Reps Committee Pledges To Fast-Track PIB Passage

The House of Representatives Committee on Capital Markets has said it will partner with relevant stakeholders to fast-track the passage of the Petroleum Industry Bill (PIB).

Also, the committee will legislate to get power generation and distribution companies listed on the Nigerian Stock Exchange (NSE).

Chairman of the committee, Peoples Democratic Party (PDP), Benue disclosed this to The Tide in Abuja.

According to Herman Hembe,  a bill will soon be proposed to get the telecommunications and energy companies operating in the country listed on the NSE.

“We will legislate to get power generation distribution companies listed once their privatisation is complete and what needs to be done is very clear to us and the consensus is that the reforms we have planned will address the development gaps as observed,” he said.

The lawmaker said the telecoms sector with is starting market of less than a million subscribers in 2000 currently catered for over 90 million telephone users.

“These telecommunications companies make huge profits from Nigeria and are mostly not listed on our market,” he stressed.

Hembe said that the committee would consult widely with stakeholders to get the best input into the proposed bill and explained that the partnership with stakeholders was to engender  growth and diversification of the market so tht it could be more reflective of the nation’s economy.

The committee chairman urged the NSE on its part to hasten its evolution process to become more like its counterparts in others economies.

Shedie Okpara