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Fashola Wants Nigerian Stock Exchange Renamed After Lagos - Investment - Nairaland

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Fashola Wants Nigerian Stock Exchange Renamed After Lagos by johntousin(m): 5:08pm On Nov 23, 2013
Governor Babatunde Fashola of Lagos State has demanded an urgent review of the 1977 decree which changed the Lagos Stock Exchange to Nigerian Stock Exchange, saying it “negates the global standards.”

The governor made this known while speaking to journalists at the end of the technical session of the 10th Lagos Executive/Legislative parley, where he noted that across the world, stock exchanges are named after their host cities.

The Senior Advocate of Nigeria (SAN) suggested that it is the time to take a second look at legislations that were passed during the military era when there was no legislative arm of government and the executive appropriated to itself the power to make laws for Nigeria.

He explained that it was during the military era that the Lagos Stock Exchange as it started out, became the Nigeria Stock Exchange in a unification move, underscoring the need for the nation to go back to what is best global practice.

The governor said, “I think the time has come for us to begin to look at the legislation that was passed during the military administration that is decrees and acts. I think that was when the Lagos Stock Exchange became the Nigerian Stock Exchange, in unification for the country.”

“Perhaps there is the need for us to go back to what is best global practice because we have the Johannesburg, Paris, New York and we don’t have the American Stock Exchange or German Stock Exchange while there is a Frankfurt Stock Exchange and so on.”

“There is nothing like the British Stock Exchange, but the London Stock Exchange” he adds, noting that a similar trend should be followed in Nigeria consistent with best global practices.

“Those are issues that some of the legislators will take on board to their various legislative bodies” he said for all the legislators representing Lagos state at both state and national assembly.

Faults bill on Nigeria International Financial Centre.

Mr. Fashola also faulted a proposed bill at the National Assembly for the creation of the Nigeria International Financial Centre, NIFC, arguing that the lawmakers might be ‘over-legislating’ because the measure is against the 1999 constitution.

The bill seeking the establishment of the NIFC, which is expected to gulp N5.69 billion, according to the financial compendium attached to the bill, scaled the second reading on the floor of the Senate last May.
http://premiumtimesng.com/business/150212-fashola-wants-nigerian-stock-exchange-renamed-lagos.html
Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by geeez: 5:10pm On Nov 23, 2013
Very important point raised by a brilliant administrator

I've canvassed this position at several forums

There is the London Stock Exchange

The New York Stock Exchange

Why can't we have the Lagos Stock Exchange? Abuja? Ibadan?

13 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by isalegan2: 5:18pm On Nov 23, 2013
I am not opposed to this.


The New York Stock Exchange isn't an annoyance or impediment to anyone.

Lagos Stock Exchange sounds very good to me. cheesy

I think this can be discussed and the pros and cons enumerated purely on economic and policy issues, without any divisiveness. . .

7 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by isalegan2: 5:21pm On Nov 23, 2013
johntousin:
. . .Mr. Fashola also faulted a proposed bill at the National Assembly for the creation of the Nigeria International Financial Centre, NIFC, arguing that the lawmakers might be ‘over-legislating’ because the measure is against the 1999 constitution.

http://premiumtimesng.com/business/150212-fashola-wants-nigerian-stock-exchange-renamed-lagos.html

If that's the case, what stops them from amending the constitution? Unless the supporters don't have the votes to support an amendment.
Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by johnwizey: 5:55pm On Nov 23, 2013
Dats my Gomina. Screw PDP,APGA,LP and all others aimless parties

5 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by alfredo4u(m): 1:14pm On Nov 24, 2013
I'm in support



Eko oni baje ohhhhhh

1 Like

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Nobody: 1:15pm On Nov 24, 2013
wink
Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by tohsin94(m): 1:16pm On Nov 24, 2013
I support am too

1 Like

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Nobody: 1:16pm On Nov 24, 2013
What will common man gain from it?

14 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by emekaanijah(m): 1:16pm On Nov 24, 2013
how. does this affect the strike.... mtscheew
Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Nobody: 1:19pm On Nov 24, 2013
Is it by party or individual perspective? Ask my amosun if he's brilliant to that level, is he not APC? Don't just bring party issue to everything!
johnwizey: Dats my Gomina. Screw PDP,APGA,LP and all others aimless parties

4 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Mavrick2012: 1:19pm On Nov 24, 2013
Just wondering hw dis will add to d cup of tea of lagosians or even nigerians.smh

5 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Pakonte(m): 1:19pm On Nov 24, 2013
Nigeria stock exchange,,,lagos stock exchange..i still remain unemployed..2 hell wif dem all

30 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Nobody: 1:20pm On Nov 24, 2013
.

