May 19, 2011 by Everest Amaefule, Abuja
The Federal Government plans to boost trading activities on the Nigerian Stock Exchange with equities in prime organisations such as the Nigerian Security Printing and Minting Company, Transcorp Hotel and the Eleme Petrochemical Company.
The Director-General, Bureau of Public Enterprises, Ms. Bolanle Onagoruwa, according to a statement made available to our correspondent by the BPE spokesman, Mr. Chukwuma Nwokoh, in Abuja on Wednesday, disclosed this when the new Chief Executive Officer of the NSE, Mr. Oscar Onyema, paid her a courtesy visit.
Onagoruwa said that the bureau had earmarked some privatised enterprises to be listed on the Exchange as part of its effort to boost the capital market.
She listed some of the firms as Transcorp Hilton Hotel, where the Federal Government plans to divest 24 per cent out of its 49 per cent equity, and Eleme Petrochemicals in which the Federal Government intends to give up its remaining five per cent holding.
On Transcorp Hilton Hotel, she said the process was ongoing except for a little hiccup over the shareholding structure, while in the case of Eleme Petrochemicals, the process would be consummated in a few years, she said.
Onagoruwa added that negotiations were ongoing with the Central Bank of Nigeria and that once the apex bank handed off the running of NSPMC, it would also be listed on the Exchange by 2015.
She said that there were prospects that some of the successor companies created out of the unbundled Power Holding Company of Nigeria would also be listed on the capital market.
She explained that BPE intended to privatise the nation’s refineries so that they would be listed on the stock exchange but for the political climate in the country.
The BPE boss pointed out that 24 out the nation’s 26 seaports had been conceded to private investors and were doing well, adding that investment opportunities were still open in the maritime sector through the inland water ways.
Earlier, Onyema had explained that he embarked on interactive visits to various stakeholders in the economy to partner them on how to deepen and broaden Nigeria’s capital market.
He said that the NSE was interested in partnering the BPE on transactions in the oil and gas sector, adding that the board of the Exchange had approved structural changes to move it forward.
He added the visits were intended to educate the investing public on some of the changes at the Exchange so that they could buy into them.