Abuja - A bill seeking to compel private firms with assets and turnover in excess of N80bn to be listed on the floor of the Nigerian Stock Exchange (NSE) has passed the second reading at the House of Representatives.
The bill if passed into law would compel private companies whose shareholders’ funds exceed N40 billion or have an annual turnover of over N80bn to automatically convert to public liability companies, reports The Nation.
The Sponsor of the bill, Chris Emeka Azubogu noted that by being listed on the Exchange, there would be proper regulation of the companies.
He said the bill is to promote the growth for both the affected companies and the Nigerian capital market by making cheap funds available at the capital market to further develop the companies and the Nigerian economy.
Read more at The Nation.
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