We Must Tame Corporate Greed – @SpeakerDogara
The Speaker of the House of Representatives, Rt. Hon Yakubu Dogara, has stressed that until key players in the Nigerian economy list their businesses on the Nigerian Stock Exchange, NSE, the market will not deepen and make progress. Dogara said this when he received members of the Capital Market Master Plan Implementation Council in his office.
The Speaker said the House of Representatives is willing to provide all necessary support through legislation, incentives and any other instruments to compel all major companies in the country get listed on the NSE.
“One of the deepest issues that we have to address is that of value that is being created and completely taken away by corporations. In some jurisdictions, they refer to it as corporate greed; so many companies are generating value investing in Nigeria, reaping profits but you find out that nine people will sit and just share billions of profit. By listing in the Nigerian Stock Exchange, it even helps in the income improvement of the ordinary citizen because they can invest in that company and whatever profits the company makes goes round and that reflects on the economy. But that is not what is happening.”
Dogara expressed happiness that the council has come up with a focus, vision and plan for moving the Nigerian Stock Market ahead, adding that if democracy cannot deliver on the goods to Nigerians, then democracy is on trial.
The Speaker further urged the council to look into tightening the regulatory power of Securities and Exchange Commission to ensure that manipulators of the NSE are properly sanctioned as a deterrent to future misdeeds, and to restore investors’ confidence in the market.
Furthermore, he stressed the need for defined timelines for achieving set objectives in revamping the sector, while explaining that this is the only way to ensure that the whole process does not become another talk shop.
Earlier, the head of the council, Mr Olutola Mobolurin, urged the Speaker to partner with the council to rebuild the NSE in order to grow the economy and diversify it.
He also sought legislative intervention in defining the roles of the Investment and Securities Tribunal, amendments to the law with regards to mutualisation of NSE, clear legislation on unclaimed dividends, crowd funding, price stability in Commodities Market, Trustees Act and the housing sector through mortgage bank securities.