By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The spate of delisting at the Nigerian Stock Exchange (NSE) has been passed as a vote of no confidence on Regulators.

Boniface Okezie, Shareholder Leader and National Chairman, Progressive Shareholders Association of Nigeria (PSAN) affirmed this in an interview with

“Delisting from the Nigeria’s Exchange is a vote of no confidence that the operators have passed on them and a wake up call for our present Regulators to purge themselves, all of them including the CBN, SEC, NSE and NDIC; they have failed and they needed to be overhauled”

According to him, President Goodluck Jonathan needs people that will help actualise his transformation Agenda.

“Jonathan needs the people that will help him actualise his transformation agenda, the key sector that will make him perform and create jobs is the Capital Market and that is when things are working fine; where there would be confidence, Companies can come in and raise funds to expand their operations and create jobs” Okezie said.

He affirmed that Companies at present cannot raise money; but when the Capital Market creates the atmosphere, Companies will expand and create jobs. “This would help the President create jobs; it is the private hands that can create jobs and this can be done through the Capital Market” he said.

The PSAN National Chairman said this is the only way the vision of the President can be actualised and that can only happen when there are strong team players that are regulating the Nigerian Capital Market; “they must know the Market deep down to help the President achieve his vision” Okezie said.

“Our Regulators are doing the opposite; which is the problem we are facing. The Market would come back to be bullish if they do the right thing” he said.

As earlier reported, in March year 2011, the Nigeria’s Exchange announced the delisting of 11 Companies from its Daily Official list, these Companies were Nigercem Plc, Albarka Air Plc, Foremost Diaries Plc, Wiggins Teape Nigeria plc, Okitipupa Oil Palm Plc, First Capital Investment, Trust Plc, Flexible Packaging Plc, Netpak Plc, Krabo Nigeria Plc and Tropical Petroleum Plc.

The reason was that the affected Companies were not meeting their obligations in terms of fees to the Stock Exchange. Also, in year 2009, 64 Firms were delisted from the NSE’s Daily Official List.

The latest delisting and most controversial is that of Nigerian Bottling Company Plc a couple of months back.

On December 14 2010, NBC issued a notice through the NSE informing the public and its shareholders that it is planning to delist from the Nigeria’s Exchange in order to emerge a wholly owned subsidiary of its majority shareholder, Coca-Cola Hellenic Bottling Company of South Africa through a proposed scheme of arrangement.

As a result of this development, NBC offered investors a cash payment of N43.00 per NBC share as consideration to the minority shareholders. However, this was changed to N47.71 per share payoff; when Shareholders began agitations to stop the Company from delisting in order not to make them lose on their investments after about 38 years; since 1973 the Company has existed in Nigeria.

Late September 2011, South African Firm, Pinnacle Point Group listed on the Floor of the NSE sought to have its shares placed on suspension from the Floors of the NSE in Lagos Nigeria.

The Company notified the Nigeria’s Exchange that its Directors have applied to the NSE for suspension of its Securities with immediate effect following the notice of motion received by the company on Monday, 26 September 2011 as announced on SENS. “Shareholders are advised that provisional liquidation was granted on Tuesday, 27 September 2011” the Notice said.

This came on the heels of an earlier notice of motion given to all shareholders of Pinnacle Point Group Ltd of a winding-up application in terms of Section 132 (2)(a)(ii) of the Companies Act, 71 of 2008 (“the Act”).

Pinnacle Point Group, on Tuesday March 17 2009 listed 4,579,782,814 Ordinary Shares of Zaro-0001 (No. 0015) each at Zaro.50 (N7.50 Kobo) per share by introduction on the Floor of the Nigeria’s Exchange.