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POWER COMPANIES: SEC RECOMMENDS LISTING OF INTERESTED FIRMS

By NBF News
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Plans are underway to ensure that companies indicating interest in the country's power sector reform are quoted on the floor of the Nigerian Stock Exchange (NSE), the Director General of the Securities and Exchange Commission, Ms Aruma Oteh has said.

Oteh stated this in Lagos yesterday at a press briefing with journalists after the commission's maiden integrity award presented to Mr. Imeh Usua, a taxi driver who returned N18m found in his car to the owner.

She pointed out that the issue of the companies listing has been raised at the National Economic Management Team meeting and President Goodluck Jonathan was interested in the matter.

According to her, it makes sense for companies operating in the country to list to ensure proper corporate governance.

Oteh, who disclosed that new companies would come to the Nigerian Stock Exchange for primary issue in the first quarter of 2013, urged investors to meet their brokers to be properly educated before taking position on stocks.

She noted that the Nigerian capital market was fast growing, as it currently contributes 20 per cent to Gross Domestic Product from 16 per cent some months ago.

The SEC boss, however, said that despite the recovery in the market, daily trading volume was driven by foreign investors who contribute about 70 per cent.

Oteh speaking earlier at the award, said the award was carefully considered response to a critical need of the Nigerian society.

'The award is designed to promote, recognise and reward integrity, the very heart of relationships, particularly business relationships. It is through integrity that trust is built and sustained. With the integrity award, the Nigerian capital market community is affirming, in one collective and resonating voice, that integrity constitutes the very foundation of the capital market,' she said.

She noted that without integrity, no capital marketĀ  could thrive, adding that investors all over the world regards marketĀ  and environments with low integrity threshold with great trepidation and apathy.