14 December 2012

Nigeria: SEC Pursues Vigorous Listing Agenda for Power Firms, Others

The Securities and Exchange Commission (SEC) says it is pursuing vigourously moves to boost the nation's economy by ensuring massive listing of new companies, particularly the privatised power and upstream oil and gas companies.

The Director General of the SEC Ms Arunma Oteh who spoke at the opening ceremony of the SEC journalists Academy 2012 with the theme "Promoting Excellence in Capital Market Reporting" in Abuja said the stock market is more critical than any other sector.

She expressed dissatisfaction that the Nigerian Stock Exchange (NSE) contributes only 17 per cent of Gross Domestic Product when the capital market is the barometer the measuring the economy. she said the commission is currently in dialogue with the government to show example that as it transfering the power sector to the private sector it should make sure that they are listed on the Exchange

"Today only 17 per cent of the GDP of Nigeria from a sectoral point of view is represented on the Nigerian Stock Exchange, while the stock market is the barometer of the economy.

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