AIHN 2019 Dinner: FG To Address Stamp Duties, VAT Exemption On Capital Market Transactions


Monday, August 05, 2019  / 03:00AM / By Ottoabasi Abasiekong for Proshare WebTV 

The Federal Government has assured market stakeholders that the issues around stamp duties and value added tax exemptions on capital market transactions, will be addressed in due time. 

Vice President Prof. Yemi Osinbajo, SAN said this at the 2019 Dinner and Awards ceremony of the Association of Issuing Houses in Nigeria, AIHN in Lagos. 

The Vice-President whose speech was delivered by the Acting Director-General of the Securities and Exchange Commission, SEC  Ms. Mary Uduk described the capital market as a credible platform for mobilizing capital to finance infrastructure projects in the nation. 

Osinbajo informed the capital market community that the Economic Recovery and Growth Plan, ERGP of the Federal Government gives top priority to the development of a vibrant capital market. 

He said the Capital Market Masterplan Implementation Committee has a representation from the Presidency, which enables correspondence and provides periodic reports on the implementation level of the plan. 

He commended CAMMIC for so far achieving dematerialization, e-dividend mandate amongst other market initiatives. 

According to him “Government must evolve from an omnibus provider of citizens needs, to a force for eliminating the blockages that restrict innovation and market based solutions in the economy. 

The Vice-President stressing the importance of capital market, highlighted the fact that several financing measures have been carried out namely the FGN Sukuk Bond and FGN Green Bond amongst others. 

Giving the opening remarks at the event Mr Chuka Eseka President of the Association Of Issuing Houses in Nigeria, AIHN said the dinner and awards night was designed to reward excellence and leadership in the market. 

Mr Eseka said the AIHN was committed to building a vibrant capital market and economy in Nigeria. 

He said the Association was committed to supporting the economic reforms and programmes of the Federal Government. 

The AIHN President used the occasion to call on the Federal Government to sign the repeal/ re-enactment of the CAM Bill 2018 and appoint a substantive board for the National Pension Commission, PENCOM. 

He called for fiscal and monetary policy alignment in the country, which he believed was key to addressing the current crowding out experience of the capital market. 

Eseka tasked the Federal Government to sustain its ease of doing business reforms, to create an attractive environment for investments into the country. 

He also urged the government to provide favourable tax measures for listed companies in the Nigerian capital market  and incentives like pioneer status. 

Highlights of the event was the presentation of the 2019 AIHN  life-time achievement award to Mr Olawale Edun, former Commissioner of Finance, Lagos State and Chairman, Chapel Hill Denham. 

Alhaji Aliko Dangote President of Dangote Industries received the Titan of the Market award. 

The overall award for “Investment Banking of the Year 2018” went to Stanbic IBTC Capital. 

Governor of  Niger State Alhaji. Sani Bello was the guest of honour at the event alongside the CEO of the Nigeria stock exchange, NSE Mr Oscar N. Onyema, OON and the Director-General of the Bureau of Public Enterprises, BPE Mr Alex  Okoh.

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