The Nigerian Stock Exchange (NSE) and the London Stock Exchange Group (LSEG) have signed a capital markets agreement to strengthen cooperation and promote mutual development between the two agencies.
The agreement which was signed at the Emerging Capital event held at the Nigerian Stock Exchange 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.
“Today’s agreement is another major step towards our goal of ensuring that all companies that have substantial operations in Africa 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,” Oscar N Onyema, CEO of the Nigerian Stock Exchange, said.
On his part, Head of International Development, LSEG, Nikhil Rathi, 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 partnering with the NSE in showcasing the opportunities the rapidly growing Nigerian economy offers investors.”