Shareholders have urged the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) to introduce policies that would enhance minority shareholders’ protection in 2019, news agency Voice of Nigeria reports.
The National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, who gave the advice, said that this would strengthen investors’ confidence in the country.
Okezie explained the need to map out strategies, aimed at protecting minority shareholders, to foster confidence and boost liquidity by the SEC and NSE.
“There is need for SEC and NSE to pay more attention to issues concerning investors, especially as it affects minority shareholders, who always suffer due to unfavourable governments’ policies,” he said.
He therefore called on SEC to address issues pertaining to unclaimed dividends and alleged stealing of dividends.
In the same vein, Mr Moses Igbrude, the Publicity Secretary, Independent Shareholders Association of Nigeria (ISAN), said that SEC and NSE should focus on how to make the market attractive for enlistment of more companies.
Igbrude said that both capital market regulators should be concerned on ways to address the incessant delisting of companies from the nation’s bourse.
According to him, reduction in transaction costs and unnecessary penalties should be pursued to minimise delisting of companies.