Domestic Investors' Socio-economic Experiences and the 2017 Stock Market Crisis in Lagos State, Nigeria

Abstract

Globally, stock market crisis is a recurrent phenomenon to which Nigeria is not immune. The 2017 stock market crisis in Nigeria continues to affect the domestic investment profile. Previous studies on stock markets have focused largely on economic growth and foreign investors, neglecting the social dimensions of stock market crises. Therefore, this study examined domestic investors' socioeconomic experiences during the 2017 stock market crisis in Lagos, Nigeria. The Planned Behaviour Theory provided the framework, while a descriptive design was employed. Purposive and snowball sampling techniques were utilised to select three stockbroking firms and regulatory agencies based on their professional knowledge of stock market operations. Forty in-depth interviews were conducted, fourteen with clients of Cowry Assets Management Limited, thirteen with clients of Future review Financial Services Limited, and thirteen with clients of Greenwich Trust Limited. Six case studies were conducted, with two clients from each of the three selected stockbroking firms. Additionally, nine key informant interviews were conducted: three with staff from Nigerian Exchange Limited, three with staff from Securities and Exchange Commission, and one stockbroker from each of the three selected stockbroking firms. Data were content-analysed. During the 2017 stock market crisis, domestic investors had negative socioeconomic experiences, including loss of lives and friendships, and disruption of marriages leading to separation, divorce and social order upheavals. The crisis caused socioeconomic disruptions that affected lifestyles and well-being among domestic investors. Transparency in the market is necessary to restore investors' confidence.

Full text

©Ibadan Journal of the Social Sciences
Volume 21, 2023
53
Domestic Investors’ Socio-economic Experiences and the
2017 Stock Market Crisis in Lagos State, Nigeria
Iheanyi Valentine Ekechukwu1, Ifeanyi P. Onyeonoru2, Emeka E. Okafor2, Ezebunwa E. Nwokocha2
and Chinedu Ernest Dinne2
1Department of Sociology, Nnamdi Azikiwe University, Awka, Nigeria
2Department of Sociology, University of Ibadan, Nigeria
Globally, stock market crisis is a recurrent phenomenon to which Nigeria is not immune. The
2017 stock market crisis in Nigeria continues to affect the domestic investment profile. Previous
studies on stock markets have focused largely on economic growth and foreign investors,
neglecting the social dimensions of stock market crises. Therefore, this study examined domestic
investors’ socio-economic experiences during the 2017 stock market crisis in Lagos, Nigeria. The
Planned Behaviour Theory provided the framework, while a descriptive design was employed.
Purposive and snowball sampling techniques were utilised to select three stockbroking firms and
regulatory agencies based on their professional knowledge of stock market operations. Forty in-
depth interviews were conducted, fourteen with clients of Cowry Assets Management Limited,
thirteen with clients of Future review Financial Services Limited, and thirteen with clients of
Greenwich Trust Limited. Six case studies were conducted, with two clients from each of the three
selected stockbroking firms. Additionally, nine key informant interviews were conducted: three
with staff from Nigerian Exchange Limited, three with staff from Securities and Exchange
Commission, and one stockbroker from each of the three selected stockbroking firms. Data were
content-analysed. During the 2017 stock market crisis, domestic investors had negative socio-
economic experiences, including loss of lives and friendships, and disruption of marriages
leading to separation, divorce and social order upheavals. The crisis caused socio-economic
disruptions that affected lifestyles and well-being among domestic investors. Transparency in the
market is necessary to restore investors’ confidence.
Keywords: Domestic investors, experiences, stock market crisis
Introduction
Stock market crisis is not a new phenomenon in the
global capital market. Since 1929, the world has
witnessed various forms of market crises. The
global financial market crisis of 2008 highlighted
the significant linkage among international markets
(Lee and Han, 2012). Capital liberalization was
intended to foster the growth and stability of
financial markets by increasing investment funds
and globally diversifying risks (Mishkin, 2007).
However, global diversification aided the
underdevelopment of economies, and the spread of
the crisis hindered the growth and sustainability of
stock markets, despite massive bailout funds
injected by various governments (Stiglitz, 2010;
Aluko, 2018).
The widespread financial market crisis of 2008
in Norway has shown that high universal risks and
liquidity problems in the financial sector have
encroached into the main economy through
domestic investors’ investment models in post
stock market crisis (Brunnermeier and Pederson,
2009). Greed, fear, and poor market returns eroded
stock market liquidity, significantly affecting
domestic investors’ fortunes and investment
sustainability (Fujimoto, 2003; Soderberg, 2008;
Vishwanathan and Kavajeez, 2010; Ilesanmi,
Adaramola, Kayode, and Ogiamien, 2022). African
countries were not immune to the financial market
crisis originating in the US and the United
Kingdom. Nations like the Democratic Republic of
Congo utilised distress facilities provided by
DOI: 10.36108/ijss/3202.12.0150

