By PETER EGWUATU & MICHAEL EBOH
Ijebu Ode—The Nigerian Stock Exchange, NSE, has kicked against the decision of the Federal Government to delay the listing of public companies on the stock exchange after their privatisation.

The NSE also said that over 400 companies have indicated readiness to list on the secondary segment of the Nigerian capital market.

Speaking at the 2011 national workshop of the Capital Market Correspondent Association of Nigeria, CAMCAN in Ijebu Ode, Ogun State, Managing Director/Chief Executive Officer, NSE, Mr. Oscar Onyema, represented by Mr. Bola Adeeko, Chief of Staff, NSE, said the Federal Government should direct the Bureau of Public Enterprise, BPE, to ensure that government’s holding in the soon-to-be privatised companies was listed on the NSE immediately they were privatised.

He said listing the companies on the NSE will drive the growth of the Nigerian capital market and contribute in the quest of ensuring that the market became a barometer of the Nigerian economy.

Onyema stated that listing the privatised companies will create a sense of belonging among Nigerians.

He also called for an enabling law that will encourage telecommunications companies as GSM service providers, upstream oil companies and multinational companies, among others, to list on the Nigerian Stock Exchange.

He noted that getting these companies to list on the NSE will help promote the national interest perspective and ensure that Nigerians were seen to be benefiting from the wealth of these companies.

On the over 400 companies set to list on the NSE, Onyema said the companies’ decision to list was borne out of a series of discussions between them and the NSE.

The planned listing, according to Onyema, is also an indication that confidence is returning to the market.

He explained that of the over 400 companies, a number of them had indicated interest to list within the next one year, while others said they would approach the market to raise funds to help shore up their capital base and expand their operations.

He, however, said the NSE will not force companies to list or delist, noting that the capital market was a free market with free entry and exit.

The NSE boss reiterated that bringing new companies to the exchange remained one of the core focus of the NSE, adding that this was in line with its broader goal of emerging as the gateway  market for the African continent within the next five years.