FG urged to Protect Shareholders of Nationalized firms

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• As NNPCL meets NGX Listing Requirements

BY BONNY AMADI

The Nigerian government and the capital market regulator, the Securities and Exchange Commission (SEC) have been called upon to strengthen protection of Nigerians who listened to government assurances to invest in nationalised companies listed on the NGX Exchange.

This was coming as the Nigerian National Petroleum Company Limited (NNPCL) finalised moves to unbundle and list shares on the NGX Exchange.

The NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed the expected listing in a statement released on Thursday in Abuja, revealing that the process is about to be sealed.

He said that (NNPCL) is in the final stages of preparations for its long-awaited listing on the capital market, as mandated by the Petroleum Industry Act (PIA) 2021.

However, even as the listing is highly anticipated by the capital market community, cross section of stakeholders’ and retail investors, have called on the government and the market regulators, to ensure that NNPCL after listing on the NGX, would not eventually become a private company, dashing expectations of Nigerians who hoped to benefit from its expected growth.

They have maintained that in recent times, what has been observed in privatisation of government owned companies, manifested in the form of political patronage of loyalists, amounts to stripping, which contradicts the intention of listing the companies post privatisation, on the bourse.

Retail shareholders body leaders who spoke to our correspondent maintained that privatized government companies, such as AP, Notore, Daily Times, amongst other hitherto government companies, that shortly after listing on the Exchange, became moribond and eventually wrestled off the minority shareholders in them.

Meanwhile, on the soon to be listed NNPCL, Chief Corporate Communications Officer, Olufemi Soneye, disclosed that the company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, hinted at the imminent listing of the company during a consultative meeting with partners at the NNPC headquarters.

He noted that the company is engaging with potential investors through an initiative dubbed the “NNPC Ltd. IPO Beauty Parade” in compliance with capital market regulations ahead of the Initial Public Offer (IPO).