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Friday, 17th February 2023

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Breaking News:
 * Alaafin of Oyo passes away at 83, after over 50 years on the throne

Capital Market  


SEC URGES LFZ TO ENLIGHTEN INVESTORS AHEAD OF NGX LISTING

By Helen Oji
17 February 2023   |   4:08 am
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Ahead of the proposed listing of the Lagos Free Zone (LFZ) on the Nigerian
Exchange Limited (NGX), the Director-General of the Securities and Exchange
Commission (SEC), Lamido Yuguda, has urged the management of the firm to step up
its enlightenment campaign to deepen investors’ knowledge on the operations of
the zone.

Yuguda

Ahead of the proposed listing of the Lagos Free Zone (LFZ) on the Nigerian
Exchange Limited (NGX), the Director-General of the Securities and Exchange
Commission (SEC), Lamido Yuguda, has urged the management of the firm to step up
its enlightenment campaign to deepen investors’ knowledge on the operations of
the zone.







Yuguda, who stated this during a meeting between the SEC, the Nigeria Export
Processing Zones Authority and the Lagos Free Zone, said this would further
enlighten potential investors on the operations of the Zone.



The SEC Boss stated that there is a lot of ignorance among investors on the
operations of the zone, adding that when companies are planning to access the
market there is need for aggressive investor education to enable investors to
make informed decisions.

According to him: “When you come to the market to list, you need to massively
educate people. The reason why companies list is to be able to have access to a
wide range of investors.

“The most important thing is cash flow. If you have a positive cash flow over a
long period of time, it makes your company attractive to investors. If you add
this to the fact that you are operating in a NEPZA regulated free zone, that is
an added advantage.

“Investors would need to have as much information as possible about the
operations of your company, especially since it operates within a Free Zone.
They want to know how the NEPZA Act affects your cash flows, and what is
available to investors.”



Yuguda stated that given the quantum of development and investment domiciled
within the Free Zone, it holds the key to Nigeria’s future and commended the
management for already contributing immensely to the economy by attracting
international brands like Kellogg’s, Dano, BASF and Colgate to the Zone.

He pledged the SEC’s backing to ensure that the Free Zone remains attractive to
investors and all other stakeholders by providing prompt regulatory backing
where necessary.

In his remarks, Chief Executive Officer Lagos Free Zone, Dinesh Rathi, said his
organisation has assisted in creating employment for more than 7,000 people and
investment has also gone up considerably since they commenced operations.

Rathi expressed appreciation to the SEC for their support and progress on the
draft regulation, which would enable the zone to access the capital market.
He said, “We hope the entire regulatory framework on Free Zone listing is
completed by April. We solicit your support, as this will pave the way for other
operators who are having their own free zones to follow suit.

“Listing is not only a financial step, but will also help deepen the market and
attract more investors. Listing creates a lot of positivity.

“Once the Free Zone is listed, part of the port gets listed too. In the future,
there is a possibility of the port also coming to the market. It is very crucial
in a lot of ways and the faster it is done the better for all. We want to get
past the finishing line quickly”.

Managing Director of the Nigeria Export Processing Zones Authority, Prof.
Adesoji Adesugba stated that the aim of the Free Zone scheme was to bring
companies that are far to operate within Nigeria where they can build their
factories, employ Nigerians and also export their products using the relevant
laws beneficial to them.

Adesugba said he prefers that Nigerians also benefit from the profits of
companies operating within the country hence his support for the listing desire
of the LFZ.

“I would not want people to come here, develop a port and take away 100% profit
without Nigerians benefiting from it. We need to design the regulations in such
a way that the funds that are coming from the capital market suits our
purposes,” he said.





IN THIS ARTICLE

 * Lamido Yuguda
 * NGX



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Friday, 17th February 2023

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