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international donors, while the South African Stock
Exchange and the Nigerian Exchange Ltd (NGX),
formerly known as the Nigerian Stock Exchange
(NSE), still grapple with the impacts of stock
market crises (Dirk, 2018). At present, domestic
investors no longer focus solely on returns; they
also seek sustainable investment avenues that align
with their values (Schneider, 2022).
The 2017 Nigerian stock market crisis remains
ineradicable in the psyche of domestic investors,
much like the market crisis of 2008. This period
under review experienced a major setback due to
the nation’s economy that went into recession in
2016 (Glenn, 2016). Domestic investors used to
play significant roles in stock market activities prior
to the 2017 stock market crisis. The recapitalization
of banks and insurance companies was made
possible as a result of active involvement of
domestic investors in the stock market (Nwude,
2012). However, post-2017 stock market crisis,
domestic investors have witnessed significant
challenges compounded by the after-effects of
previous stock market crises, which had a profound
impact on individual investors. Marriages were
broken, house rents and children’s school fees were
unpaid for several months, and businesses,
relationships, social life, and social order were all
affected due to the investment losses suffered.
Marriage brings significant financial
responsibilities, making it crucial for couples to
discuss their financial planning and clearly define
their financial obligations to family members to
maintain a harmonious marital life (Fontinelle,
2021).
Social welfare packages and the quality of
working life have been distorted, making working
and retirement lives unattractive (Aluko, 2018).
Lifestyles were also disrupted as a consequence of
the 2017 stock market crisis. Prior to the 2017
crisis, many domestic investors used to attend
nightclubs and other fun seeking areas. Event
centres and small businesses flourished during this
period, with increased activities like naming
ceremonies, graduation parties and marriage
ceremonies leading to high patronage in restaurants
and bars. However, many of these small businesses
were severely affected during the 2017 stock
market crisis, affecting domestic investors’
livelihood, investments, and lifestyles. Numerous
investors withdrew their children from private
schools, while others adopted simpler lifestyles in
efforts to reduce costs. Many organisations
operated at only 40% of their installed capacities. A
cursory look at industries in Nigeria shows that
many companies have gone into extinction in the
last few years (Aluko, 2018).
Nigeria’s economy that slipped into recession
in 2016 had devastating effects on stock market.
Dwindling oil price, job losses and inability of
some state governments to pay workers’ salaries
also contributed to low demand for securities. The
apex bank’s rigid management of interest rates,
money supply, and implementation of the Treasury
Single Account (TSA) jeopardized domestic
investors’ involvement in the stock market
(Uwaleke, 2016). This at the long run had
devastating effects on people’s lifestyles and
livelihoods following the closure of many business
and recreational outlets. Insecurity and uprising in
the Niger Delta region, which gained momentum
during this period, affected oil output and the
activities of the 2017 stock market. Data from the
Nigerian Exchange (NGX) showed that market
capitalization declined by N1.93 trillion (16.6%),
with the market shrinking to N9.718 trillion by the
end of trading on Friday, May 19 2017, from
N11.628 trillion closing market capitalization as at
May 28, 2015. The All-Share Index (ASI) declined
by 6,196.93 basis points (18.1%) to close on May
19, 2017 at 28,113.38 basis points, compared to
34,310.37 points on May 28, 2015 (Nwafor, 2017).
This marked the beginning of the 2017 stock market
crisis, which is the central focus of this study.
Previous studies on domestic investors’ stock
market crisis experiences have largely focused on
portfolio diversification (Polkovnichenco, 2005),
factors influencing investors’ decisions (Aregbeyen
and Mbadiugha, 2012), foreigner’s stock market
investment (Lee and Han, 2012), stock market
frauds and victimization of investors (Ojo, 2017),
and risky financial assets (Chen, Hsu, Lin, and Li,
2020), with little attention paid to social dimensions
of stock market crises on investors. It is against this
backdrop that this study investigated domestic
investors’ socio-economic experiences during the
2017 stock market crisis in Lagos State, Nigeria.

Domestic Investors’ Socio-economic Experiences
55
Literature review
Effects of stock market crisis on private
placements
About fifteen years after the global stock market
crisis, Nigerian domestic investors were yet to
come to terms with its inherent consequences. The
stock market crisis gave rise to the loss of over
N700 billion trapped in private placement scams
where domestic investors had invested during the
bullish era (Okezie, 2017). Promoters of these
private placements made the prices so attractive to
the extent that some domestic investors sold their
shares in the secondary market to invest, while
others sold off their houses, gold, and other
valuables with the ultimate aim of reaping great
rewards when the shares were listed on the trading
floor of the Nigerian Exchange (NGX). However,
this hope of reaping bountifully was dashed
following the aftermath of the crisis, as the
companies involved in the private placements were
unable to list their shares for trading. This had
impacted negatively on the domestic
responsibilities of investors, as lifetime savings
meant for children’s school fees and other
obligations were trapped in these private
placements, thereby causing further depression to
domestic investors, adding to the woes caused by
the stock market crisis (Okezie, 2017).
Aluko (2018) expressed regret in his inaugural
lecture that working and retirement lives were no
longer attractive. Social welfare packages and the
quality of working life have been reduced to
nothing. Workers constantly seek additional
sources of income due to inadequate salaries. Over
the years, workers cannot feed well, provide quality
education for their children, acquire decent homes,
and enjoy basic social welfare and infrastructure.
Marriage and financial planning
Being married no doubt changes one’s financial life
(Fontinelle, 2021). Marriage comes with lots of
financial obligations, making it crucial for couples
to discuss financial planning before tying the knot
to avoid marital problems. Decisions on how to
handle finances will have long-term effects on
couples (Fontinelle, 2021; Ramsey, 2023). These
decisions not only carry monetary implications but
also emotional and legal implications, as seen in the
2017 stock market crisis, where many marriages
ended (Fontinelle, 2021). Couples should disclose
their liabilities and assets to each other before
marriage. It’s imperative for couples to fully
disclose their financial obligations to each other
before exchanging vows, as marriage is built on
legal and financial decisions. Responsibilities
towards immediate and extended family members
should be clearly stated to achieve a harmonious
marital life (Fontinelle, 2021). Couples should
collaborate towards common financial objectives.
He identified the underlisted investment tips for
married couples:
➢ Jointly discuss your retirement objectives:
Finance is always the main issue couples quarrel
about. Couples should endeavour to plan for
what they want their retirement to look like and
work closely towards its actualisation.
➢ Comprehend available investment options:
Couples should endeavour to invest 15% of their
gross income towards retirement.
➢ Clean up previous retirement accounts: Previous
retirement accounts should be cleared in order to
eliminate ambiguity from the retirement
accounts. Couples should not bring their 15%
retirement investment home to avoid being
misappropriated.
➢ Regular update of beneficiaries: After getting
married, couples should update their next of kin
on all their financial accounts. Most sponsored
retirement plans automatically name one’s
spouse as the beneficiary immediately after
marriage.
➢ Life insurance: Married couples should also
endeavour they protect their loved ones with life
insurance. Life insurance provides financial
protection for family members who depend on
one’s income in case of unexpected events like
job loss, accidents, or death. Having life
insurance offers peace of mind to both spouses
and their households.
➢ Investment professional: Couples should work
with investment professionals to minimize
losses. Assembling a team of financial experts is
crucial for managing financial issues effectively.
Individual spending patterns can jeopardize a
couple's financial well-being. Excess funds
should be directed into savings, and when both
partners are working, expenses should be
shared. Financial planning in most cases is not
considered especially where couples are newly
married. Financial planning and investing
successfully help married couples to plan their
lives early in life. Many married couples do set

