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Why can’t Nigeria compel MTN, GLO, Shell to list in Stock Exchange? – Sanusi

By on November 13, 2011

The Central Bank of Nigeria (CBN) Governor, Lamido Sanusi has said multinational companies in the country must be compelled to list on the Nigeria Stock Exchange (NSE), so as to contribute to the nation’s economic growth.

Speaking at the 17th National Economic Summit, on Saturday in Abuja, he added that the government should make laws to compel the companies to be listed on the Nigeria stock market.

“Why can’t we have a law that compels companies like MTN, GlO, Shell to list? There is certainly no reason. They don’t need to own 100 percent of their companies.

“And they don’t have to be held closely by a very narrow range of Nigerians. We have a capital market and any company that generates revenue beyond a certain amount in this market should be compelled to list,” he said.

According to Sanusi, it is not a problem if they bring in the capital, take their dividends, bring in investment and pay their taxes, but they should list on the capital market.

He said the companies should not be left to decide when to list on the market, rather, the government must compel them to do so.

“We have a responsibility to make capital live up to responsibility. If we say today that any company generating revenue above X should list in 18 months, they will list.

“MTN, give them 18 months to list or get out, they will not get out of Nigeria, where will they go?’’ he said.

Sanusi advised that at the present stage of the nation’s economic development, the government needs to step up efforts and utilise every opportunity available to strengthen and develop the economy.

DailyTimes

3 Comments

  1. Elmud2

    November 13, 2011 at 11:33 pm

    I will be surprise if anybody will tell me shell is not listed, for Glo MTN ZAIN and perhaps VISA i will not be surprise. 

  2. Lt Col Haruna Sakin Fulani

    November 15, 2011 at 1:09 pm

    Well done CBN Gov, this is an honest advise.

  3. Anonymous

    November 16, 2011 at 3:12 pm

    is important when Nigerian begins to realize that all the multinational Companies operating in Nigeria should be listed into the Nigeria Stock exchange. They don’t deserves 100% share or ownership.