The Speaker of the House of Representatives, Yakubu Dogara has stated that the National Assembly is ready to amend the Investment and Securities Act, ISA, Companies and Allied Matters Act , CAMA and Investment and Securities Tribunal, IST Act to engender the growth of the Nigerian capital market.
Speaking at the weekend after ringing the closing bell of the Nigerian Stock Exchange, NSE in Lagos, Dogara said “National Assembly, NASS is committed to the capital market and will do everything it can to amend some of the portion of the these Acts that impede the development of the market. We will call for public hearing on these bills so that stakeholders and experts in the market will come to pinpoints those areas of the Acts that needed amendments.
We will advertise in three national newspapers when the time comes. We will listen to the experts and then go back to the house and fine-tune those areas that needed amendments.” According to him “We are working with stakeholders to expand participation in our capital market as we want a robust capital market that will contribute to the development of the economy. So, we at the National Assembly are serious about this. We also want to let you know that the communiqué after the NASS Committee with stakeholders would be looked into and be fully implemented.”
He revealed that legislative attention would be given to some other business bills before the National Assembly within a short time to ensure that businesses continue to strive and make profit. Dogara , who was accompanied by some members of the House of Representatives to the floor of the NSE said that the National Assembly will give its backing to the 10 year Capital Market Master Plan and ensure its full implementation to engender the growth and development of the market He said that the capital market will begin to see some improvement now that there are collaborations between the law makers and stakeholders in the capital market.
According to him “We sincerely believe in deepening the capital market, so the telecommunications and oil and gas companies would be encouraged to list on the floor of the NSE.
“The National Assembly will ensure that bills relating to capital market and business as a whole are passed. We sincerely believe in developing our capital market to be the first in Africa. It is not good that we are number one in terms of Gross Domestic Products, GDP, and in the capital market, we are number three in Africa. There is a bill in the National Assembly that states that foreign companies that are successful in Nigeria should list some of their shares on the NSE. We would use our legislative tools to pass some of these bills, because it will be in the interest of Nigerians to benefit from such companies rather than allowing them to repatriate all the profit made from the country.”
Speaking, the President of the NSE, Mr. Aigboje Aig-Imoukhuede said “If there is any parliament that has shown commitment in our market, it is the Dogara led House of Representatives. It is gratifying that you have taken on board our request and I can assure you that the NSE will not relent in making the capital market number one in Africa.”
Speaking at the weekend after ringing the closing bell of the Nigerian Stock Exchange, NSE in Lagos, Dogara said “National Assembly, NASS is committed to the capital market and will do everything it can to amend some of the portion of the these Acts that impede the development of the market. We will call for public hearing on these bills so that stakeholders and experts in the market will come to pinpoints those areas of the Acts that needed amendments.
We will advertise in three national newspapers when the time comes. We will listen to the experts and then go back to the house and fine-tune those areas that needed amendments.” According to him “We are working with stakeholders to expand participation in our capital market as we want a robust capital market that will contribute to the development of the economy. So, we at the National Assembly are serious about this. We also want to let you know that the communiqué after the NASS Committee with stakeholders would be looked into and be fully implemented.”
He revealed that legislative attention would be given to some other business bills before the National Assembly within a short time to ensure that businesses continue to strive and make profit. Dogara , who was accompanied by some members of the House of Representatives to the floor of the NSE said that the National Assembly will give its backing to the 10 year Capital Market Master Plan and ensure its full implementation to engender the growth and development of the market He said that the capital market will begin to see some improvement now that there are collaborations between the law makers and stakeholders in the capital market.
According to him “We sincerely believe in deepening the capital market, so the telecommunications and oil and gas companies would be encouraged to list on the floor of the NSE.
“The National Assembly will ensure that bills relating to capital market and business as a whole are passed. We sincerely believe in developing our capital market to be the first in Africa. It is not good that we are number one in terms of Gross Domestic Products, GDP, and in the capital market, we are number three in Africa. There is a bill in the National Assembly that states that foreign companies that are successful in Nigeria should list some of their shares on the NSE. We would use our legislative tools to pass some of these bills, because it will be in the interest of Nigerians to benefit from such companies rather than allowing them to repatriate all the profit made from the country.”
Speaking, the President of the NSE, Mr. Aigboje Aig-Imoukhuede said “If there is any parliament that has shown commitment in our market, it is the Dogara led House of Representatives. It is gratifying that you have taken on board our request and I can assure you that the NSE will not relent in making the capital market number one in Africa.”
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