By Peter OBIORA InvestAdvocate

London (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) is awaiting the Securities & Exchange Commission’s approval to delist moribund Companies from its Daily Official List.

Oscar Onyema, Chief Executive Officer (CEO) of the NSE made this affirmation in an exclusive interview with www.investadvocateng.com in London on Thursday.

“Right now we have sent a list to the SEC and once we get the an approval, we will make it happen” he said.

He affirmed that the delisting will be in couple of months as soon as Nigeria’s SEC gives its approval.

On the issue of moribund Companies, the CEO of the Stock Exchange said the NSE has so far adopted a proactive approach by calling on Companies to understand the challenges which make they are facing; making them to go contrary to post-listing requirements.

Onyema said the Management of the Nigeria’s Exchange has adopted a proactive approach while calling the Companies, that really have major issues and believe there is no way they can come back to be delisted as soon as possible.

“So very soon, you will see a number of Companies that will be delisted. The idea is to give companies all the support to comply with rules and to also allow the investors know the Companies that are struggling by putting out those symbols next to their names; but at some point, if a company is not going to be able to turnaround or a Company is just going to be there, then we have to get them delisted’ the NSE CEO said.

The Nigeria’s Exchange had in April 2012 unveiled a Report known as X-Compliance Report as part of its ongoing regulatory program to enhance transparency and disclosure.

The X-Compliance Report also notifies the public when a company is embarking on capital reconstruction, delisting (whether voluntary or regulatory) or restructuring.

According to the NSE, it believes that the timely disclosure of financial information and on-going event disclosure is critical to stakeholders in the Capital Market as well as investors.