The Speaker, House of Representatives, Yakubu Dogara has said that the parliament would partner with the council of the Nigerian Stock Exchange (NSE) to ensure full implementation of the capital market 10-year masterplan.
Dogara, who identified lack of proper stakeholders’ engagement as one of major setback of the capital market, assured the council of NSE that the Legislation would work with the council and other relevant stakeholders in addressing issues bordering the market.
“Part of the problem we had in the past is because we did not have that kind of synergy with the council very well, they have worked in that direction.
“There is positive synergy now between the legislative and the council and utilising that, we can achieve a lot.“The stakeholders conference that took place some weeks ago and there was a communique that came out at the end of that stakeholders forum.
“We promised that whatever outcome that was generated from that stakeholders summit, we will ensure that we implement it if it is related to what we can do as a parliament.
He added that the parliament would address some of the issues raised at the just concluded stakeholders forum by giving considerations to some of the capital market bills in the National Assembly (NA).
“The Investment and Securities Act is there, the Companies and Allied Matters Act is there before the NA and I believe that public hearing will take place very soon. Notices of hearing in all cases is the fundamental requirement,” he added.
On the listing of multinationals, Dogara explained that the Parliament would look at the agreements of these companies with the Bureau for Public Enterprises (BPE), noting that the Parliament would compel them to list if it was stated on the agreement.
“Where there are clauses that require them to list and they have not done so through the power of oversight, we would ensure that it is done. They must be penalized in line with the agreement signed with BPE.
“There is an on-going discussions about strengthening those clauses in BPE to ensure that we emphasis that once a company is privatized you must list a reason part of the equity in the market and we must follow through to ensure that it is done,” he assured.
Dogara said that the house would ensure that this was done in respect of spectrum given out to telecommunication firms, which, according to him, would expire soon.
“We will ensure that this will be a cardinal requirement that will compel them to list some part of the equity in the market. If we do that, we would be sure that sooner or later, we would be sure of having some of these firms list on our market,” he said.
Source:© Copyright Guardian Online