SEC Plans Review of Merger Procedures for Listed Companies

By Dipo Olowookere

Steps have been taken by the Securities and Exchange Commission (SEC) to review the process involved in the merger of companies listed on the Nigerian Stock Exchange (NSE).

This information was revealed in a statement issued by the agency on Monday after the acting Director General of SEC, Ms Mary Uduk, had a meeting with her counterpart at the Federal Competition and Consumer Protection Commission (FCCPCC), Mr Babatunde Irukera, in Abuja recently.

During the meeting, both heads of the agencies agreed to worth together for the introduction of simplified measures on the processes of mergers of companies in the country.

“We are happy with the work the FCCPCC has done so far. On our part, as apex regulator of the capital market, we are willing to provide them with any relevant assistance they will need to hit the ground running and improve our nation’s economy,” Ms Uduk was quoted as saying in the statement.

According to the SEC boss, the commission would be willing to share knowledge with the FCCPCC on the area of mergers, many of which the capital market regulatory agency has monitored.

In his remarks, Mr Irukera said his agency’s partnership with SEC had helped the FCCPCC to begin to get its bearing correctly and helped the investment community to see the real possibilities available in the country.

She described Ms Uduk as a leader worthy of emulation in the country because of the way she has piloted affairs of SEC since her appointment.

“We would like to commend the way you have approached your work, especially the merger review. I think it has become exemplary to everyone and the rest of the country.

“The mode of leadership in the commission made it possible. The work between the two organisations has created a master stroke and without SEC’s leadership, it would not have been possible.”

Business Post gathered that both organisations agreed to cooperate and collaborate in performing their individual duties particularly information sharing, consumer complaints in the capital market, investigation, enforcement and compliance, including capacity building.