A lawyer with Babalakin & Co, Mr. Tola Oshobi, has advised law makers  to ensure that  the  concerns of all stakeholders were addressed in the planned bill that would encourage  leading firms operating in the oil and gas and telecommunications sectors of the economy to list on the Nigerian Stock Exchange (NSE).

The Chairman of House Committee on Capital Markets and Institutions, Mr. Herman Hembe, is sponsoring a bill that would enable those telcos, oil firms and other leading players in the nation’s economy to list their shares   on the Exchange.

Speaking with THISDAY at recent forum organised by the Capital Market Solicitors Association (CMSA) and hosted by Babalakin & Co in Lagos, Oshobi said that  the bill should  be drafted in a way that  it would take care of the interests of all stakeholders.

“The concerns of stakeholders should be taken care off.   There are other laws and we have to ensure that it does not go against of any existing laws   or treaties. There are  bilateral treaties Nigeria had signed with other countries and organizations, stating what we can do and what we cannot do. We have to  look at it  in the context of all these and be sure  that we are not going to get ourselves into trouble. The objectives, no matter how laudable they are, would be counterproductive in one way or the other if  the law  goes contrary to any of  existing laws,” he said.

The  legal practitioner noted that Nigeria is a member of  World Trade Organisation(WTO) among other organisation, saying that the law makers should, therefore  look at  it holistically to be sure that  we are getting this right.

“The law will not have the positive effect we want it to have if  it   will disrupt foreign investments; if it  will  lead to capital flight and if it will  breach our treaty obligations. That is why it is necessary that   wide consultations must be made before the bill is perfected and signed into law,” he said.

According to him, the need for a proper consultation and robust debate on the issue made Babalakin and Co. to host the CMSA members’ forum which deliberated on the proposed listing of telcos and oil firms.

Source: Thisday/Goddy Egene