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Stakeholders Seek Review Of PCCL Bills To Promote Listing

by Olushola Bello
1 year ago
in Business
ngx
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Stakeholders on the Nigerian capital market have advocated for review of Private Companies Conversion and Listings Bill (PCCLB) to promote more listing in the market in boosting liquidity.

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They made this request during the courtesy visit of the Senate Committee on Capital Market and Institution to the Nigerian capital market, alongside management of the Securities and Exchange Commission (SEC) to the Nigerian Exchange (NGX) in Lagos recently.

They urged the committee to take an active role in facilitating legislative changes that will further enhance increased listing on the nation’s capital market.

Speaking, the Group chairman, NGX Group, Dr Umaru Kwairanga stressed the need for the committee to ensure a revisit of the Private Companies Conversion and Listings Bill (PCCLB), stating that the bill holds the promise of fostering more listings in the market.

The PCCL Bill seeks to compel the mandatory conversion (from private to public) and listing of all private companies that meet specified thresholds in all sectors of Nigeria.

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According to Kwairanga, increased listings will not only attract investment but also contribute to improved governance, transparency, and tax accountability which would help boost government revenue.

He emphasised the need for collaborative efforts between government, regulatory bodies, and market participants to unlock the market’s full potential.

The chief executive officer of NGX Group Plc, Temi Popoola urged the committee to consider policies enabling dollar-denominated transactions within the Nigerian capital market.

He added that such measures would open new vista for both foreign and Nigerian firms with dollar revenues to actively participate in the market, thereby broadening the scope and attractiveness of the Nigerian capital market in the global economy.

The director-general of SEC, Lamido Yuguda assured stakeholders that the commission would continue to strengthen its regulatory framework to deepen the market and make it more competitive.

Responding, the chairman, Senate Committee on Capital Market, Osita Izunazo assured market participants of the Senate commitment in driving legislative reforms that would spur investment in the market.

Izunazo emphasised the pivotal role of the capital market in fostering economic prosperity, urging stakeholders to work together towards achieving common objectives.

“We are going to look at all the legislative frameworks in the National Assembly waiting for amendments in one form or the other. We are going to review the Investment and Securities bill before us, the CIS bill, as well as to revisit the PCCL Bill that has been in the National Assembly since 2014 and other legislation that would drive the market,” he said.

Izunazo added that beyond legislative efforts, there was need for aggressive public enlightenment on the benefits of investing in the stock market.


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