SEC calls for listing of govt companies on the NSE

The Securities and Exchange Commission (SEC) has called for the listing of government owned companies to be listed on the Nigerian Stock Exchange (NSE).

The call was made by the Acting Director General, SEC, Ms Mary Uduk, during a courtesy visit of the Senate Committee on Capital Market to SEC.

Uduk, who commended the senators on their efforts at efforts at ensuring adequate legislation for the capital market, appealed to the lawmakers to assist in ensuring that government-owned companies get listed on the exchange.

This, she said, would boost investors’ confidence as well as attract investments from foreigners.

She said: “We have very big government corporations that can be listed and that will give foreigners comfort to list on the exchange. If this happens, it will be good for our market and also give confidence to investors.

“The commission has embarked on a number of initiatives to boost investors’ confidence as well as deepen the market. At the just concluded Capital Market Committee Meeting last week, an extension in the deadline for regularisation to December 31, 2019, was given.

“This is in a move to ensure more investors regularise their accounts, thereby reducing the volume of unclaimed dividends in the Nigerian capital market.”

According to Uduk, the CMC considered the issue and decided that it was best to give investors more time to regularise their multiple accounts in order to derive benefits from their investments.

Read also: SUBSIDY DEBT: DMO blames NASS for delay in issuing bond to pay oil marketers

Speaking during the visit, the Deputy Chairman, Senate Committee on Capital Market, Mr Foster Ogola, said the committee was willing to encourage legislation that would improve investments in the capital market by ensuring that the regulator was able to perform its responsibilities efficiently, adding that the Senate was determined to make laws that would encourage new listings as well as help to revamp the capital market and make it more vibrant.

According to Ogola, the senators were on an oversight visit, that was done periodically to look at what the commission was doing and to see how the Senate could be of support to SEC in its work.

He said: “We are here to look at your performances within the year, challenges you encountered and explore ways the Senate can help to make you perform better as the apex regulator of the Nigerian capital market.

“As the apex regulator of the capital market, we expect inputs from you on ways to deepen the market and make it more vibrant; if there are ways we can assist with relevant legislation, we are willing to do so to grow the capital market and ultimately our economy.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now