NSE boss urges govt to list CBN’s proposed N15trn InfraCo fund on bourse

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema, Thursday advised the Nigerian government to give top priority to the listing of the N15 trillion infrastructure development (InfraCo) fund on the local bourse.

My Onyema made the recommendation during the virtual Business Day digital dialogue series titled ‘New Perspective on Asset Allocation and Behavioural Finance in Volatile Markets.’

The fund would promote transparency, effective reporting and boost retail involvement in public private partnership, he said.

A brainchild of the Central Bank of Nigeria (CBN), the InfraCo fund received the Nigerian government’s endorsement in August and aims to bolster infrastructural development across the country.

Onyema also called for a tax cut for companies quoted on the NSE in light of the impact of the pandemic on business.

“We believe the government should also ensure regulatory forbearance on pandemic alleviation schemes such as reduction of tax burdens for already compliant organisations mainly listed companies and delay implementation of any new taxes at federal and state level.

“Target intervention for local companies across sectors most hit by the pandemic and fast-track attractive legislations such as the pension reform act and the investment and securities act which are currently being reviewed.”

Read also: NSE: Zenith, MTNN, GTB drive N50bn rally

He noted that foreign portfolio investment flight had put much strain on the country’s international reserves. He however said domestic investors had risen to the occasion in sustaining the performance of the equity market.

“We believe the government should also ensure regulatory forbearance on pandemic alleviation schemes such as reduction of tax burdens for already compliant organisations mainly listed companies and delay implementation of any new taxes at federal and state level.

“Target intervention for local companies across sectors most hit by the pandemic and fast-track attractive legislations such as the pension reform act and the investment and securities act which are currently being reviewed,” Onyema added.

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