The Lagos State Governor, Mr. Babatunde Fashola on Friday called for total review of decrees that preceded the present democratic dispensation including the one that changed what was Lagos Stock Exchange to the Nigerian Stock Exchange.
Fashola spoke in reaction to the bill on Nigerian International Financial Centre (NIFC), which will be built in Abuja at a of cost N5.6 billion. The bill has now passed second reading in Senate.
Speaking at the 10th Executive/Legislative parley in Lagos, the governor said the move is not in line with international best practice.
“We have looked at it and we think that there is a tendency that there may be over legislation on the bill. The intention of the bill is well defined in the activities of Stock Exchange and the Security and Exchange Commission, (SEC), Central Bank of Nigeria, CBN and other agencies of government.
“There is also doubt about whether one can legislate the existence of a financial centre. Is it a legislation that is aimed at achieving a geographic entity for it or the creation of an agency to create regulatory frame work? It also seeks to set up an appellate court. It is very clear in defiance and in conflict with the constitution itself.
“The idea that Lagos is the financial centre for the country is one that is hard to debate due to the location of the stock exchange and the number of industries in the state. It shows that it doesn’t need any legislation to define it as one will find in London as against Liverpool and others. We should 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 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 and others. These are some of the issues that our legislators will take on board as they go back to the National Assembly”, the governor said.
Fashola called on lawmakers to put in place a legal frame work that would reduce carnage on the nation’s highways, adding that there is the need to make laws to regulate road traffic and use of sirens stressing that Nigeria is losing too many human resources to road accidents than poor health.
In his remarks, Speaker Lagos State House of Assembly, Hon. Adeyemi Ikuforiji appealed to Nigerians who are disturbed about delays in the passage of bills adding that delays seems inevitable to bring out the best since most of the bills passed in the state become reference point for other state.
Earlier, Special Adviser on Political and Legislative Powers Bureau, Hon Folami Olohuntele said that the Lagos State House of Assembly passed 28 bills during the year in addition to 65 resolutions.
In his remarks, Chairman of All Progressive Congress, (APC), Otumba Henry Ajomale commended the state house of assembly for working harmoniously with the executive to achieve common good.