Apparently buoyed by last week’s listing by introduction of telecommunications giant- MTN Nigeria Communications Plc, the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE), on Thursday evening said they are intensifying efforts to attract more companies to the bourse.
In a joint statement, the SEC and NSE say they are in the processes of simplifying the process of approving applications for listing between both organizations to make it more efficient and cost-effective with effect from June 1, 2019.
As part of the collaboration, the NSE has identified areas of duplication and overlap between both organisations, to offer what they believe, is a better experience for issuers, which they believe will attract more issuers to list their companies and other securities on the NSE.
The ultimate aim, the statement continued, is to reduce “the regulatory burden on issuer’s by eliminating duplication of processes between the SEC and the NSE, reducing the time to market for the issuance and listing of securities and ultimately driving more listing on the Exchange.”
The streamlined processes will involve joint site visits to companies seeking listing, following the registration of their securities with the SEC, just as certain offer documents like the Vending Agreement, Underwriting Agreement, Trust Deed and Irrevocable Standing Payment Order (ISPO), which are strictly within the jurisdiction of the commission will only be submitted to the SEC.
The Exchange will also rely on the SEC for approval of offer documents such as a Prospectus.
Isiyaku Bala Tilde, the Acting Executive Commissioner Operations at the SEC assured that “streamlining the issuance process with the listing process of the NSE is a major milestone for the Commission in its quest to create an enabling environment capable of attracting New Listings.
“One of our core values is leading by example, and we hope that other stakeholders will also look inward to explore similar initiatives which will ensure quick time to market of securities in our market. We have no doubt that the streamlined process will enhance the competitiveness of the Nigerian capital market as a global investment destination,” he added.
Also commenting on the development, Ms. Tinuade Awe, Executive Director, Regulation at The NSE, commended the SEC for collaborating in “streamlining the listing process for securities on The Exchange.”
The NSE, she assured, “is much obliged for the SEC’s demonstration of a worthy example of effective collaboration all through this process in the interest of the market,” expressing determination by the exchange “to make it easier for issuers to list their securities in our market in an efficient, timely and cost-effective manner.”

Picture caption: Listing of Notore Chemicals on the NSE on August 3, 2018