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Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by firstolalekan(m): 1:21pm On Nov 24, 2013
i second
Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Boll2010: 1:21pm On Nov 24, 2013
In this aspect,I must say fashola is gullible,cuz we have NYSE now,we should go for lagos? Come on fashola nigeria never reach that level......how many investor we get self......today dangote pull out of NSE it will affect not to talk of Lagos stock exchange....haba my fashola I will say you going faster than time bro.....put other things in check to bring more standard investors to create ur stock market.

13 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by christejames(m): 1:21pm On Nov 24, 2013
It will make oda states start craving to own their own. ...so i made front page, it seems one of my children would be name asuuemeka! grin
Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Okijajuju1(m): 1:22pm On Nov 24, 2013
How does the name of the Stock Exchange affect the prices of the stocks traded in it?


Or is it a way of advertising Lagos State?

18 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by dahfweshdude69: 1:22pm On Nov 24, 2013
hehehe.... brace up for some serious bashing from some people... Lagos stock exchange... Nigeria Stock exchange...just do d main thing...no b name we go chop

1 Like

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Boll2010: 1:24pm On Nov 24, 2013
thisisayus: Is it by party or individual perspective? Ask my amosun if he's brilliant to that level, is he not APC? Don't just bring party issue to everything!
don't bring amosun in abeg....his a man of class and he understands the economical environment well...him not asking for stock exchange cuz he knows its not the right time

1 Like

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by moshoodn(m): 1:24pm On Nov 24, 2013
Yea.... LSE it is..

Let's all endeavour to trade on the future Lagos Stock Exchange.
Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by pistol: 1:25pm On Nov 24, 2013
Tomorrow now,The will say we should go back to our village that the stock exchange is theirs..

46 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Nobody: 1:25pm On Nov 24, 2013
The same Fashola will ask y igbos want to be more igbo than Nigerian. He's also being more lagos than Nigeria.

21 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by BlackPeni5: 1:27pm On Nov 24, 2013
These lagosians have started thinking thru their a$$. Afterall they refused MAULAG

10 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by duddexeng(m): 1:28pm On Nov 24, 2013
'I' have it. Consider it done mr gov.
Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by anonimi: 1:28pm On Nov 24, 2013
I thought this BRF is a lawyer and even a SAN for that matter.
There is a law (1997 decree) that needs to be changed and you make statements that will keep your adoring fans praising and worshiping you to high heavens shocked
What happened to the three SINators and the 10 representaTHIEVES from Lagos state all these past six years of Fashola's tenancy at Alausa house?
What is their work for which they receive mega millions monthly while civil servants who do the REAL work for the SAME government are paid peanuts
And to imagine he made this propaganda-friendly statement during the "technical session of the 10th Lagos Executive/Legislative parley" angry

I guess you can only do that when you know your electorate are mostly MUMUs shocked

21 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Italiano1: 1:28pm On Nov 24, 2013
Right on point!

Majority of the companies quoted are based in Lagos and the vast majority of transactions are also done there
Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by TechWalker007: 1:29pm On Nov 24, 2013
And the Nigeria oyel revenue should be named after and sent back to the South South where it came from?

23 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Leadn(m): 1:29pm On Nov 24, 2013
I think Gov., Fash is pretty high this time :/


Anyways, in other news....

Woman discovers a "priceless gem" in rubbles after Tornado tore their area apart sad #SadStory
I think Gov., Fash is oretty high this time :/

http://xtremegists.com/womans-precious-find-amid-tornado-destruction/
Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Nobody: 1:29pm On Nov 24, 2013
VERY, VERY...Useless thought coming from someone who should be fixing infrastructure, but instead is worried about nomenclature. Mtscheeeewwww! Maggot brain governor and his yeye paid NL supporters.

18 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by Orikinla(m): 1:29pm On Nov 24, 2013
Can we have Oshodi Stock Exchange? grin

2 Likes

Re: Fashola Wants Nigerian Stock Exchange Renamed After Lagos by mrborntodoit: 1:29pm On Nov 24, 2013
No be bad idea grin

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