SEC, fraud
Mary Uduk, Acting Managing Director, Securities and Exchange Commission

Should companies owned by the Nigerian Government be listed on the Nigerian Stock Exchange (NSC)? According to the Acting Director-General of Nigeria’s Securities and Exchange Commission (SEC), Ms Mary Uduk, this should be the case.

Ms Uduk made this known recently when she was paid a courtesy visit by members of the Senate Committee on the capital market.

She used the occasion to seek the lawmakers’ support towards ensuring that corporate entities belonging to the Government get listed on the NSE. According to her, this would help boost local investors’ confidence, as well as attract foreign portfolio investment.

Ms Uduk also disclosed that SEC has already undertaken to a number of initiatives aimed at boosting investors’ confidence and ensuring the overall success of the capital market.

“We have very big government corporations that can be listed and that will give foreigners comfort to list on the exchange. If this happens, it will be good for our market and also give confidence to investors.

“The commission has embarked on a number of initiatives to boost investors’ confidence as well as deepen the market. At the just concluded Capital Market Committee Meeting last week, an extension in the deadline for regularisation to December 31, 2019, was given. This is in a move to ensure more investors regularise their accounts, thereby reducing the volume of unclaimed dividends in the Nigerian capital market.” – Uduk

In his response, the Deputy Chairman of the Committee on the capital market, Mr Foster Ogola, expressed his fellow members’ willingness to come up with legislation that will improve the market better and encourage the listing of Government-owned corporate entities.

He further stated that the committee will welcome input from the market regulator on ways to make the capital market better.

Note that some prime examples of state-owned companies that could be listed on the Nigerian Stock Exchange include the Nigerian National Petroleum Commission (NNPC), the Nigerian Television Authority (NTA), the Power Holding Company of Nigeria (PHCN), etc.

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