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…Inaugurates Committee To Attracts More Listing
… Extends Forbearance For Multiple Subscription To September
The Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has reiterated the commitment of the commission to further deepen the capital market and ensure investors’ confidence is sustained in the face of growing economic challenges in the domestic economy.
She said the commission being run by a team of experienced hands will also ensure that the existing master plan currently being executed by the market apex body is followed to its logical conclusion.
Addressing stakeholders/ financial reporters after commissions’ post Capital Market Committee (CMC) meeting in Lagos, the SEC boss said the commission is focused and will not derail in its assignment to grow the equities market to the delight of both local and foreign investors.
On the bid to attract more companies to the various exchanges in the Nigerian capital market, the Acting Director General said that the commission has constituted a committee that will galvanise new listing to the market.
She explained that the issue of increase in delisting by public companies was one of the highlight of their CMC deliberation. “This poses a threat to the growth and development of the market in view of the fact that quite a number of them are highly capitalized companies. We are expecting the committee on listings would come up with strategies to attract new listings”.
To further ensure that investors are not shortchange, she noted that the commission has extended the forbearance to shareholders that have multiple subscriptions with multiple accounts to September 2018. She pointed out that registrars have acknowledged that investors have started coming forward but there are challenges in the process.
Adding that the CMC deliberated and recommended the appropriate Technical Committee to seek input and come up with recommendations to address the challenges. While she encourage all affected investors to come forward and take advantage of the window before the new deadline.
Other issues that was discussed according to her is the committee that will look into modalities for the adoption of Electronic Initial Public Offer (e-IPO). She said globally, capital markets are moving towards electronic IPO and Nigerian capital market is working to adopt this trend. Members of the committee includes, the Securities and Exchange Commission (SEC), Nigeria Stock Exchange (NSE), Association of Issuing Houses of Nigeria (AIHN), Association of Stock Brokers (ASHON), Central Securities and Clearing System (CSCS), Institute of Capital Market Registrars (ICMR), Capital market Solicitor Association (CMSA), Fund Managers Association of Nigeria (FMAN), and NIBSS.
On market confidence, she seek the support of all stakeholders in order to move the market to the next level. Other executive management of the Commission that was present includes, Messrs Isiaku Bala Tilde, Ag. Executive Commissioner, Operations; Henry Adekunle Rowlands, Ag. Executive Commissioner Corporate Services; Reginald Karawusa, Ag. Executive Commissioner, Legal and Enforcement.
