NNPC reformed listing in stock market – Osunkeye
A A renowned industrialist, Chief Olusegun Osunkeye, has pleaded for the Nigerian National Petroleum Company Limited, which is just breathing its fresh air as a private company, to be listed on the local stock exchange.
Going public will allow it to operate transparently and profitably, Osunkeye said.
He was speaking as Chairman on the occasion of the inauguration of Chief Mr. Oluwole Adeosun as the 12th President of the Chartered Institute of Stockbrokers (CIS) in Lagos this weekend.
NNPC, formerly a state-owned company, was unveiled last week by President Muhammadu Buhari as a private company, following its change in status after the passage of the Petroleum Industry Act.
“The new company can take advantage of the initial public offering (IPO) to raise capital to boost its operations and generate tax for the government,” Osunkeye said.
“The federal government must review the introduction of the Capital Gain Tax (CGT), the mode of implementation of which is not yet clear. The heinous tax increases the cost of funds for companies and also reduces the value of capital appreciation for shareholders. The government can encourage startups to register in the securities market by granting tax holidays of about three years to such companies and promoting their products and services,” said Osunkeye, who has straddled the Nigerian business world. for decades. Among other positions he held, he worked at Nestle Nigeria Plc. from 1972, he served as Managing Director/Chief Executive Officer for eight years, from 1991 to 1999.
“This year’s inauguration comes at a critical time in the global economy when countries, including advanced economies, are under pressure to fight rising inflation and at the same time maintain prices, stability, a double-edged sword. The ultimate challenge is how the government, other capital market regulators and operators can work harmoniously to encourage investors,” Osunkeye noted.
Commenting on the activities of CIS, he commended the Institute’s Board of Directors and management for providing quality training to members to improve their service delivery.
In his acceptance speech, Adeosun articulated, among other things, six pillars that guide his tenure. He assured that his administration would build on the solid foundations laid by the institute’s founding fathers and successive presidents.