By Abdullahi Lukman
The Chairman of Nigeria Exchange Group, Dr. Umaru Kwairanga has urged President Bola Ahmed Tinubu to fast-track the listing of Nigerian National Petroleum Company Limited (NNPCL).
He said this when he led a delegation of management of the NGX on a courtesy visit to President Tinubu in Brazil on Tuesday.
Kwairanga, who lauded President Tinubu for the courageous economic reforms of his administration in the last two years, said the Nigerian capital market, though vibrant, was still shallow when compared with its peers in Africa.
He described Tinubu as the most business-friendly president Nigeria ever had, adding that he would be honoured to host President Tinubu on the floor of the Nigerian Exchange for ceremonial ringing of the gong.
Here is the full text of the remarks:
“Let me begin by thanking your Excellency for the privilege of sparing some of your very valuable time to receive me and my team from the Nigeria Exchange Group. It is an honour that we very much treasure though we are not surprised, knowing that you are the most business friendly President in the history of our nation.
This is a thank you visit, Mr. President. We are here to appreciate your astute leadership and the reforms that you courageously instituted, which have positively transformed the Nigerian economy and the capital market in particular. The reforms in the oil and gas sector, the foreign exchange market tax policy, and administration have stabilised the economy and instilled and enhanced local and foreign investors’ confidence in Nigeria . The results are apparent in our capital market where volumes and value have almost tripled since you took the oath of office as President and Commander in Chief two short years ago.
We are happy and very grateful, but like true Nigerians, we want even more of the good things. That is why we wish to use this opportunity to make some requests. Our request is for policies and initiatives that will broaden and deepen our capital market. The Nigerian capital market, though very vibrant, is still shallow compared to advanced economies and even its peers. Market capitalisation is still just one quarter of GDP compared to more than 100 percent in countries like South Africa and the United States. We believe that such initiatives as fast tracking the listing of more state owned enterprises like NNPC Limited will boost our market tremendously. We also are recommending tax and other incentives for listed companies as that will encourage and boost listings of other privately held companies. Our listed companies are bound to follow the highest standards of corporate governance and regulation, and we think they should be rewarded for that diligence through attractive incentives.
We would also be honoured ,sir, to have the honour of hosting your on the floor of the Nigeria Exchange at a time of your choosing to celebrate your achievements, especially in the economic sphere.
Thank you once again, your Excellency, for your leadership and your service to our country. May Almighty Allah continue to guide you to steer our great country on the path to greater growth and greatness”.
