Parliament to strengthen laws protecting capital market – Dogara
The Speaker, House of Representatives, Honourable Yakubu Dogara, Friday, said that the legislative arm would enact new laws and strengthen existing ones to protect the Nigerian capital market.
Speaking as the first speaker of the House to appear on the floor for the closing gong ceremony, Dogara said that the best way to restore the confidence of investing public in the market was to provide a robust legal framework to empower regulators of the market to sanction illegal acts perpetrators.
He said that insider dealings were the major causes of capital market crash, lamenting that people who perpetrated malpractices that led to crash in the past were not adequately sanctioned.
He said: “We need to deepen the market. We need to create and sustain confidence in the market. And for confidence to come back, we need to do more, especially in the area of sanction. When we start sanctioning confidence will come back to the market.”
Dogara said that multinational oil and gas companies, telecommunications firms and other private companies operating in Nigeria needed to be listed on the NSE to deepen the market.
He said that the House might soon pass laws to compel companies to come on board.