By Adedapo Adesanya
The Nigerian Exchange Group (NGX) is targeting a cache of companies, including the refinery and fertiliser businesses of the Dangote Industries Group, as well as electricity generation companies (Gencos) and distribution companies (Discos) to list on the bourse soon.
The Chairman of the NGX, Mr Umaru Kwairanga, disclosed this on Tuesday during a closing-gong ceremony in honour of the Senate Committee on Capital Markets and Institutions’ visit to the exchange in Lagos.
He also wants the parliament to mandate the Nigerian National Petroleum Company (NNPC) Limited, the Nigeria LNG Limited (NLNG), and the Pension Fund Administrators (PFAs) to join the stock exchange to make the landscape robust.
“As of last week, the president of Dangote [Group] (Mr Aliko Dangote) assured me that the Dangote Refinery is going to be listed on this market very soon. He also said that apart from the refinery, he is going to list the fertiliser company. This is a commitment from the private sector,” he revealed.
“We have Geregu Power that is listed and we believe that there are other GenCos that can use the opportunity of these National Assembly members here and our regulator to make sure we bring them to the market.
“We need to have a legislative agenda that will force the NNPC, NLNG, and PFAs to list on this market and we assure you that we have the capacity to ensure that all listings are for the benefit of the investing public,” he added.
The Chairman of the Senate Committee on Capital Markets and Institutions, Mr Osita Izunaso, who was honoured with the ringing of the closing gong stated that the Senate would oversee that the executive capitalise on the energy value chain to list on the capital market.
“The stock exchange and the capital market are the future of our economy, it is the future of our generation and it is something that we must all support. We also have to encourage other companies to do so. Those that are listed and that are still listed like Dangote, we congratulate them.
“I will also request other people who have not listed to do so. On our part as legislators, we will advise the executive to advise the DisCos and GenCos that are not listed to come to the capital market, so we can all help to grow the economy.”
Adding his input, the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, said the recent moves by the Bola Tinubu-led administration triggered positive movements in the Nigerian stock market and showed that value optimisation was possible.
“You can see that the twin policy reforms of the government: the removal of fuel subsidy and the harmonisation of the segments of the foreign exchange market have significantly impacted the capital market.”
“The overall business environment is getting much brighter and once this environment gets better, people would then be able to make different financial decisions than they would have made if this environment had been as gloomy as it was before,” he added.
Modupe Gbadeyanka