arrangement through which funds from the surplus sector of the economy. The allocation of funds are mainly for industrial, commercial and agricultural development. The capital market growth  rate is very slow and not developing to meet the international standard. There is lack of awareness on the  part of the public and potential  investors.

Poor management for the operation and affairs of a business is one the major factors  leading to incompetence, inefficiency and dishonesty in managing organization in Nigeria and in the global which has not  been in the best interest  of the shareholders  and the general public. However, the