Par­lia­ment to strengthen laws pro­tect­ing cap­i­tal mar­ket – Dog­ara

Daily Trust - - BUSINESS - From Omobayo Azeez, La­gos

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.

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