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aside certain amount as savings, but they fail to
instill a culture of regular savings. Even small
monthly contributions to mutual funds through
an organised investment strategy can
accumulate into a substantial sum in a few years.
Securities investments typically offer the highest
returns in the long run, and investing in mutual
funds can also be profitable (Generali, 2022).
Marriage is more about complementing each other,
especially in times of difficulty, which is why it's
important to marry your best friend (Berrospi,
2022). As the chief executive officer (CEO) of a
movement in Spain that provides financial
education to the Latino community, Berrospi
(2022) outlined three insights that the equities
market has taught her about marriage:
➢ Discipline: Just as one has to be mindful of
stock market fluctuations and stay committed
while trading securities, one must also remain
consistent in their strategic plans. Similarly, in
marriage, it is essential to understand one's
spouse's emotions, connect during special
moments, and remain committed to cultivating
within the matrimonial home.
➢ Compromise: When trading equities in the
short-term and losses occur, the investor must
accept the losses and plan ahead without letting
emotions ruin the investment plan. The ability
to manage risk in finances is a pointer that
compromise is both expected and accepted in
marriage. The key is to remain focused while
planning ahead. These skills are necessary to
achieve success both in marriage and in trading
in the stock market.
➢ Patience: In the stock market, when long-term
investments temporarily decline, there is often
a temptation to exit. However, as an investor,
one must be patient and stick to their long-term
plans to witness high returns on investment
(RO1). Similarly, being patient is key to
achieving high returns in marriage and long-
term investments (Berrospi, 2022).
Once individuals understand what they are dealing
with, they can make decisions on how finances
should be handled in marriage. It's common for one
partner to have more assets or means of livelihood
than the other, so a prenuptial agreement may be
advisable to protect premarital assets while
accommodating the interests of children from
previous marriages. Responsibilities for debts
acquired must be established before marriage, as
well as prearranged spousal maintenance in case of
divorce (Fontinelle, 2021).
An International Monetary Fund (IMF)
working paper used new data on 156 social unrest
events from 2011 to 2020 to examine the impact of
events like mass protests and riots on the stock
market. Their findings showed that social unrest
events have a negligible effect on stock market
returns in countries with more open democratic
institutions. However, the study also discovered
that social unrest events have great negative
consequences in countries with high levels of
authoritarian governance, where stock market
returns fell by an average of two percent within
three days. These findings are consistent with ideal
situations in France, a country that has very strong
democratic and open institutions. During and after
the yellow vest protests in late 2018, the stock
markets in France were greatly not affected. This
finding implies that social unrest influences
securities market returns indirectly via information
channels rather than through direct distortion of
economic activities. Also, the finding has shown
that social unrest does not lead to further
discrepancy and ambiguity about future financial
performance in countries that have high standards
of governance. Conversely, in more authoritarian
governments, this flexibility may not be feasible.
Their institutions may be unable to adapt to social
problems, leading to fears and uncertainty that can
deter investors (Barrett and Chen, 2021).
Impact of Social Corporate Responsibility (CSR)
Empirical evidence from the Chinese stock market
has shown that corporate social responsibility
(CSR) has a negative impact on stock market
crashes. The negative correlation is evident in
family firms. The study emphasizes the important
role of CSR in stabilizing stock market activities
(Yang, Wang, Bai and Maresova, 2023).
Investor confidence in the stock market was
undermined as the retail aspect of the market
disintegration. Domestic investors were seen as the
real investors that could build the market as foreign
investors who engage in speculative trading and
profit taking could not improve the course of the
market. Government regulators such as the Central

