Renowned industrialist, Chief Olusegun Osunkeye, has called on relevant stakeholders to ensure urgent listing of the newly converted Nigerian National Petroleum Corporation Limited.
He made the call at the weekend during the investiture of Mr Oluwole Adeosun as the 12th President of the Chartered Institute of Stockbrokers (CIS).
Oshunkeye, who was the Chairman of the occasion, while lauding the Institute’s Governing Council and management for ensuring quality training for the members to enhance their service delivery, said listing NNPC Limited, which has been converted to private company, would enable it operate transparently and profitably.
According to him, “this year’s investiture comes at a critical period in the global economy where countries, including advanced economies are under pressure to tackle rising inflation and at the same time maintain price, stability, a double-edged sword.
“The ultimate challenge is how the government, other capital market regulators and operators can work harmoniously to encourage investors. As a positive fallout of the Petroleum Industry Act (PIA), recently the news broke that the Nigeria National Petroleum Corporation (NNPC), has been converted to a private company, NNPC Limited
“The announcement has triggered the ongoing analysis of the company’s financial health, civil service orientation of its staff and other key performance indicators that will enable a discerning investor to purchase its shares.
“The new company can take advantage of Initial Public Offering (IPO) to raise capital to boost its operations and generate tax for the government.”
He also advised the Federal Government to take a second look at the introduction of Capital Gain Tax (CGT), which the mode of implementation is not yet clear. He said the obnoxious tax increased the cost of funds to firms and also reduced the value of capital appreciation to shareholders.
“Government can encourage startups to list on the securities market by granting tax holidays of about three years to those companies and patronizing their products and services,” said Osunkeye.
The event also included the send forth for the Institute’s immediate past President, Mr Muhammed Amolegbe, and swearing-in of the 1st and 2nd Vice President, Mr Oluropo Dada, and Mrs Fiona Ihimie. In his acceptance speech, Adeosun articulated six pillars that will drive his tenure among others. He assured that his administration would build on the solid foundation laid by the founding fathers of the Institute and successive presidents.
Adeosun with over threedecade experience in the financial market announced six pillars that will drive his tenure as aggressive membership drive, strengthening the Institute’s brand positioning, advocacy, review of the enabling Act that establishes the Institute to expand the scope of its functions, collaboration with stakeholders In the capital market ecosystem and members’ development.
“We shall restore the prime position of Securities and Investment as one of the first options for Nigerian youths, as career of choice and grow the membership base of the institute exponentially, with more concentration on the younger population.
“We shall pursue aggressive membership drive through collaboration and partnership with major educational institutions and professional bodies, some of which have already signed MOUs with us and adopted Securities & Investment Studies in their curriculum. “We will also aggressively drive our Diploma Courses which is an alternative entry route to the profession.
“We shall further strengthen the brand valuation of the Institute and our members through improvement in standards of service delivery, examinations content, and use of technology, to be comparable to the best anywhere in the world,” said Adeosun.
There were outpouring of goodwill messages from the National Assembly, Lagos State Government, Osun State Government, Securities and Exchange Commission (SEC), NGX, ASHON, Chartered Institute of Bankers (CIBN), former Director General of The Nigerian Stock Exchange, Professor Ndi Okereke-Onyuike, among others.
The event was attended by many captains of industry, Adeosun’s aged mother, his wife and monitored online by many Nigerians and members of the international capital market.