MRA inducts NSE into hall of shame for alleged breach of FOI Act

Officials of the Media Rights Agenda (MRA) have accused the Nigerian Stock Exchange (NSE) of impeding the implementation of the Freedom of Information (FOI) Act by denying Nigerians necessary information on the institution.

The civil rights group, therefore, inducted the NSE into its hall of shame.

MRA’s Legal Officer, Chima Nwaodike, in a statement, said: “The NSE has defaulted in complying with its duties and responsibilities under the FOI Act and by this action challenged the essence of the Act”.

The group, which monitors the implementation of the FOI Act in the country, said the NSE was licensed under the Investments and Securities Act (ISA) and regulated by the Securities and Exchange Commission (SEC), and serves as the most significant source for companies to raise funds and business
capital.

Nwaodike said given its mission, the NSE should operate and project itself in a manner that will uphold integrity and transparency, and
protect the investors, thereby boosting confidence in the institution.

“One way of doing this effectively is to observe all the provisions of the FOI Act, which will enable it to be transparent and project an image of integrity.”

MRA said “although the NSE has on its website names of members of its corporate governance team, detailed summaries of securities traded each week, notice to dealing members, company-specific financials, corporate actions and some market information, it has failed to comply with its other obligations under section 2 of the FOI Act, which mandates it to proactively disclose certain categories of information and update them regularly.”