Reps speaker seeks listing of firms in stock exchange

By Wahab Akanji, Abuja 

Speaker of the Federal House of Representatives, Hon. Yakubu Dogara, has counseled owners of major businesses in the country to ensure that they list their firms in the stock exchange. 

Dogara spoke when he received in audience, members of the Capital Market Master Plan Implementation Council in his office on Wednesday. 

He said the House of Representatives is willing to provide necessary support, through legislations, incentives and any other instruments to compel all major companies in the country get listed on NSE. 

“One of the deepest issues that we have to address is that of value that is being created and completely taken away by corporations. 

“In other words, in some jurisdictions, they refer to it as corporate greed; where many companies are generating value investing in Nigeria, reaping profits but you find out that nine people will sit and just share billions of profit. 

“I’m not exaggerating, it is happening right now in Nigeria and I am glad you listed one of them.

 

“But by listing in the Nigerian Stock Exchange, it even helps in the income improvement of the ordinary citizen because they can invest in that company and whatever profits the company makes goes round and that reflects on the economy. But that is not what is happening.”

 

The Speaker lauded the council for being focused and having a vision and plan for moving the Nigerian Stock Market ahead, adding that if democracy cannot deliver on the goods to Nigerians, then democracy is on trial. 

He further urged the council to look into tightening the regulatory power of Securities and Exchange Commission to ensure that manipulators of the NSE are properly sanctioned as a deterrent to future misdeeds, and to restore investors’ confidence in the market. 

Dogara said there is a need to define timelines for achieving set objectives in revamping the sector, while explaining that that is the only way ensure that the whole process does not become another talk shop. 

Mr Olutola Mobolurin, head of the council, in an earlier remark urged the Speaker and the House to partner with the council to rebuild the NSE in order to grow the economy and diversify it.

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