Stories by Akin Akinremi
The Nigerian Stock Exchange (NSE) has concluded arrangements to lead corporate finance experts, lawyers, capital market operators, regulators and companies keen on exploring a London/Lagos dual listing to an investor roadshow at London Stock Exchange Group (LSEG).
This is part of efforts aimed at promoting dual listing and showcasing the potential of quoted companies on the Nigerian Stock Exchange to global markets.
The roadshow is scheduled to be held on June 22, 2015 at the event with the theme: “London-Lagos; Capital Markets in Partnership”.
It is in furtherance of the agreement signed in November 2014 between the NSE and LESG to strengthen cooperation and promote mutual development between the two exchanges.
CEO of NSC, Mr. Oscar Onyema, said the event would bring together key market stakeholders to discuss opportunities for dual listing in 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 plan to get local firms to list both on the NSE and LSE 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”.
CEO LESG, Xavier Rolet, said: “This event is a reflection of the global investment community’s strong desires 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, LESG 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”.
At present, there are nine Nigerian or Nigeria-focused companies quoted on the London Stock Exchange, which included six oil and gas explorers and three Nigerian Banks.
They have a collective market capitalization of $14.2 billion. 115 Sub-Saharan Africa -focused companies are quoted on LSE 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.