Obasanjo Alleges Stock Market Made Billionaire Become Millionaires, Millionaires ‘Thousandaires’
Former President Olusegun Obasanjo has alleged that the stock exchange has turned many Nigerian billionaires to millionaires and millionaires to thousandaires.
Chief Obasanjo said that the present economic recession could only be fought successfully if confidence, stability, credibility, and transparency could be guaranteed at the stock exchange market.
Obasanjo who urged the authorities at the stock exchange to create confidence in the Stock market, claimed that the market has made a lot of stockholders to become poorer.
The former president made the claim while receiving the Director-General, Securities and Exchange Commission (SEC), Mounir Gwarzo.
He received the SEC DG at his Presidential Hilltop mansion in Abeokuta yesterday.
Obasanjo Alleges Stock Market Has Impoverished Nigerians
He declared that Nigeria needs all-encompassing economic parameters to rebound the ailing economy.
According to him, this will include building investors’ confidence in the stock marketing system.
Responding, the SEC DG, Mounir Gwarzo, disclosed that the Commission was in Abeokuta in continuation of its Financial Literacy and Quiz Competition in Primary and Secondary schools.
The SEC DG disclosed that this was part of its efforts to inculcate financial culture in the young ones.
Former President Obasanjo had last weekend claimed that he made 25 Nigerians billionaires during his tenure as president.
The former President was reacting to Mrs. Folorunsho Alakija’s claim that his administration frustrated her business when she ventured into the oil sector.
Alakija had accused Obasanjo at the same forum of illegally taking over an oil block allocated to her company.
Obasanjo had in the same forum placed an order for a size 42 Made-In-Aba shoe from the Abia State Governor.
The Ex-president made the gesture in encouragement of made in Nigeria products.