Mr Temi Popoola, the chief executive of the Nigerian Exchange (NGX) Limited has advised the government to look into ways to attract companies to the stock market.Information Guide Nigeria
He stressed that more revenue could be generated from taxes paid by these firms.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaAccording to leadership.ng, Popoola said companies on the stock exchange are more reliable with their tax compliance than those who sometimes evade tax.
Speaking in an interview with CNBC Africa, Mr Popoola said: “The reality is that because listed firms must adhere to regulatory requirements and corporate governance standards in order to maintain their listing on the exchange, they are typically more consistent and reliable with their tax compliance. Consequently, the more companies we can get to list, the more revenue the government can make.”NYSC portal
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He disclosed during the interview that the bourse was looking to address some age-long issues bordering on new listings, which will, in turn, deepen trade.
“We are interested in expanding beyond financial services, the construction industry and Telco. For instance, NGX admitted the first-Generation power company, Geregu Power Plc, on the exchange in 2022 and BUA foods which led to the deepening of the market and a fair representation of GDP.
“The Agric industry is one sector that has been often said to be underrepresented on the bourse. As we move to get such listings, we are also looking for companies and sectors with low representation in order to promote a market with equal representation,” he stated.
He added: “Futuristically, we are looking at promoting financial literacy by exploring data dissemination through telco partnerships. We are also keen on aligning our activities to drive the UN SDGs and, more importantly, to promote the work we are doing in enabling a sustainable capital market ecosystem.JAMB Result