Domestic Investors’ Socio-economic Experiences
57
Bank of Nigeria (CBN), Securities and Exchange
Commission (SEC), and Nigerian Exchange Group
(NGX) were enacting policies that were detrimental
to the smooth operations of the stock market. These
obnoxious policies have immensely frustrated
domestic investors in post stock market crisis
investment. This investment frustration has equally
affected life savings meant to service domestic
obligations like school fees and house rent
payments, among others. Regulators were
interested in attracting foreign investors to the
Nigerian stock market, often at the detriment of
domestic investors. Even the so-called investors’
protection fund remained a dream as domestic
investors were left alone to suffer during the crisis
(Ademola and Chukwu, 2015).
The Securities and Exchange Commission’s
inability to improve its operational guidelines using
modern information technology facilities to
monitor daily market operations, especially the
trading platform, continues to demoralize efforts to
restore confidence in the market. Nigerian domestic
investors have witnessed untold hardship following
various crises affecting the nation’s capital market,
including poor regulatory roles, mismanagement in
the affairs of the listed companies, and government
neglect of the stock market, among others (Okezie,
2017). Ojo (2017) focused on the stock market
fraud, the underlying factors of victimization, and
the influence of inadequate knowledge of stock
market operations on investors’ victimization. This
study painstakingly recommended practical
measures to minimize fraud and investors’
victimization. However, it did not address domestic
investors’ involvement in post-stock market crisis
investment or suggest practicable ways to re-
engage domestic investors who exited the market as
a result of the victimization they experienced
during the 2017 stock market crisis.
The performance of stock markets worldwide is
linked to both global and domestic economic
fortunes. Nigeria’s waning macroeconomic
fundamentals were largely the cause of 2017 stock
market crisis. Dwindling oil prices and disruptions
in oil output resulted to three consecutive quarters
of negative economic growth. Additionally, high
unemployment rates and the inability of some state
governments to pay workers’ salaries contributed to
low demand for securities on the trading floor of the
Nigerian Exchange (NGX). The Central Bank of
Nigeria’s tight monetary policy and the sudden
implementation of the Treasury Single Account
(TSA) jeopardised the challenge of non-performing
loans and hindered domestic investors’
participation in the stock market (Uwaleke, 2016).
Stock market crises and investors’ beliefs
Current empirical evidence on stock market
experiences has shown long-lasting effects on
investors’ beliefs about their investment
(Malmendier, Puzo and Vanasco, 2020). In Nigeria,
domestic investors are still influenced by the
aftermath of the 2008 and 2017 stock market crises,
contributing to the current investor apathy
experienced on the Nigerian Exchange. Abimbola
and Olusegun (2017) observed a positive
relationship between exchange rates and stock price
movements in their studies. A breakdown of the
stock market performance showed that the market
lost N1.732 trillion in market capitalization on May
27, 2016, closing at N9.926 trillion.
Stock market crises have been a global
phenomenon over the years. They often occur as
aftermaths of great social upheavals, leading to
economic crises and collapses in speculative
trading. Additionally, stock market crashes can also
occur as a result of mere rumours about stock
market crisis, hence the panic selling of shares
which further depreciates financial markets value
(Chen, 2022). Chen (2022) listed major stock
market crises as follows:
➢ The 1929 Great Depression: The 1929 Great
Depression was an economic downturn that
affected most countries worldwide. It was the
deepest and the most widespread recessions in
the 20th century. The crisis began with a great
decline in the price of shares in the US, leading
investors to engage in panic selling of shares.
➢ Black Monday: The Black Monday stock
market crisis of 2001 was caused by investors’
panic due to the bursting of the dotcom bubble.
It was a global economic recession that could
be compared to that of Great Depression. The
estimated global loss of investments stood at
US$1.71 trillion. Investors were afraid that
share prices were overvalued and that the stock
market might soon experience a correction,
leading to a great decline in share prices in line
with the decline value of dollar.
➢ Global financial markets crisis of 2008: The
2008 financial markets crisis started in the US
and had a widespread impact on the global

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economy. The crisis was caused by unrestricted
growth in mortgage lending, leading to the
collapse of mortgage homes and the creation of
toxic assets.
➢ COVID–19 pandemic of 2020: The outbreak of
Covid-19 pandemic also contributed to another
round of global financial market crisis. Many
countries implemented lockdowns for several
months to curb the spread of the virus. This had
a multiplier effect on the global economy,
leading to another phase of financial market
crisis. In Nigeria, the effects were felt as many
companies shifted to remote operations,
providing services online, a trend that continues
to date.
Theoretical framework
The theory of planned behaviour was propounded
by Ajzen in 1985 and later developed in 1991 as an
extension of the theory of reasoned action
(LaMorte, 2022). This theory is a model that
predicts human behaviour based on three factors:
subjective norms, personal attitudes and perceived
behavioural control (Cornell, 2024). It further
shows that attitudes and norms toward a behaviour
are direct determinants of performing that
behaviour (Kagee and Freeman, 2023). Attitude
toward behaviour represents an individual’s
strength or weakness towards their perceived
outstanding beliefs about the results of performing
the behaviour. The theory of planned behaviour
provides a predictive approach to understanding
human behaviour, explaining the interrelationship
between attitude and behaviour (Aregbeyen and
Mbadiugha, 2012).
As intentions have determinants, the attitude,
subjective norms, and perceived behavioural
control mechanisms also have determinants.
Behavioural intent is the major element that
influences attitude towards the likelihood that the
behaviour will exhibit the expected outcome, in line
with subjective evaluations of the risks and benefits
of such outcomes (LaMorte, 2022; Kagee and
Freeman, 2023; Cornell, 2024). The attitude
module is a function of a person’s outstanding
behavioural beliefs, which represent perceived
likely effects of the behaviour following the
expectancy-value conceptualization (Peak, 1955;
Kagee and Freeman, 2023). The method portrays
consequences as being composed of numerous
combinations of the accepted likelihood that the
performance of the behaviour will pilot to a
particular result and the assessment of that result.
Planned behaviour is a theory that associates one’s
beliefs and behaviour. It argued that attitude
towards behaviour, subjective norms, and
perceived behavioural control collectively form an
individual’s behavioural intentions and behaviour
(Weber and Camerer, 1998).
Studies have shown that previous experiences
with regard to demand for shares are important
predictors of investors’ decision-making in stock
market transactions (Easthick, 1996; Klein, 1998;
Laing and Huang, 1998; Weber and Camerer, 1998;
and Aregbeyen and Mbadiugha, 2012). Darden and
Dorsch (1990) maintained that the process of
investment is a behaviour influenced by human
beliefs toward perceived results. As MTN Nigeria
Plc listed its shares on the trading floor of the
Nigerian Exchange Ltd (NGX) through
introduction, many domestic investors strongly
believe in investing in the company following
MTN’s history of paying good dividends to
investors twice a year. This belief has led to a high
increase in demand for MTN shares on the trading
floor. Similarly, shares of companies like
Consolidated Breweries Plc, Nigerian Breweries
Plc, Nestle foods Plc, and Guinness Nigeria Plc are
in high demand among domestic investors, who
believe that these companies will always post good
results at the end of their respective accounting
years. The theory of planned behaviour is
empirically in line with the intention to perform
various behaviours, which can be predicted with
high accuracy from attitude toward the behaviour
(Aregbeyen and Mbadiugha, 2012).
The theory of planned behaviour is an
extension of the theory of reasoned action. (Ajzen
and Fishbein, 2005). Both theories uphold the
premise that individuals make logical, reasoned
decisions to engage in specific behaviours by
evaluating the information available to them.
Investors in the stock market evaluate stock market
data while making investment decisions, and they
strongly believe in the possible outcomes of their
investment decisions based on the available stock
market data and previous experiences, which help
immensely in predicting stock market performance
(Ajzen, 1991). The theory highlights how a
person’s belief system influences their decision to

