Non- enforcement of laws, bane of economic recession~ Adegite
By Amie Brown
Inability on the part of government to enforce certain laws has been identified as a potent factor responsible for the downward trend of the economy.
This was the view of the chairman of ICAN National Governing Council, Chief Mrs. Elizabeth Adegite at a forum titled: “Fank talk on Global Economic melt down and its relationship with the crash of Nigerian capital market organized by the Great IFE Alumni Association in Port Harcourt last Friday.
Mrs. Adegite who was represented by Mr. Chidi Ajaegbu, in a paper she presented expressed the need for government to ensure that laws enacted to re-wamp the economy are implemented without much delay.
The chairman of ICAN National Governing Council who peeped into different aspects of investments pointed out that some investors had failed to identify the risk
involved and advised them to consider such as a priority area.
In his speech, Dr. A. J. Toby of University of Port Harcourt said the economic recession was caused by increase in borrowing and expressed the need for government to manage the present economic crisis.
Also speaking, Mr. Steve Okafor contended that the sudden fall in the stock exchange market could have been avoided, if a policy that allows a repatriation of only 20 percent or less of foreign investors fund was put in place for six months.
Mr. Okafor was not comfortable with the removal of the former chairman of EFCC, Mr. Nuhu Ribadu said his sack had led to Nigerians siphoning several sums of money to foreign countries.
He noted that during Ribadu's tenure most politicians were constrained to participate in the stock market because of his eagle eyes in their financial activities.
In his speech, the chairman, the Great IFE Alumni Association Rivers State branch, Alhaji Hakeem Olomowewe explained that the talk became necessary considering the unpleasant events in the stock exchange market.
Alhaji Olomowewe said the forum was to create an ample opportunity for people to exchange ideas and proffer solutions that would assist in improving the economy.
Also speaking, the National President of the Association, Mr. Wole Olaoye who was the chairman of the occasion expressed disappointment over the low low turn-out, noting that people show lack of interest in issues affecting them directly.
Consequently, Mr. Olaoye has advised the organizers of the programme to collate the papers presented for the benefit of all.
He, however, thanked members of the association for their efforts toward an improved economy.
Others who graced the event include Prince William Addah (NLC), Inko- Ugochi (NSE, PH), Tony Ikechukwu (Aims Asset Management. Ltd.)
Victor Asianah and Kingsley Okeleke.
