House to pass legislation compelling telecoms and oil companies to list on NSE.

The Speaker of the House of Representatives, Mr. Yakubu Dogara, said on
Wednesday that the House would pass a legislation compelling
telecommunications and oil companies operating in the country to list on the
Nigerian Stock Exchange.

He observed that despite their huge revenues, such firms shunned the stock
exchange.
Dogara spoke in Abuja when he received members of the Nigeria-United
Kingdom Capital Market Project at the National Assembly.

He noted that the participation of the oil and telecommunications firms would
boost the operations of the NSE by attracting more investors.
According to Dogara, the solution will be to pass a law making listing by such
firms compulsory.

A statement issued by his Special Adviser on Media and Public Affairs, Mr.
Turaki Hassan, quoted the speaker as saying, “Apart from the capital in flow
sought, the market needs to be deepened, as most of the big international
companies in Nigeria are not participating in the Nigerian Stock Exchange.
“This is sad because these companies account for a huge percentage of
revenues in oil, communication and energy, etc.”

Our correspondent observes that for years, the House has issued such threats
but has failed to act by passing such laws.

source:Punch