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59
go after a particular behaviour (LaMorte, 2022).
The belief system and the influence of stock market
fundamentals on domestic investors determine the
investment decision model for investors.
Methodology
The methodology outlines the various methods
adopted in the course of carrying out the study. A
descriptive design was utilised, and it aided the
collection of qualitative data and detailed
explanations on domestic investors and the 2017
stock market crisis. The study employed qualitative
methods and instruments. Forty in-depth
interviews, nine key informant interviews, and six
case study interviews were conducted. Qualitative
data were content analysed. Moreover, ethical rules
were strictly adhered to in order to protect the rights
of participants.
Lagos State was adopted as the location for the
study. It was created on the 27th of May, 1967 and
is situated in the South West geo-political zone of
Nigeria. Lagos is widely recognised as the
commercial nerve centre of economic activities in
Nigeria. It has sea ports, local and international
airports, and serves as the corporate headquarters of
many commercial banks and business
organisations. With a population of 17.5 million
(based on the 2006 population census), Lagos is
divided into twenty local government areas. The
state shares boundaries with Ogun State, the
Republic of Benin, and the Atlantic Ocean with
lagoons and creeks.
Study population
The study population consisted of individual
domestic investors, stockbrokers, and regulators in
Lagos. The choice of this population became
necessary due to their in-depth knowledge and
personal experiences in stock market operations.
The domestic investors that constituted the
population of the study were active individual local
investors who have been trading securities on the
trading floor of the Nigerian Exchange Ltd (NGX)
in the last five years.
Stockbrokers that constituted part of this study
population were the licensed and authorized dealers
who are members of Chartered Institute of
Stockbrokers. These dealers trade securities on
behalf of their clients for brokerage commissions.
The staff of the Nigerian Exchange Ltd (NGX) who
formed part of this study population were stock
market regulators and operations managers who
have been at the managerial level in the last five
years. They formulate rules and guidelines
guarding the smooth operations of trading
activities. Additionally, the staff of the Securities
and Exchange Commission (SEC) who formed part
of this study population were operations managers
who have been in such positions and above in the
last five years. They constituted the major
regulators of the Nigerian stock market.
The sample size of fifty-five (55) interviewees
consisted of 40 In-Depth Interviews (IDI), 9 Key
Informant Interviews (KII), and 6 Case Studies.
The breakdown of the population was as follows:
A matrix of method of data collection and sample size
Participants
Data collection method
Sample size
Domestic investors
IDI
Case Study
40
6
NGX Officers
KII
3
SEC Officers
KII
3
Stockbrokers
KII
3
The study adopted purposive and snowball
techniques for selecting interviewees. Three fully
recapitalized stockbroking firms were purposively
selected. The choice of these three firms hinges on
their job functions, which require huge capital base
and a large clientele network.

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Selected stock broking firms
S/No
Name of selected Firms
Job functions
1.
Cowry Assets Mgt Ltd
(14 IDI, 2 Case Study)
Venture Capital Managers, Issuing House
Broker / Dealer
2.
Futureview Financial Services Ltd
(13 IDI, 2 Case Study)
Broker / Dealer, Market Maker
Issuing House
3.
Greenwich Trust Ltd
(13 IDI, 2 Case Study)
Issuing House
Broker / Dealer, Market Maker
Snowballing approach was adopted while
interviewing domestic investors from the selected
firms. Key Informants (KII) were purposively
selected from their various offices. Researchers
chose only domestic investors, Authorized Dealing
Clerks who trade securities, and operations
managers of NGX and SEC. as they constituted the
population that met the criteria for the purpose of
the study.
Inclusion criteria
• The interviewees consisted of domestic
investors who have been active in the Nigerian
stock market in the last five years.
• Stockbrokers selected for the study were
members of the Chartered Institute of
Stockbrokers (dealing clerks) who have been
trading on shares in the last five years.
• Regulators consisted of operational managers
of NGX and SEC who have been in service in
the last five years.
Data collection
In-depth interviews (IDI) were conducted to obtain
qualitative data from forty (40) domestic investors
who invested in the Nigerian stock market, using
saturation principles. An IDI interview guide was
developed for this purpose, aiding data collection
on domestic investors’ stock market crisis
experiences. Six (6) case studies were conducted to
elicit in-depth and multifaceted information from
domestic investors based on their personal and
direct experiences. Case studies were of great value
in elucidating domestic investors’ personal
experiences as they affected their social lives and
domestic obligations in their various homes.
Additionally, case studies strengthened data
collected from IDI and KII.
Three (3) categories of key informants were
selected under this method. The first category
comprised the Authorized Dealing Clerks of the
selected Stockbroking firms, who, by virtue of their
positions as dealing members are involved in daily
trading of securities on the floor of NGX. The
second category of key informants interviewed was
the operations managers of The Nigerian Exchange
Ltd (NGX), who offer and preserve the trading
platform. The third category was operations
managers of SEC who enact rules and regulations
guiding the smooth activities of the stock market.
In all, nine (9) Key informants (KIIs) were
interviewed.
Matrix of research objective and data collection/analysis approaches
S/N
Objective
Indicators
How indicators were
examined
Instrument
used
Method of Analysis
1.
Investors’ socio-
economic
experiences in
2017 stock
market crisis
• Family
• Private
placements
• Socio-
economic
experiences
• Implications on
family and
households.
• Effects of private
placements.
• Effects on savings,
domestic bills and
social life.
• IDI
• KII
• Case
Study
Thematic and content
analyses
Secondary data were obtained from the NGX
electronic library on Custom Street, Lagos, as well
as university libraries within South-West Nigeria.
Other sources included official data from NGX and
the CBN, online journals, and relevant archival
materials.

