TheCable

The Nigerian Stock Exchange (NSE) and some corporate finance experts, lawyers, capital market operators, regulators and companies are in London to promote and explore a London/Lagos dual listing by Nigerian companies.

This is expected to be achieved as the leadership of the NSE participates in an investor roadshow by the London Stock Exchange Group (LSEG) to showcase the potential of quoted companies on the NSE to global markets in furtherance to an agreement signed by the NSE and LSEG in November 2014.

According to the NSE, the event, themed ‘London-Lagos: Capital Markets in Partnership’, will strengthen cooperation and promote mutual development between the two exchanges.

Oscar Onyema, chief executive officer of NSE, was optimistic that the event would 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 creating long-term value for respective stakeholders,” he said.

“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.”

Xavier Rolet, chief executive officer of LSEG, described the roadshow as an opportunity being presented to Nigeria and a strong message that the international investment community is interested in Nigeria.

“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,” he said.

“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.”

Already, there are nine Nigerian or Nigeria-focused companies quoted on London Stock Exchange, including six oil and gas explorers and three major Nigerian banks with a collective market capitalisation of $14.2 billion.

Those that will grace the event include Aig Aigboje-Imokhuede, president of the NSE Council; Mounir Gwarzo, director-general, Securities and Exchange Commission (SEC); Ambrosie Orjiako, chairman, Seplat Petroleum; Chinelo Anohu-Amazu, DG of Nigerian Pension Commission (PENCOM) and Haruna Jalo-Waziri, executive director, business development at the NSE.