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Gwarzo tasks FG on listing of MTN, Multi-Choice, others

By BusinessNews Staff on May 13, 2015

The apex regulator of the Nigerian capital market, the Securities and Exchange Commission (SEC), has said government has a crucial role to play in ensuring that foreign companies with investments in Nigeria are listed on the floor of the Nigerian Stock Exchange (NSE).
There have been concerns in some quarters over the inability of the nation’s authorities at ensuring that foreign companies operating in the country are listed on the stock exchange.
During a debate on xenophobic attacks against African immigrants residing in South Africa on the floor of the Senate two weeks ago, chairman, Senate Committee on Rules and Business, Ita Enang, had called on the Federal Government to mandate foreign companies like MTN, Multi-Choice to be listed on the floor of the NSE.
Appearing before the Senate Committee on Capital Market for his screening as substantive director general of SEC on Monday, acting director general of the commission, Mounir Gwarzo, said the ball is in the court of the government to do the needful.
He told the Ayo Adeseun-led committee that the commission had done all within its powers to persuade foreign companies to be listed on the floor of the exchange but to no avail.
He opined that government can help by giving a condition that the companies that are listed in the stock exchange would be the first to be considered for contracts.
Gwarzo listed waivers and reduction of cost as incentives which could be used to motivate the companies to be listed on the nation’s stock exchange.
He also disclosed that an advisory council which would consist of high networth individuals would be set up to interface with the executive arm of government in this regard.
“We engaged the telecoms (firms) at a meeting and we said it is important for you to be listed. The only issue they raised was cost.”

[Business Day]

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