By Gbenga Agbana and Ademola Alawiye

Friday, 10 Dec 2010

The Interim Administrator of the Nigerian Stock Exchange, Mr. Emmanuel Ikazoboh, has reiterated the commitment of the current management of the Exchange to ensuring compliance with the NSE’s post-listing requirements.

Speaking at the triennial conference of the Independent Shareholders Association of Nigeria held in Lagos on Thursday, Ikazoboh said all the companies currently listed on the NSE must be ready to comply with the post-listing requirements of the Exchange, failing which they would be delisted from the official list.

Ikazoboh added that the NSE preferred to have companies, which were compliant with the post-listing requirements than to have so many companies which were not.

The post-listing requirement of the NSE stipulates that all the companies in the First-tier Securities Market must submit their results to the Exchange at the end of every quarter, while those in the Emerging Markets sector are expected to submit their reports every six months. They are also required to hold annual general meetings to brief shareholders on their operations and their plans for the growth of the companies.

Ikazoboh also disclosed at the forum that the Exchange was planning to acquire a new trading platform, to enhance the capacity of the NSE and its ability to compete internationally.

In another development, the British High Commissioner to Nigeria, Mr. Bob Dewar, has said that the British government is determined to build further relationship with the Nigerian government.

Dewar made this statement during a courtesy visit to the NSE on Thursday.

According to him, the issues being addressed by the NSE currently are necessary to restore investors‘ confidence.

Dewar said, ”We are here to encourage the interim administrator and his team for the transformation going on at the NSE. We strongly support the reforms and the issues they are resolving. This will bring back confidence to the stock market.”

He noted that the London Stock Exchange was introducing reforms, adding that, ”we want to maintain our reputation as one of the best financial service providers.”

Speaking during the visit, Ikazoboh, said, ”What happened at the NSE has happened in other places, we are not the first to experience it. We have put everything behind us, and we are getting over it.”

Source: Punch