SEC Woos Dangote Refineries, NNPC For Listing

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), plans to promote policies that will incentivise major companies such as Dangote Refineries and NNPC to list their shares on the stock market.

Director-General, Securities and Exchange Commission (SEC), Mr Lamido Yuguda, said the listing of major companies, strengthening of enabling laws, promotion of fintechs participation and development of the commodities ecosystem re major highlights of the Commission’s focus in the period ahead.

According to him, the Commission will carry out advocacy to the relevant government agencies such as the NNPC and Federal Ministry of Petroleum Resources on listing of shares of the NNPC while also championing incentives to encourage major companies to offer their shares to the public and list the shares on any of the SEC-registered platforms.

He said as 2022 commences, the Commission is confident that the results of the various initiatives implemented will begin to gradually manifest, spurring developments in many aspects of the market.

In his new year’s message at the weekend, Yuguda said the Commission would improve coordination among stakeholders such as the National Assembly, Central Bank of Nigeria (CBN), National Pension Commission (PENCOM), Corporate Affairs Commission (CAC), National Insurance Commission (NAICOM), Debt Management Office (DMO) and Federal Inland Revenue Services (FIRS) to create synergies and further improve upon our effectiveness towards ensuring that the objectives of realising the capital market masterplan are met.

“As we expect improvements in both economic and capital market activities, we must remain committed to developing the market in line with the 10-year master plan. Some of the key initiatives to be pursued in 2022 are as follows: The repeal of the Investment and Securities Act (ISA) 2007 and passing of the Investment and Securities Bill 2021 to align the enabling law with the realities and trends in capital market regulation and practice in Nigeria;

“In conjunction with the NASD Platform, provide the necessary incentives and support to attract SMEs to get listed. Already, Rules on Crowdfunding to encourage new funding sources for the SMEs have been developed.’’

Credit: The Nation

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