SEC Wants Govt Companies Listed on NSE

• SEC Wants Govt Companies Listed on NSE

The Securities and Exchange Commission has said it wants government-owned companies to be listed on the Nigerian Stock Exchange.

The Acting Director General, SEC, Ms Mary Uduk, during a courtesy visit from the Senate Committee on Capital Market to SEC, commended the senators on the efforts made so far in ensuring adequate legislation for the capital market.

She appealed to the lawmakers to assist in ensuring that government-owned companies get listed on the exchange, saying it would boost investors’ confidence as well as attract investments from foreigners.

Uduk said, “We have very big government corporations that can be listed and that will give foreigners comfort to list on the exchange. If this happens, it will be good for our market and also give confidence to investors.

“The commission has embarked on a number of initiatives to boost investors’ confidence as well as deepen the market. At the just concluded Capital Market Committee Meeting last week, an extension in the deadline for regularisation to December 31, 2019, was given.

“This is in a move to ensure more investors regularise their accounts, thereby reducing the volume of unclaimed dividends in the Nigerian capital market.”

Uduk told the senators that the CMC considered the issue and decided that it was best to give investors more time to regularise their multiple accounts in order to derive benefits from their investments.

The Deputy Chairman, Senate Committee on Capital Market, Mr Foster Ogola, stated that the committee was willing to encourage legislation that would improve investments in the capital market by ensuring that the regulator was able to perform its responsibilities efficiently.

He said the Senate was determined to make laws that would encourage new listings as well as help to revamp the capital market and make it more vibrant.

Ogola said the senators were on an oversight visit, that was done periodically to look at what the commission was doing and to see how the Senate could be of support to SEC in its work.

He said, “We are here to look at your performances within the year, challenges you encountered and explore ways the Senate can help to make you perform better as the apex regulator of the Nigerian capital market.

“As the apex regulator of the capital market, we expect inputs from you on ways to deepen the market and make it more vibrant; if there are ways we can assist with relevant legislation, we are willing to do so to grow the capital market and ultimately our economy.”

A member of the committee, Senator Mohammed Lafiagi, said there was a need for more interface between the senators and SEC in a bid to look at specific issues and find ways of solving them.