In order to realise the target of $1tn
capitalisation by the Nigerian Stock Exchange by 2016, the Nigerian
Communications Commission may require the major telecommunications
companies in the country to list on the bourse before their licences
will be renewed.
Our correspondent gathered from sources
on Wednesday that part of the requirements for licence renewal for the
telecoms firms would be their listing on the NSE.
Despite the transformation that the
Exchange has gone through in recent years, its bid to get multinational
oil companies and telecoms firms operating in the country to list on the
Exchange has not yielded positive results.
A reliable source at the NCC, who craved
anonymity said, “The telcos may be required this time to list on the
NSE; it will likely be one of the licence requirements. Although the
telcos have always kicked against this, but it will definitely happen
one day and the time is now.”
When contacted, the spokesperson of the
NCC, Mr. Tony Ojobo, refused to comment on the issue. He, however, said
in a text message sent to our correspondent, “Let’s wait till then.”
The Head, Communications Department,
NSE, Mrs. Nwando Ajene, confirmed that the telecoms firms might be
coming to the Exchange soon.
“We have a series of initiatives we are
working on to make companies, especially the telecoms firms to come to
the NSE,” she said.
Another source in the NSE told our
correspondent, “The Exchange has done much towards realising the $1tn
market capitalisation but there are lots yet to be done before we will
get there, particularly in the area of getting more companies quoted on
the Exchange.
“The moment you can get the companies listed, it will add to the capitalisation of the NSE.”
The Chief Executive Officer, Fatrax
Securities Company, Dr. Wale Ositelu, blamed the Federal Government for
the refusal of the firms to list their shares, saying, “When these
telecoms firms were about commencing operations in Nigeria, the
government ought to have mandated them to list on the NSE.
“The Federal Government should have put
the necessary modalities in place for their operation in the Nigerian
market. This would have been a good avenue to get them listed in the
market. Moreover, the government should have probably after three or
four years of their successful operation made this known to them as part
of the conditions for their operation in the country because they are
big companies and they will add value.
“However, the government should begin to
look at legislation that will insist that such companies, if they must
operate in Nigeria, must be quoted.”
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