Senate moves to curb tax evasion, boost listing in Nigeria’s capital market

Following the delisting of several companies from the equities market, the Senate Committee on Capital Market on Wednesday resolved to increase listing of quoted companies on the bourse and reduce tax evasion.

The committee Chairman, Osita Izunazo, disclosed this when he led a delegation on a visit to the Nigerian Exchange Group (NGX) in Abuja.

He urged stakeholders to come together in the pursuit of shared objectives and listed the vital role that the capital market plays in promoting economic growth.

Izunazo said: “We are committed to reviewing various legislative frameworks awaiting amendment in the National Assembly. This includes the Investment and Securities Bill, the CIS Bill, and the Private Companies Conversion and Listings (PCCL) Bill, among others.

“Listing on the stock exchange promotes transparency, curbs tax evasion, and fosters individual company and economic growth.

“Our visit to NGX underscores our dedication to advancing the Nigerian capital market’s growth agenda. We will continue collaborating closely with market stakeholders to tackle existing challenges and unlock growth opportunities.”

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The Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda, assured that the commission would strengthen its regulatory framework in the market.

“We are doing everything that we can to get regulations that give confidence to both domestic and foreign investors. 

“For example, we have a policy on custody of all CIS products in our market, whether bilateral or public and we have seen the CIS sector responding positively to this development. 

“The asset under management is growing and investors are better advised to invest through the CIS because they have experienced portfolio managers who are best equipped to manage their investments,” he stated.

By: Babajide Okeowo

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