Restore Public Trust in Market Transactions, Transcorp Investor Tells NGX

A minority investor in Nigerian energy and hospitality company Transcorp Nigeria Plc, yesterday called on the management of the Nigerian Exchange Group (NGX) to respect its own rules and compel the management of the company to confirm the conglomerate’s shareholding structure.

This, the shareholder argued, would restore public trust in the company, especially with its shares being moped up.

“Our main request is that the NGX should enforce its own rules by providing clarity to investors days after a transaction and stop these uncertainty and speculation in the market.

“We suspect that that the delay has been orchestrated to allow for mopping up of shares by persons with knowledge of these things other than the public.

“The protection of minority investors’ interests is essential to public trust in the market process,” Cyril Igbokwe, told newsmen while reacting to the first quarter 2023 results released by Transcorp Plc which showed a decline in earnings.

“This is a worrisome and shows signs of mismanagement, at a period where most companies are posting increased profits that matches or is better than inflation rates,” he added.

Stockbrokers and observers in the market spoken to equally show frustration at the delay.