According to a statement in Lagos on Thursday, “With the streamlined processes, the SEC and the NSE will carry out joint site visits of companies intending to get listed, following the registration of their securities with the SEC.”
“In the same vein, certain offer documents such as the Vending Agreement, Underwriting Agreement, Trust Deed and ISPO, identified to be strictly within the jurisdiction of the SEC are to be submitted only to the SEC.”
The statement also confirmed that NSE will rely on SEC for approval of offer documents such as prospectus
Describing the development as a significant signpost in the market, the statement quoted SEC’s Acting Executive Commissioner Operations, Mr Isiyaku Bala Tilde, as saying 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.”
Tilde further stated that; “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 processes will enhance the competitiveness of the Nigerian capital market as a global investment destination.”
Also speaking on the development, NSE’s Executive Director, Regulation, Ms Tinuade Awe, lauded SEC for the harmonized listing procedures, saying; “I commend the SEC for working with us in streamlining the listing process for securities on the exchange.
“The NSE 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.”
She stated that as an agile exchange, the NSE is “determined to make it easier for issuers to list their securities in our market in an efficient, timely and cost effective manner.”
According to her, the partnership has not only identified areas of duplication and overlap between both organisations, but also provided improved know-how for issuers in the market.
Ms Awe expressed confidence that the development would indeed attract more issuers to list their companies and other securities on the Nigerian Stock Exchange.
