The Nigerian Stock Exchange (NSE) would have been more vibrant if multinational oil and gas and telecommunication companies were listed, the Speaker, Yakubu Dogara has said.
Dogara who spoke yesterday while receiving members of the Nigeria-United Kingdom Capital Market Project in his office applauded the Memoranda of Understanding (MoU) between the stock exchanges of both Nigeria and the United Kingdom.
The Speaker while lamenting the refusal of the multinational oil and gas and telecoms companies to list on the stock exchange, said there was no justification for such.
According to him, big companies in these two major sectors must have to list on the capital market to make capital available for investors, create employment and deepen the market.
He said the House may consider passing a law that will compel multinationals in oil, gas and telecommunication sectors to list certain percentage of their value on the stock exchange.
His said: “Apart from capital inflow sought, the market needs to be deepened, as most of the big international companies in Nigeria are not participating in the NSE. This is sad because these companies account for a huge percentage of revenues in oil, communication and energy.”
Dogara assured that all areas of value-added partnership aimed at wealth increase and redistribution, as well as the creation of employment and economic diversification, will have legislative interventions.
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