Monday, 05 November 2012 00:00
62 Hits

Abuja Commodities Exchange key infrastructure to agric transformation

The Abuja Commodities and securities Exchange has been described as strategic infrastructure to the transformation and development of the nation's agriculture.

Speaking during the Capital Market Committee meeting in Lagos recently, the Chief Executive Officer Managing Director of ASCE, Yusuf Abdurrahim, explained that the Federal Government recognised the importance of the commodity exchange in the development of agriculture sector.

Already, according to Abdurrahim, ASCE is holding talks with some strategic global bodies on how to successfully reposition the exchange.

Explaining further, he said: “We are going to embark on serious efforts to bring about the conclusion of this project and in the process there will be series of stakeholders’ interactions”.

The Director-General of the Securities and Exchange Commission (SEC), Ms. Arunma Oteh, also used the opportunity to announce that    the commission would roll out new consolidated market rules to boost investors’ confidence in the market.

Oteh said that the commission would also issue guidelines on the treatment of investors’ complaints to ensure speedy resolution.

According to her, under the new guidelines, investors would know where to direct their complaints, adding that only major complaints would be directed to the commission.

The SEC boss also announced plans to partner the Bureau of Public Enterprises as part of measures to encourage successful firms in the power sector to list their sh ares on the floor of the Nigerian Stock Exchange (NSE).

Oteh also assured shareholders of the oil and gas companies listed on the NSE that the on going reform in the sector will impact positively on their investment.

The sector recorded poor outing when compared with others in the last nine months, as it lost 27.3 per cent to close at 159.95 points, from 220.11 points at which it opened the year on January 4, 2012.

Oteh said: “The government has done a lot to tackle the problems in the oil and gas sector, the companies stocks will start doing well, particularly the indigenous ones.”

She explained that the Petroleum Industry Bill will also enhance the performance of the companies.


Subscribe for Newsletters

New Downloadable Compass

More from News

CBN urges South East entrepreneurs to set up regional banks

Operators warn Nigerians to beware of fake MFBs

UK, Nigeria trading relationship up by $5.4bn in 2011

Travelex to set up offices, install equipment at Nigerian airports

NAFDAC deploys cutting edge technology at Lagos Trade Fair

Sterling Bank to help MfBs access N220b intervention fund

Glo extends text4millions promo

Nine firms bid for external auditor in NCAA

Dana Air restates commitment to safety,quality service

Food insecurity: IITA presents means to overcome the dilemma of low productivity

Nigeria, Czeck Republic’s trade volume to rise to $100m by year end

PFAs investments in govt bonds stand at N1.86tn — PenCom

Arik soars higher at six, set to deliver Nigeria’s first super hangar

‘We have witnessed key events that should have shaken the industry’