The low prices of stocks and the seeming instability of the country’s equity market do not augur well for the economy. Nigerian stocks are at the moment regarded as virtually the cheapest in relation to other major African economies such as South Africa, Egypt, Kenya and Ghana.
Merely growing its business turnover or making money in Nigeria without giving Nigerians the opportunity to be shareholders in the company is not morally justifiable nor does it make good business sense. Once this listing on the market is settled, the next issue is the need for the company to exceed the free float permitted in the market.
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