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NSE, SEC partner US SEC to promote transparency, regulatory efficiency

By Michael Eboh
The Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) is set to partner with the United States’ Securities and Exchange Commission (SEC) to ensure transparency and effective organisation of the Nigerian capital market.

Speaking during the visit of officials of US SEC to the NSE, Monday, Director-General of the NSE, Professor (Mrs.) Ndi Okereke-Onyiuke stated that the regulators and operators in the Nigerian capital market stands to gain a lot from the partnership and will explore the opportunities presented by the alliance to ensure the growth of the market.

She stated that the officials of the US SEC, who is on a one week visit to the country are expected to hold talks with the NSE, SEC and operators in the market, on ways to promote transparency and development of the market.

She noted that the visitors are expected to present innovative ideas to Nigeria’s SEC and other regulators to ensure effective regulation, promote transparency and proper surveillance of the Nigerian capital market.

She said, “I believe that at the end of the visit, Nigeria’s SEC will be better off, especially as the visit will afford SEC the opportunity of learning new ideas that will help them in their regulation of the market.

Meanwhile, Total Nigeria Plc, in its audited report for the 2009 financial year, is proposing a dividend of N8.28 per share for its shareholders.

This was in spite of the 9.67 per cent drop in its profit after tax to N3.97 billion compared to a profit after tax of N4.4 billion recorded in its 2008 financial year. Its turnover rose by 0.65 per cent to N178.75 billion compared with a turnover of N177.41 billion recorded in 2008.


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