Although this lattest requirement was considered by many companies to
be onerous, they had no choice but to comply as the Commission did not
change its stand on the decision.
Also, the Commission classified all companies with foreign participation regardless of size as alien enterprises. This classification includes such companies like the UAC, Lever Brothers, PZIL, and other major comglomerates in the country. This classification makes it
difficult for them to diversify into other businesses or sectors which are
solely meant for Nigerians
.
Capital Market Development
This is one of the most important functions of the Commission. It involves a number of acitivies. These are, public enlightenment programmes, stimulation of ideas and initiation of policy changes and
innovation in the capital market. The Commission organises symposia,
seminars on topical issues affecting the capital market. Some of the symposia organised recently include the ones on Mergers and Acquisitions in 1985, and on privatisation in 1986. Resolution adopted at the end of the symposia are sent to the Federal Government for the formulation of policies in the market. The Commission also publishes quaterly bulletin which contains useful information and data on the Nigerian capital market.
The SEC acts as a leader in the formulation of new ideas and the
introduction of new schemes and instruments in the capital market.
Currently, it is involved in the following schemes:
(1). The Unit Trust Scheme
(2). The Internal Loan (State Registered Stocks and Securities Scheme)
(3) Trustee Scheme
(4) Venture Capital Scheme
The Commission has forwarded detail proposals to the government on the promulgation of appropriate decrees to set the schemes in motion While it can be said that the Commission has achieved success since its inception, much more effort is needed to bring the Commission to the level of similar bodies in other developing and advanced countries in the
World