By InvestAdvocate

Ijebu-Ode (INVESTADVOCATE) – 400 Nigerian Companies are seeking to list on the Nigerian Stock Exchange (NSE).

Bola Adeeko, Chief of Staff/Head of Corporate Division Saturday disclosed this Saturday in Ijebu-Ode Ogun State; South West Nigeria at the Capital Market Correspondents Association of Nigeria (CAMCAN) 2011 Workshop organised for Capital Market Journalist.

Adeeko who presented a paper titled “Timely Information Disclosure for improved Investment Decisions” said that the current Management at the Nigeria’s Exchange with the new draft rules on listing is trying to provide incentives that will attract firms to list on the NSE.

Also, the listing process will be shortened, “the shortening of the listing is one of the outputs of what I will call an overhaul of the listing process. We should be coming out with that before the end of the year” he said.

According to him, it is the strategic imperative for Companies to come and list as well as de-list from Stock Exchange.

“Companies’ coming to the Market to list as well as to de-list is their strategic imperative. Many of the Companies have to come to terms when they need to come to the Market. Certainly, we do our part all the time to demonstrate value proposition for them and that is why today we have about 200 Companies still remain listed on our Stock Exchange. It is a free Market and we are not in the business of forcing people to list or de-list” Adeeko said.

The Nigeria’s Exchange proposed new set of listing requirements, would grant a number of waivers to Mining, Oil and Gas Firms and others with large Capital Base.

The draft rule by the new Management of the NSE made available to Capital Market Operators is advocating that Mineral Companies, comprising of the Mining, Oil and Gas Firms would be exempted from fulfilling the requirements that a Company seeking listing on the Mainboard must be in operation for at least three years.

Also to be exempted are Companies with Market Capitalisation in excess of N500 billion from meeting the requirements for Public Float, which stipulates that the public shall hold a minimum of 20 percent (20%) of each class of Equity Securities of the Company.