Modupe Gbadeyanka
By Modupe Gbadeyanka
No fewer than 100 companies operating in the Nigerian capital market have been invited for questioning by the House of Representatives.
The affected firms would be grilled over some sharp practices observed in the nation’s capital market.
The House sub-Committee on Capital Market, Regulation and Compliance chaired by Mr Tony Nwulu is beaming its searchlight on activities at the market after uncovering lots of underhand and sharp practices perpetrated by various companies in the capital market.
Business Post learned that the committee will focus its attention on the corporate governance status, assets valuation and other vital information from the companies being summoned for questioning.
Those who are found to be clean would be commended, while those found guilty would be punished according to the law.
It was gathered that the probe is mainly to make sure firms operating in the capital market adhere strictly to the rules and regulations put in place by the Nigerian government and also to boost confidence of investors.
Chairman of the House sub-committee, Mr Tony Nwulu, while speaking on the development at the weekend, stated that, “We have invited at least 100 companies operating in the market to come speak to the committee on the issues on ground.”
However, he warned that, “Those hiding for now may have every cause to regret because there is no hiding place for them. We want to sanitise the place (capital market) for Nigerians.”
According to him, “Those given a clean bill of health will be highly recommended because some of the companies lived above board but those making false valuation do have a case to answer.”
It was gathered that the probe came up as a result of several petitions received on the alleged sharp practices in the Nigerian capital market.
The legislature hopes to ensure the nation’s capital market is not bastardised, thereby affecting the economy, which is gradually recovering from recession it slipped into two years ago.
