Stakeholders Want Nigerian Capital Market Considered for Privatization Exercise
As the Nigerian Government steps up plans to offer more of its assets for sale under the ongoing privatisation programme, stakeholders in the nation’s capital have urged the government to carry the Nigerian capital market along in order to ensure transparency and credibility.
In an interview with ENTERPRISE TELEVISION, the Managing Director of Highcap Securities Limited, Imafidon Adonri, said the privatization exercise will contribute hugely on the economy.
Adonri said, “we have been advocating that the capital market be carried along with the entire process. We believe that the privatisation should be done through the instrumentality of the capital market so that the shares of the companies or enterprises to be privatised should be offered to the investing public through the platform of the capital market.”
According to him, the privatization exercise will be highly transparent and successful with huge impact on the economy thereby enabling Nigerian to join the companies with the view to share in the wealth of those companies and also much commendation if done through the capital market.
“Previous privatization that had been done through the capital market were successful because the capital market were transparent thereby prompting many investors to participate in the exercise.”
He added that for the interest of benefitting from this exercise, the capital market serves as the best platform. “This is the wealth of the nation and there is no better platform to share in the wealth that will emanate from this public enterprise other than the existing and credible platform of the capital market.”
The Governor of the Central Bank of Nigeria, Godwin Emefiele had briefed Nigerian delegates at the end of the International Monetary Fund/World Bank Group meetings held recently in Bali, Indonesia that the Nigerian Government is ready to offer more of its assets for sale soon, under the ongoing privatisation programme aimed at raising more money to implement the country’s 2018 deficit-based budget.
Already, the exercise have kicked off with the recent offloading of Nigerian Security Printing and Minting Company Limited Plc with the Central Bank of Nigeria (CBN), which already has a majority stake, emerging the preferred buyer, given the company’s security status.