Domestic Investors’ Socio-economic Experiences
61
Data were obtained using advanced digital
recording gadgets, which were later transcribed by
researchers for the purpose of data analysis. Data
obtained from the field were content analysed.
Qualitative data collected were later transcribed
thematically alongside verbatim quotations. In-
depth interviews were also analysed thematically
with the aid of Nvivo software.
The study adhered to the ideology governing
international ethical standards to protect the rights
and integrity of interviewees. Ethical approval was
obtained from the Social Sciences and Humanities
Ethics Review Committee (SSHERC), University
of Ibadan. The principles of confidentiality,
beneficence, non-malfeasance, voluntary and
informed consent were strictly observed in the
course of the study.
This study was initially designed to be a mixed-
method, but the after effects of the 2017 stock
market crisis, during which domestic investors
exited the stock market in large numbers, made
researchers to settle for qualitative method of data
collection. Domestic investors were difficult to find
in the stock market due to its current deserted state,
compounded by the effects of Covid-19 protocols.
Many offices were operating with minimal staff,
with the majority working from home. It was also
observed that most stockbroking firms had closed
down their branch offices outside their corporate
headquarters in Lagos in their bid to cut costs. Also,
with the introduction of “My Trade Book”
software, which permits domestic investors to trade
from the comfort of their homes, domestic investors
hardly visit stockbroking firms these days.
Data presentation
Data were presented and analysed thematically in
accordance with how stock market indicators were
examined. The presentation of findings and their
analysis were carried out in line with the objectives
that guided the study. Also, discussion of findings
was done in corroboration with related literature,
while the theory adopted for the study was used to
deepen the discussion.
Implementations on family and households
The 2017 stock market crisis had a devastating
effect on families and households. Many parents
who had sent their children abroad for studies were
unable to pay their school fees within the period.
Bills and other domestic obligations went unpaid
for several months. Many homes were broken, as
one of the interviewees stated. Businesses and
economic activities were grounded as most
breadwinners lost their means of livelihood. Some
domestic investors were not exposed to margin
facilities, so they did not feel the impact of the stock
market crisis as much. This group of domestic
investors did not trade their shares for capital gains;
they invested merely for long-term purposes. A
businessman who belongs to this category stated as
follows:
From day one, I did not see stock market
investments as short-term investments
where one can invest today and cash out
the next few weeks. I started investing in
the stock market from my days at school
as a student. I do not trade my shares; I
only invest for the long term as store of
wealth. The crisis did not affect me much,
I am still living my normal life, and I
regularly foot my domestic bills without
hindrance. IDI/40yrs/Businessman/Lagos,
2021)
Another domestic investor has a contrary view as
he opined how heavily he was affected by the 2017
stock market crisis:
I lost so much money during the stock
market crisis. The situation was so bad to
the extent that I had to withdraw my
children from private schools and enrolled
them in public schools. I am finding it
very difficult to pay my children’s school
fees now. I have adjusted my spending
patterns as I struggle to feed my family
these days. (IDI/38yrs/Businessman/
Lagos, 2021)
A female domestic investor incurred as follows:
“My husband and I made reasonable
profits in the stock market during the
bullish era. The amount of profits we
made lured us to inject more funds into the
stock market, and in less than one year, we
bought a house and numerous brands of
cars. We were able to send two of our sons
to the United Kingdom for further studies.
But when the stock market crashed, we

Ibadan Journal of the Social Sciences
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62
were unable to cope. Our standard of
living has dropped drastically as we are
unable to service our domestic
obligations”. (IDI/35yrs/Female/Civil
Servant/Lagos, 2021)
Influences on private placements
Private placements also greatly influenced
domestic investors. Many promoters of these
private placements stated in their various
prospectuses that the shares would be listed for
trading within six months of the offer. In line with
these promises, domestic investors sold off most of
their shares in blue-chip companies and reinvested
the proceeds in private placements, hoping to cash
out within six months with high returns on
investment as stated by the promoters. However,
some domestic investors were not affected by
private placement investments and the 2017 stock
market crisis, as demonstrated below:
On the issue of private placement, I did
not invest in it, so I did not lose money.
Instead, I only invested in the secondary
market for safekeeping and not for
speculations. I was not affected by the
stock market crisis, as my shares are still
intact. (IDI/40yrs/Businessman/Lagos,
2021)
The above views contradict the views of another
businessman who heavily invested in the Nigerian
stock market for speculative trading. He also
invested heavily in the private placement of
Investment and Allied Assurance (IAA), and he lost
everything when the company was liquidated. His
assertion below corroborates the works of Okezie
(2017), who revealed that over N700 billion was
trapped in private placements, which shortly caused
great social disorder in the lives and families of
those who invested in them.
A female domestic investor incurred as
follows:
I lost heavily during the stock market
crisis; my funds are trapped in private
placements till this moment. I have vowed
not to invest in private placements again.
Following the trapped funds in private
placements, my domestic responsibilities
were greatly hindered. I invested heavily
in Investment and Allied Assurance
(IAA), and today as we speak, the
company has wound up and I lost
everything”. (IDI/38yrs/Businessman/
Lagos, 2021)
Another domestic investor expressed:
Some of the private placements we bought
could not be listed as promised. Most of
the companies are no longer in existence.
Companies like Investment and Allied
Assurance Company Plc, Value Capital
Plc, Geofluid Plc, and Tetrazzini Foods
Plc were among companies I bought
private placements from, with the hope of
reaping bountifully when they were listed
for trading on the Nigerian Exchange
(NGX). (IDI/35yrs/Female/Civil servant/
Lagos, 2021)
Influences on savings, social life and lifestyle
The 2017 stock market crisis drastically reduced
domestic investors’ investment portfolios, creating
illiquidity in the Nigerian stock market. Some
domestic investors used stock market investment as
a store of wealth. Investors in this category hardly
save money in banks due to low interest rates and
obnoxious charges on deposits. Instead, they
invested all their savings in the stock market and
sold their shares to fulfil their domestic obligations
when needed. However, as the stock market
crashed, their lifetime savings were heavily
affected as most of these shares lost great values.
Lifestyles were heavily affected as a consequence
of the 2017 stock market crisis. However, some
domestic investors were not affected by the crisis,
and their lifestyles were not affected in any way. A
businessman in this category expressed: ‘The crisis
did not affect my social life; I am still living my
normal life and regularly go to parties and other
social events (IDI/40yrs/Businessman/Lagos,
2021)’.
The above views contradicted the views of
another businessman who invested heavily in the
Nigerian stock market, and his lifestyle was greatly
affected. His assertion below corroborates Aluko’s
(2018) inaugural lecture, where he lamented that
working and retirement lives were no longer

