SEC seeks NASS’ support to boost govt companies’ listing

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The Securities and Exchange Commission (SEC) has sought the full support and cooperation of the National Assembly to ensure that government-owned companies list on the Nigerian Stock Exchange (NSE).

Its acting Director General, Ms. Mary Uduk, made the appeal in Abuja on Monday when members of the Senate Committee on Capital Market, led by the Deputy Chairman, Mr. Foster Ogola, visited the commission on oversight function.

While commending the Senators on the efforts made so far in ensuring adequate legislation for the capital market, Uduk said public companies’ listing would boost investors’ confidence and attract offshore investments.

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

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Uduk disclosed that the commission has embarked on a number on initiatives to boost investors’ confidence as well as deepen the market.

According to her, “we just ended our Capital Market Committee Meeting last week and one of the decisions reached was to give an extension in the deadline for regularisation to December 31, 2019.

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 it was best to give investors more time to regularise their multiple accounts in order to derive the benefits from their investments.

She said: “I am delighted to report that on the lingering issue of multiple subscriptions and forbearance for shareholders with multiple accounts, the CMC agreed that the forbearance window should be extended by another year from the December 31, 2018 deadline previously communicated. We expect investors to take advantage of this opportunity to claim their unclaimed dividends and bonuses.”

Speaking earlier, Ogola said the National Assembly was willing to encourage legislation that would improve investments in the capital market by ensuring the regulator is able to perform its responsibilities efficiently.

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

Ogola reiterated the determination of the Senate to make laws that will encourage new listings as well as help to revamp the capital market and make it more vibrant.

In his comments, a member of the Committee, Sen. Mohammed Shaaba Lafiagi expressed the need for more interface between the senators and the SEC in a bid to look at specific issues and find ways of solving them.

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