AHEAD of the on-going recapitalisation programme for capital market operators from N70 million to N1 billion, which ends on December 31 2008, the Nigerian Stock Exchange (NSE) has promised to release the names of some stockbroking firms that investors should not be dealing with.
Director-General of the NSE, Professor Ndi Okereke-Onyiuke gave the hint in Lagos, adding that the list would be released before the expiration of the recapitalisation deadline.
The list to be released may not be unconnected with some findings by the NSE on some activities of some firms dealing on the stock exchange.
She said: “The Nigerian Stock Exchange will release a list of stockbrokers that investors should not deal with soon, even before the end of recapitalisation.”
Already, stockbroking firms are making moves to meet the recapitalisation deadline through mergers and acquisitions, private placements and other means of raising capital.
Speaking at the same forum, the Securities and Exchange Commission (SEC), reiterated its commitment to maintain its position on the recapitalisation exercise, adding that the date will not change.
Speaking on behalf of SEC, it’s Deputy Director, Mr. Bala Usman said: “SEC has issued a lot on it. It is a directive of the Federal Government and it is part of the economic reform programme. It has happened in the banking and insurance sectors.
“The policy as given by the government has not changed up to this moment.”
Meanwhile, the stock exchange’s director-general also advised registrars to employ more computer operators in their companies to facilitate early release of share certificates after the closure of offerings, since investors’ awareness has increased.
“What we see nowadays is that many IPOs are floated in the market. Registrars are not equipped to do what they are doing now.
“The registrars are not equipped to handle what is being processed. They needed to employ more computer operators to facilitate this. We are telling the registrars to employ computer operators to input the farms to enhance speedy processing.”—-Guardian
