The Speaker of the House of Representatives, Yakubu Dogara, has explained that the decision to demutualise the Nigerian Stock Exchange was borne out of the need to open up the capital market to make it more attractive to investors, and to ensure that it conforms to global best practices.
LEADERSHIP recalls that the House, last week, adopted the recommendations of a report by its Committee on Capital Market and Institutions on a Bill for an Act to facilitate the development of Nigeria’s Capital Market by enabling the conversion and re-registration of the Nigerian Stock Exchange from a company limited by guarantee to a public company limited by shares; and for related matters.
In a statement issued on Monday, the Speaker said the demutualisation of the NSE will bring the ordinary Nigerian closer to benefiting from the nations commonwealth, since it will make more multinational corporations get their companies listed, thereby contributing to the development of the economy.
Dogara further noted that the changes made by the House, when concurred to by the Senate and signed into law by the President, will result in more involvement of investors in governance, as well as provide a flexible governance structure in the capital market, thereby making it easy to take decisive action in response to changes in the business environment where and when necessary.
It will also ensure increased access to resources for lcapital investment raised by way of equity offerings or private investment.
It would be recalled that in June 2016, Dogara became the first speaker who visited the stock exchange in Lagos where he sounded the closing gong and promised to use legislative tools to reposition the capital market for maximum performance.
The speaker had argued that it is unacceptable for a large chunk of the nations resources or capital to be heavily concentrated in the hands of few chief executive officers, CEOs, as it further widens the inequality gap, eliminates the middle class and plunges more people into abject poverty, thereby posing serious threat to the sustenance and survival of democracy.
He further maintained that deepening of Nigerias capital market will enhance wealth redistribution and deliberately allow it to trickle down to the ordinary people as against the practice where multinational corporations repatriate their profits 100 percent to their own countries without investing a dime back to the Nigerian economy.
The Bill is expected to be transmitted to the Senate for concurrence in a few days.
Kenya Finance Minister Arrested For Corruption
Kenya’s finance minister has surrendered himself to the police after the chief prosecutor ordered his arrest over allegations of corruption....
Imo Senatorial Contestant Takes Protest To INEC Office Over Certificate
A contestant in the last Imo North Senatorial District election, Benjamin Nwajumogu, yesterday stormed the National Headquarters of the Independent...
Zamfara APC: PDP Governors Hail Supreme Court
The PDP Governors Forum (PDPGF) has expressed its joy as the Supreme Court rejected the application by the All Progressives...
PMB Greets Former Lagos Governor, Lateef Jakande At 90
President Muhammadu Buhari has sent warm felicitations to former Governor of Lagos State, Alhaji Lateef Kayode Jakande, who turns 90...
Sen Wammakko Donates Food, Clothing To Sokoto Bandits’ Attack Victims
Immediate past govenror of Sokoto state and Senator representing Sokoto North Senatorial district, Aliyu Magatakarda Wamakko has donated no fewer...
Forum Requests Senate To Revisit Bill On FCE Dass
The Concern People’s Forum of Dass Bauchi South senatorial district has called on the Senate under the leadership of Sen...
APC Chieftain Urges Gov Obaseki To Avoid Zamfara, Rivers Mistake
Following the crisis rocking the All Progressives Congress (APC) in Edo State, a chieftain of the party, Mallam Garus Gololo,...
Others15 hours ago
Kogi Gov’ship: Melaye Appoints Campaign D-G
SPORTS17 hours ago
Why I Visited Cosgrove – Ahmed Musa
NEWS17 hours ago
Unrealistic Demands Delay Implementation Of New Minimum Wage- HoS
LAW21 hours ago
“I Am Authorised By Fiat To Conclude Trial Of Orji Kalu”- Judge
NEWS24 hours ago
Breaking: Supreme Court Refuses To Upturn Judgment On Zamfara Elections
NEWS17 hours ago
PMB Summons IGP Over Shittes Protest
NEWS15 hours ago
Police Takeover Investigation Of Rape Allegation Against Fatoyinbo
NEWS16 hours ago
Zamfara: PDP Hails Supreme Court’s Refusal To Reverse Self