FG To Issue New Guidelines On Listing For Oil & Gas Firms

Yemisi Izuora

PRESIDENT-Goodluck-Jonathan
Major Oil and Gas firms in Nigeria would soon begin to list on the Nigeria Stock Exchange.

Government said this would be achieved via new guidelines that will encourage them to do so.

President Goodluck Jonathan who gave the indication in Lagos said the federal government will come up with guidelines and incentives that will prompt  major companies in the oil/gas, telecommunications and power sectors to list on  the NSE.

Speaking at  a meeting with the capital market community at the NSE in Lagos Jonathan said government prioritises activities of to the capital market as it reflects significant performance of the nation’s economy and would do everything economically possible to make the market attractive to investors and issuers.

According to the President, as the biggest economy in Africa, the nation’s capital market ought to equally  be the largest, adding that the only to achieve that is to ensure that big companies operating in the economy and are benefiting make their shares available for Nigerians to invest in and benefit.

He said before now he has had discussions with MTN during one of his visits to South Africa on the need to list  their shares.

“When I met with MTN in South Africa,  we discussed the need for them to list.We are working hard to make sure that companies that are supposed to list do so .

That is the only way the Nigerian  capital market and economy  can to grow and so that Nigerians can participate. Definitely if you take the power companies, as they grow bigger they will list,”he said.

The president added that after a proper study of the situation, the government would come up the guidelines for the listing, disclosing that listing of companies would be one of the incentives.

We will certainly  come up with guidelines in that regard. It is only proper study something and meet with technical experts before coming out with the final pronouncement on it . But will definitely encourage most of these companies to list and make it a condition  for them to benefit from government in some areas you must do certain things properly. So I believe we will give you what you want,” he said.

Jonathan assured the stockbrokers and executives of listed companies that the government would continue to partner the private sector and hand off the management of business in order to solely face the provision of an enabling environment for businesses to thrive

“We will continue to partner the private sector. We are moving a away from where government used to be the best manager of companies, best investors, to area where the government will create the enabling environment for the private sector to manage the economy,” he said.

He also said that a new director-general will be appointed for the Securities and Exchange Commission (SEC) by April, stressing that it was not proper for the commission to be without a full DG for too long, in view of that, the appointment would be announced before the end of April.
“I don’t want someone to act for too long” he said.

Add Comment