Nigeria May Enact Laws To Force Multinationals To List On Local Exchange

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Written by Staff

From Premium Times

The Speaker of the House of Representatives, Yakubu Dogara, on Wednesday lamented the refusal of multinational companies to list on the Nigerian Stock Exchange, expressing the need for a law to reverse the trend.

In a statement issued by his Special Adviser on Media and Public Affairs, Turaki Hassan, the Speaker expressed the regret when he received members of the Nigeria- United Kingdom Capital Market Project in his office on Wednesday.

According to the statement, Mr. Dogara commended the Memoranda of Understanding between the stock exchange institutions of both countries.

The Speaker maintained that there was no justification for the failure of multinational oil and gas and telecommunication companies to list on the Nigerian stock exchange.

He said big companies in the two major sectors have to list on the capital market in order to create employment, deepen the market and make capital available for investors.

Going forward, Mr. Dogara said the House may consider passing a law that will compel multinationals in oil, gas and telecommunication sectors to list certain percentage of their value on the stock exchange.

“Apart from capital inflow sought, the market needs to be deepened, as most of the big international companies in Nigeria are not participating in the Nigerian Stock exchange,” he said.

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