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Monday, 05 November 2012 00:00
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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.

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