Yemisi izuora
The Nigerian Stock Exchange (NSE) has said that only nine Nigerian focused companies are currently quoted on the London Stock Exchange and has indicated plans to encourage dual listing of companies in the NSE and the London Stock Exchange (LSEG).
The companies include six oil and gas exploration companies and three banks with a collective market capitalization of $14.2 billion.
The NSE also stressed that only 115 Sub- Saharan Africa-focused companies are quoted on London Stock Exchange markets, comprising 26 companies on the Main Market, 3 GDR listings on the Main Market, 2 GDR listings on the Professional Securities Market (PSM) and 84 companies quoted on AIM, the growth market.
It further said that it has therefore concluded arrangements, to lead corporate finance experts, lawyers, capital market operators, regulators and companies keen to explore a London/Lagos dual listing, to an investor roadshow at London Stock Exchange Group (LSEG), as part of efforts aimed at promoting dual listing and showcasing the potential of quoted companies on The NSE to global markets.
The road show will take place on the 22 of june, 2015, and the theme is “London – Lagos: Capital Markets in Partnership”, this is in furtherance to the agreement signed in November 2014 between the NSE and LSEG to strengthen cooperation and promote mutual development between the two exchanges.
According to the CEO of The Nigerian Stock Exchange, Mr. Oscar N. Onyema, OON, the event will bring together key market stakeholders to discuss opportunities for dual listing in the London and Nigerian capital markets. “It is an opportunity for engagement between the UK and Nigerian capital markets with a view to deepening domestic and regional markets; enhancing liquidity and identifying institutional and capacity building initiatives needed to develop both markets and create long term value for respective stakeholders. The plans to get local firms to list both on The NSE and London Stock Exchange is part of our strategy of transforming Nigeria into an international financial centre that serves not only the Africa region but also the global market”, he noted.
Xavier Rolet, CEO, LSEG said: “This event is a reflection of the global investment community’s strong desire to be a part of the Nigeria story via the increasingly strong partnership being forged between Nigeria and London. As the world’s most international exchange, LSEG looks forward to building on the success of existing dual listings in Nigeria and London and partnering with the NSE to showcase developments in Nigeria’s economy and capital markets.”
Several high level Nigerians will join Oscar N. Onyema, OON, CEO, NSE, to the event including: Aig Aigboje-Imokhuede, President of the NSE Council, Mounir Gwarzo, Director General, Securities and Exchange Commission, , Dr. ABC Orjiako, Chairman, Seplat Petroleum, Chinelo Anohu-Amazu, Director-General, Nigerian Pension Commission, and Haruna Jalo-Waziri, Executive Director, Business Development, NSE