Domestic Investors’ Socio-economic Experiences
63
attractive. Social welfare packages and quality of
working life have been reduced to nothing. Workers
are always on the lookout for other means of getting
additional income due to the inadequacy of salaries.
Over the years, workers have struggled to afford
qualitative education for their children, acquire
decent homes, and enjoy quality social welfare and
infrastructures
The funds I lost during the stock market
crisis affected my social life a lot. Before,
I used to organise parties, visit clubs with
friends, and even take my family out on
weekends for fun. But now, I cannot
afford these luxuries any longer.
(IDI/38yrs/Businessman/Lagos, 2021)
A female civil servant interviewed maintained that
she does not attend social functions anymore due to
the losses she incurred during the stock market
crisis. She submitted as follows:
My social life was greatly affected as a
result of the stock market crisis. I do not
attend social functions anymore due to the
losses I incurred. (IDI/35yrs/Female/Civil
Servant/Lagos, 2021)
One of the key informants interviewed opined that
domestic investors lost immensely in the 2017
stock market crisis. Their investments in private
placements before the crisis contributed
significantly to the stock market upheaval, as funds
that investors withdrew from the secondary market
while investing in private placements were trapped.
Companies that sold private placements were
unable to list their shares for trading as stated in
their prospectuses. Below is an excerpt from the
data:
Domestic investors sold their shares in the
secondary market in order to invest in
private placements. Unfortunately, those
funds were trapped, thereby creating
illiquidity in the secondary market.
Domestic investors’ funds were eroded in
the stock market crisis, this made so many
of them to adjust their spending habits.
Their life styles were highly moderated as
a result of the stock market crisis. Most of
them were depressed as their children
were sent out of schools. Some also lost
their marriages due to their inability to
provide for their families. (KII/39yrs/
Male/Stockbroker/Lagos, 2021).
A key informant from Nigerian Exchange Ltd
(NGX) maintained that some domestic investors
lost much money in the stock market crisis, which
led to their untimely deaths. She stated that some
invested with their children’s school fees and
domestic allowances, as demonstrated below:
The 2017 stock market crisis affected
most of the domestic investors to the
extent that they exited the stock market.
Some of them had invested with their
children’s school fees and domestic
allowances. Some investors committed
suicide as a result of borrowed funds they
lost in private placements. A stockbroker
from Mayfield Investments Limited even
collapsed and died during trading session.
Those who collected margin loans are still
paying till date, as all these added much
pressure on their families, thereby
distorting their social lives. (KII/36yrs/
Female/NGX Staff/Lagos, 2021).
A staff of Securities and Exchange Commission
(SEC) highlighted how some companies defrauded
domestic investors through sale of private
placements. They diverted the proceeds into private
use and allowed the companies to go into
extinction, as illustrated below:
Some companies sold private placements
not for expansion but for the sole aim of
accessing free funds and defrauding
investors. Most of these companies
diverted the proceeds into private use and
purposefully ran their companies down.
The decline in domestic investors’ net
worth affected them socially. Many of
them reduced their level of entertainment
and travel. Funds trapped in private
placements ruined the stock market as the
affected domestic investors remained
frustrated and stayed out of the stock
market. Economic activities were also
affected, as investors used to patronize
eateries, night clubs, and event centres.

Ibadan Journal of the Social Sciences
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64
Some of these business outfits have closed
shops due to the crash of the Nigerian
stock market. (KII/32yrs/Female/SEC
Staff/Lagos, 2021)
A domestic investor maintained that he has learned
serious lessons from the stock market and that he
could not afford to risk his life savings again in
speculative trading after losing a large sum of
money. His social life was badly affected as he
underwent through three divorce cases within the
period due to his inability to provide for his family.
He stated as follows:
Case study 1: A male civil servant as a
domestic investor
A 46-year-old civil servant who married
four wives said that he learned bitter
lessons from the stock market. He stated
that he could not afford to risk his life
savings again after losing a large sum of
money in the stock market. He opined that
companies that sold private placements
and public offers to them gave them lots
of fake promises and doctored results. He
maintained that a good number of them
were yet to list their shares for trading as
promised. He also stated that the 2017
stock market crisis affected his marriage
greatly. He stressed that out of the four
wives he married, he went through three
divorces due to his inability to maintain
them. He stated that he withdrew his
children from private schools and enrolled
them in public schools because of funds.
According to him, this greatly affected his
social life.
The above case study corroborated the views of
most of the domestic investors during the In-depth
interview sections. Funds that domestic investors
lost in the 2017 stock market crisis affected their
social life to the extent that many investors were
unable to fulfil their domestic responsibilities,
which resulted in divorce cases as stated above.
Fontinelle (2021) observed that marriage changes
financial life and comes with many responsibilities.
Couples must discuss their financial planning to
avoid marital problems. To achieve a rancour-free
marital life, couples must state their financial
obligations to members of their immediate and
extended families. Studies by Ramsey (2023)
revealed that couples must work together to achieve
common goals. Also, studies by Berrospi (2022)
showed that patience is required to achieve huge
returns in marriage and investment.
Case study 2: A female self-employed as a
domestic investor
A 37-year-old self-employed woman,
married with three children, opined that
she sold her shares before the 2017 stock
market crisis and reinvested the proceeds
in money market instruments based on the
advice of her husband. She maintained
that she made good returns on her
investment in the stock market. She also
stated that her business received a boost
through the huge returns she made from
the stock market. She maintained that she
was fortunate enough to have invested in
a few companies that sold private
placements. The woman stated that she
bought International Energy Insurance Plc
shares at 70k per share, and she sold them
at N4.20k per share. She said that she was
not affected by the 2017 stock market
crisis; rather, she bought a new car within
the period. She stated that her children’s
school fees were paid on time, and her
social life and social status improved
considerably as a result of the new car she
acquired, which also boosted her business
frontiers.
From the above case study, the female self-
employed had a contrary view about 2017 stock
market crisis, having taken her husband’s
professional advice as a banker. The advice paid off
as she recorded high returns on her investment,
which positively changed her lifestyle. However,
most domestic investors were not as fortunate as
her; a good number of them were caught unawares
during the stock market crisis.
From the foregoing, one can objectively deduce
that domestic investors had horrible experiences
during the 2017 stock market crisis. Social order
and social life were distorted as most domestic
investors were unable to fulfil their domestic
obligations. Stockbrokers were not left out; the

