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SEC Approves New Listings Rules For Exchange

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13 years ago

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The Nigerian Stock Exchange (NSE) has recorded another milestone in its quest at repositioning itself for better performance as the amendment it proposed to its listing rules has been approved by the Securities and Exchange Commission (SEC), the nation’s apex capital market regulator.

The NSE has recently embarked on a number of new initiatives, including: reinvigorating business development in order to achieve a market capitalisation of $1 trillion in five years; paying more attention to rule drafting and interpretation for market participants; aggressively pursuing the listing of privatised government entities and significant corporations in different sectors; reviewing the current market segmentation to be more reflective of global industry classifications as well as increasing market accessibility to attract greater foreign participation, among others.

A fundamental requirement to drive these initiatives is a set of listings rules that are attractive to quality issuers on both the Main Board and the Alternative Securities Market (ASeM).

The Chief Executive Officer of The Nigerian Stock Exchange, Oscar Onyema said that The NSE embarked on reviewing the listings rules because some of the stakeholders of The Exchange including prospects, listed companies, issuing houses, and brokers assert that the listings rules of The NSE are inflexible.

According to Onyema, “the requirement that companies must have a five-year financial and operating track record has been cited as hindrance to many companies that would have been listed on The Exchange. Specifically, this is said to have led to the exclusion of some exploration and production companies which are not in a position to provide such records”.

The NSE boss explained further: “Our research reflects that many leading exchanges have greater flexibility than we do, particularly on the quantitative requirements in the area of profit, market capitalisation, price, public float, among others”.

The General Manager, Listings Sales and Retention, Mrs. Taba Peterside, explained that the main board listing requirements for New York Stock Exchange, London Stock Exchange, Johannesburg Stock Exchange, Singapore Stock Exchange, NASDAQ and other leading exchanges were reviewed vis-a-vis The Exchange’s; stressing that alternative board listing requirements for Alternext (New York Stock Exchange), AIM (London Stock Exchange), AltX (Johannesburg Stock Exchange), ACE (Malaysia Stock Exchange), Catalist (Singapore Stock Exchange) and other leading exchanges  were also reviewed vis-a-vis ASeM.

Shedding more light on the amendment, Peterside said that the new rules determined quantitative criteria suitable for The Exchange from comparison with other exchanges and an analysis of current listed companies over a three-year period.

The exchange also consulted widely with existing listed companies, prospects and other industry stakeholders. She expressed the belief that the new listing requirements will act as a major catalyst to attracting new companies to list on The Exchange.

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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1 week ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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1 week ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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