September 20, 2024
The Securities and Exchange Commission (SEC), in a bold move to enhance market growth and economic development, has urged government agencies and state-owned enterprises to list on the Nigerian Exchange Ltd (NGX).
This historic call was made by the Director-General of SEC, Emomotimi Agama, during an exclusive interview with newsmen in Abuja on Thursday, as reported by the News Agency of Nigeria (NAN).
According to Agama, listing on the NGX would promote the democratisation of operations within these government-owned enterprises, increase transparency, and foster accountability. By joining the NGX, these entities will be exposed to a wide range of benefits, including increased visibility, credibility, and improved governance.
The call by SEC is a welcome development, and it is expected to increase investor confidence in the government's ability to make available viable investment opportunities. Listing on the NGX is an important step towards deepening the nation's capital market, ensuring that the proceeds from the sale of shares will be channeled towards economic development.
The NGX, previously known as the Nigerian Stock Exchange (NSE), is the country's largest financial market infrastructure company, offering listings, trading, market data, and payment services.
The Securities and Exchange Commission, as the apex regulator of the Nigerian capital market, has a critical role in ensuring that these entities comply with regulatory requirements and listing rules. By actively engaging these entities, SEC is poised to chart a new course for increased listing and improved performance in the capital market.
The development is set to spur economic activities, lead to diversification, and elevate the country's economic status globally, in line with Vision 2030 objectives and the government's Economic Recovery and Growth Plan (ERGP).
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