London Stock Exchange Group and The Nigerian Stock Exchange sign capital markets agreement

Date:

London Stock Exchange Group (LSEG) and The Nigerian Stock Exchange (NSE) have today signed a capital markets agreement that supports African companies seeking dual listings in London and Lagos.

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The agreement was signed by Nikhil Rathi, Head of International Development, LSEG and Oscar Onyema CEO, NSE. The agreement was witnessed by Sir Roger Gifford, UK Co-Chairman of the UK Government’s Nigeria Emerging Capital Markets Task Force and his Nigerian Co-Chair, Aigboje Aig-Imoukhede, President of NSE. The agreement is for an initial period of two years.

The agreement follows the implementation earlier this year of a new settlement process between the UK and Nigeria. This made significantly more efficient the listing and trading of ordinary shares of Nigerian companies listed in London, as well as those of UK companies on the Nigerian market. Seplat, the oil and gas business, which raised $500m in an IPO via this new mechanism in April, was the first company to simultaneously dual list shares in London and Nigeria.

Nikhil Rathi, Head of International Development, LSEG said:

“The agreement signed today is a reflection of the global investment community’s strong desire to be a part of the Nigeria story. 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 the rapid developments in Nigerian capital markets and the Nigerian economy.”

Oscar Onyema, CEO of the Nigerian Stock Exchange, said:

“Today’s agreement is another major step towards our goal of ensuring that all companies that have substantial operations in Nigeria are accessible to both Nigerian and international investors. In addition, we will be ensuring that our leading companies achieve the global profile and international institutional investment they deserve.”

Sir Roger Gifford, Country Head for the European Bank SEB, former Lord Mayor of London, and Co-Chairman of the UK Government’s Nigeria Emerging Capital Markets Task Force, said:

“I’m delighted to be here today to witness the signing of this agreement. This is exactly the sort of ambitious project the ECMT Nigeria was launched to support. Nigeria is without doubt one of the most promising opportunities for capital markets development worldwide.  An effective, transparent and well-governed capital market – across all asset classes – has the capacity to catalyse a nation’s quest for growth and development. In particular, functioning markets for corporate equity and debt reduce the dependence on bank capital and make investment securities available to a broader range of investors: institutional, private and international. This agreement will build on existing strong commercial and economic ties between the UK and Nigeria to our mutual benefit. “

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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