Fashola Urges FG To Rename Nigerian Stock Exchange

By Amaka Akachukwu

Nigeria stock exchange building

Governor Babatunde Fashola while speaking to journalists at the end of the technical session of the 10th Lagos Executive/Legislative parley, noted a review of the decree which changed the Lagos Stock Exchange to Nigerian Stock Exchange in 1977, said that across the world, stock exchanged are named after their host cities and not the country. He said a similar trend should be followed in Nigeria.

The Senior Advocate of Nigeria (SAN) said that it is 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 in Nigeria.

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

The governor also noted, ‘There is nothing like the British Stock Exchange, but the London Stock Exchange’ , we have the ‘ New York Stock Exchange, not the American Stock Exchange he added’, noting that a similar trend should be followed in Nigeria.