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NSE: House to ensure telecoms, oil firms’ listing

By on July 31, 2015

The Speaker of the House of Representatives, Mr. Yakubu Dogara, said on Wednesday that the House would pass a legislation compelling telecommunications and oil companies operating in the country to list on the Nigerian Stock Exchange.

He observed that despite their huge revenues, the firms had shunned the stock exchange.

Dogara spoke in Abuja when he received members of the Nigeria-United Kingdom Capital Market Project at the National Assembly Complex.

He noted that the participation of the oil and telecommunications firms would boost the operations of the NSE by attracting more investors.

According to Dogara, the solution will be to pass a law making the listing by such firms compulsory.

A statement issued by his Special Adviser on Media and Public Affairs, Mr. Turaki Hassan, quoted the Speaker as saying, “Apart from the capital inflow sought, the market needs to be deepened, as most of the big international companies in Nigeria are not participating in the Nigerian Stock Exchange.

“This is sad because these companies account for a huge percentage of revenues in oil, communication and energy, etc.”

For some years now, the House has been issuing threats for the firms to list on the Exchange but has failed to act by passing an appropriate law for that purpose.

The President of the NSE, Mr. Aigboje Aig-Imoukhuede, led the members of the Nigeria-United Kingdom Capital Market Project to the meeting.

Imoukhuede, who is the Co-Chairman, Nigeria-UK Capital Market Project, was accompanied by the leader of the United Kingdom team, Sir Rogers Gifford, to the meeting with the Speaker.

He informed Dogara that Nigeria and the UK had signed a Memorandum of Understanding to deepen the operations of the stock exchanges on both divide.

However, Imoukhuede stated that some aspects of the MoU required legislative intervention, a reason for the visit to seek the Speaker’s support.

 

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