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Otudeko canvasses listing of Telcos, oil firms on NSE

By on April 27, 2014

Former President of the Nigerian Stock Exchange (NSE) and Chairman, Honeywell Flour Mills Plc, Mr. Oba Otudeko Thursday called on the federal government to formulate policies that would allow more Nigerians benefit from the profits made by foreign companies operating in telecommunications, energy, oil and gas sectors of the economy.

Such policies, Otudeko said, would encourage those companies to list their shares in the capital market so that more Nigerians could buy and share from  profits.

Speaking at the  third annual national  workshop of the Chartered Institute of Stockbrokers (CIS) in Abuja, Otudeko, who is also the chairman of FBN Holdings Plc, noted that President Goodluck Jonathan should come up with policies that will extend the opportunities foreign investors are enjoying in Nigeria to Nigerians.

“I am appealing to Mr. President to extend the opportunities foreign investors are seeing in Nigeria to Nigerians. If we had done so for telecoms in year 2001,  Nigerians would have been a lot richer. There could have been licence condition and  I do not think those operators would have refused to be part of it.

“I understand that there is another opportunity that has been given to some Nigerian oil traders to work with  foreigners. But part of it should be given to Nigerians. Without such initiative, we cannot empower our people and grow our economy. While we want foreign investors, we should also consider the local investors and leave something on the table of Nigerians,” he said.

Meanwhile, President and Chairman, Council of CIS, Mr. Ariyo Olushekun, said the institute was  determined to take its rightful place in charting a new course for our country, hence the introduction of  the annual workshop.

“The workshop event is designed to bring together key players in both the public and private sectors of the Nigerian economy to brainstorm, and generate ideas which will serve as useful input to the national budget and enhance the quality of the policy making process.

“It  also assists government agencies to track budget performance and showcase best practices in service delivery. Further, it presents an avenue to influence government policies thereby ensuring the growth and development of key sectors of the Nigerian economy,” he said.

According to him, the focus this year is on the role of the private sector in supporting the transformation of the critical sectors that would help translate our impressive economic growth to economic development.

“These sectors include agriculture, energy (power and oil & gas), telecommunications, financial services and the creative industry,” Olushekun said.

 

 

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