The Speaker House of Representatives, Alhaji Yakubu Dogara, says unless key players in the Nigerian economy list their businesses on the Nigerian Stock Exchange (NSE) it will not make progress.
Dogara made the statement in Abuja on Wednesday when he received members of the Capital Market Master Plan Implementation Council.
The Speaker said that the house was willing to provide all necessary support through legislation, incentives and other instruments to compel major companies in the country get listed on NSE.
His words: “One of the deepest issues that we have to address is that of value that is being created and completely taken away by corporations.
“This is regarded in some jurisdictions as corporate greed where companies generating value and reaping profits do not remit anything to government”, he said.
Dogara said that the listing of such companies on NSE would help improve the income of the ordinary citizen.
“This is because they can invest in that company and whatever profits the company makes goes round and that reflects on the economy”, he added.
The speaker said it was regrettable that this was not happening in the country, adding that if democracy could not deliver better goods and services to Nigerians, then it was on trial.
Dogara expressed happiness that the council had come up with a focus, vision and plan to move the Nigerian Stock Market forward.
He urged the council to tighten the regulatory power of Securities and Exchange Commission to ensure that manipulators of the NSE were properly sanctioned.
The speaker said it was critical to deter future misdeeds and restore investors’ confidence in the market.
He further stressed the need for defined timelines for achieving set objectives in revamping the sector to ensure the process did not become another talk shop.
Earlier, the Head of the Council, Mr Olutola Mobolurin, urged the speaker to partner the council to rebuild 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 and amendment to the law on mutualisation of NSE.
He asked for legislation clearance on unclaimed dividends, crowd funding, price stability in commodities market, Trustees Act and the housing sector through mortgage bank securities.