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

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.

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

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.

Dats my Gomina. Screw PDP,APGA,LP and all others aimless parties

I'm in support



Eko oni baje ohhhhhh

I support am too

What will common man gain from it?

how. does this affect the strike.... mtscheew

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

Just wondering hw dis will add to d cup of tea of lagosians or even nigerians.smh

Nigeria stock exchange,,,lagos stock exchange..i still remain unemployed..2 hell wif dem all

.

i second

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.

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!

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?

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

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

Yea.... LSE it is..

Let's all endeavour to trade on the future Lagos Stock Exchange.

Tomorrow now,The will say we should go back to our village that the stock exchange is theirs..

The same Fashola will ask y igbos want to be more igbo than Nigerian. He's also being more lagos than Nigeria.

These lagosians have started thinking thru their a$$. Afterall they refused MAULAG

'I' have it. Consider it done mr gov.

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
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"

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

Right on point!

Majority of the companies quoted are based in Lagos and the vast majority of transactions are also done there

And the Nigeria oyel revenue should be named after and sent back to the South South where it came from?

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 #SadStory
I think Gov., Fash is oretty high this time :/

http://xtremegists.com/womans-precious-find-amid-tornado-destruction/

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.

Can we have Oshodi Stock Exchange?

No be bad idea