Domestic Investors’ Socio-economic Experiences
65
Stockbroker of Mayfield Investments Limited
slumped and died while trading on the floor of the
Nigerian Exchange Ltd (NGX). This finding
corroborates studies by Okezie (2017), Ojo (2017),
Aluko (2018), Fontinelle (2021), Berrospi (2022),
Ramsey (2023) and Yang et al. (2023).
Discussion
Domestic investors’ lifestyles and means of
livelihood were greatly disrupted during the stock
market crisis. However, the aftermath of the stock
market crisis also negatively affected domestic
investors following the winding up of some
businesses. The crisis depleted their investment
funds, thereby hindering their domestic
responsibilities. Most families that used to visit
eateries, night clubs, restaurants, and other social
areas of fun-seeking have retraced their footsteps
and adjusted their budgets. During the bullish era,
there were proliferations of night clubs and event
centres, but they have all gone into extinction.
Many families were broken due to breadwinners’
inability to cater for them. One of the interviewees
stated that he had four wives, and he underwent
through three divorce cases as a result of his
inability to provide for his family during the stock
market crisis. Another key informant maintained
that some people committed suicide during the
stock market crisis due to their inability to pay for
the margin facilities they borrowed.
During the bullish era, many domestic investors
sold their shares in the secondary market and
channeled the proceeds into the acquisition of
private placements. Some investors also sold their
assets like houses and landed properties in the
course of investing in private placements having
observed that investors made huge profits from the
initial private placements offered. This belief of
making fortunes from private placements fell
through following the inability of the companies to
get listed for trading in line with the aftermaths of
the stock market crisis occasioned by downward
price movement. This finding is in tandem with that
of Okezie (2017) who estimated that over N700
billion was trapped in private placement
investments, which later caused great social
upheaval in the lives and families of those who
invested in it with the hope of reaping bountifully
when listed for trading.
Some of the interviewees viewed private
placement investments as fraud perpetrated by
company directors, who unlawfully diverted the
proceeds for personal gain by purposefully
liquidating the companies. This finding also
corroborates the works of Ojo (2017), which
highlighted stock market frauds and the
victimization of investors due to their limited
knowledge of stock market operations and
information irregularities. Additionally, this
finding affirms the studies of Fontinelle (2021),
who emphasised the financial impact of marriage
and the importance of discussing financial planning
to prevent marital issues. To achieve a rancour free
marital life, couples should openly communicate
their financial obligations to both immediate and
extended family members. Ramsey (2023) stressed
the necessity for couples to collaborate in achieving
mutual goals. Moreover, this study corroborates
studies by Berrospi (2022), who revealed that
endurance is required to achieve huge returns in
marriage and investments. Similarly, Aluko (2018)
lamented in his inaugural lecture that the
attractiveness of both working and retirement lives
had declined, with social welfare packages and the
quality of working life diminishing.
This finding is consistent with the principles of
the Theory of Planned Behavior, which is a
predictive model for understanding human
behavior (Aregbeyen and Mbadiugha, 2012). The
investment decisions of domestic investors are
influenced by their attitudes and belief systems. The
aftermath of the 2017 stock market crisis has
resulted in a current investment apathy, driven by
their socio-economic experiences.
From the above submissions, it's evident that
domestic investors faced bitter experiences during
the stock market crisis. Marriages were dissolved,
relationships and friendships were strained, and
social order and life were disrupted as many
domestic investors struggled to fulfill their
domestic obligations.
Conclusion and recommendations
Stock market investment is the hallmark of the
nation’s economy as it provides both long and short
term funds needed to run the affairs of listed
companies on the trading floor of the Nigerian
Exchange Ltd (NGX). Some domestic investors
invested in these companies for the long term basis,
using it as a store of wealth, while others invested
on short term basis through capital appreciation.
However, the aftermaths of the 2017 stock market

Ibadan Journal of the Social Sciences
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66
crisis, where many domestic investors lost heavily
contributed to the present investment apathy in the
Nigerian stock market. Social order and social life
were distorted as a result of the stock market crisis.
The study discovered that many domestic investors
faced bitter experiences during this period. Lives
and friendship were lost, marriages were broken,
social life and social order were all disrupted
following investors’ loss of investments and means
livelihood.
The study suggests the following
recommendations:
Transparency and restoration of investors’
confidence: Transparency and restoring investors’
confidence are crucial for achieving efficiency and
sustainability in the stock market. To revitalize the
Nigerian stock market, efforts should focus on
regaining the trust of domestic investors who exited
the market due to bitter experiences during the 2017
stock market crisis. Given that the stock market
heavily relies on psychology and confidence,
regulatory agencies should implement adequate
measures to ensure transparency in the Nigerian
stock market. This will help restore domestic
investors’ confidence and, consequently, contribute
to the restoration of social order.
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