The Nigeria Export Processing Zones Authority (NEPZA) and the Security and Exchange Commission (SEC) have begun the process to list Free Trades Zones and zones’ enterprises on the Nigeria Capital Market.
The Managing Director/CEO of NEPZA, Prof. Adesoji Adesugba, while speaking during a business interface meeting with the Director-General of SEC, Lamido Yuguda, said the move is necessary for prosperity and wealth of the free trade zone to be extended to the investing public through the stock market.
Adesugba explained that the law establishing NEPZA gave it substantial latitude to effect changes that ensured dimensional linkages between the free zone and the Nigerian public for mutual benefits.
“We are not in this alone; it is indeed a synergy between some key agencies of government with the Security and Exchange Commission driving the process in order to grant access to the free trade zone community to trade on the Nigeria Stock Market.
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“We are, therefore, about to unleash immeasurable wealth, technology and prosperity into the country’s stock market. It is our desire to convert the country’s business space into a free trade zone as obtained in Dubai. This is like a first step towards that direction,’’ the NEPZA boss said.
On his part, Yuguda, expressed delight in the initiative that aimed to pull more players into the stock market net, adding, however, that all grey areas that could act as impediments must be dealt with.
The DG of SEC also said the commission was interested in the governance structure of the free trade zones enterprises as that was fundamental to the declaration of profits and sharing of dividends.
“On the whole, the commission welcomes this innovation and we must all work hard for it to come to fruition in the shortest possible time.”
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