SEC listing committee to attracts more firms to NSE-New DG

The new Acting Director General of the Securities and Exchange Commission (SEC) Ms Mary Uduk has said that the listing committee constituted by the commission has the main objective to attract new listed firms to the stock market.

She disclosed this to journalists during the post Capital Market Committee (CMC) briefing in Lagos.

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”.

Just as 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.

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