NSE Boss Restates Commitment to London Stock Exchange Collaboration
By Goddy Egene
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema on Friday restated the exchange’s commitment to its collaboration with the London Stock Exchange (LSE).
Onyema was quoted in a statement to have stated this at the third ‘London & Lagos Capital Markets in Partnership’ conference held at the LSE.
“Our collaboration with LSE is deliberate and strategic. It is geared at encouraging seamless cross-border access between our capital markets to ultimately drive deeper capital markets that enable capital formation for businesses and Governments; create larger liquidity pools and greater competitiveness for our investors; and enhance capacity and promote diversity of investment products to meet the needs of a wide range of investors and issuers,” he said.
According to Onyema, in November 2014, LSE Group and NSE signed a capital markets agreement aimed at supporting African companies seeking dual listings in London and Lagos.
“This made significantly more efficient the listing and trading of ordinary shares of Nigerian companies listed in London, as well as those of United Kingdom (UK) companies on the Nigerian market. Seplat, the oil and gas business, raised $500 million in an Initia public offering (IPO) via this new mechanism in 2014, and was the first company to simultaneously dual list shares in London and Nigeria,” he said.
He noted that Nigeria and Africa as a whole represent one of LSEG’s most exciting areas of potential international growth, disclosing that more African companies( 112), are listed in London than any other international exchange.
In his speech, UK Minister of State for International Trade, Greg Hands said:”I know from my own time in Nigeria that the UK and Nigeria have long enjoyed a close and prosperous business relationship. The UK is one of Nigeria’s largest investors and the Government is committed to boosting trade between our two countries. We are actively helping British companies export to Nigeria and Nigerian businesses to locate and expand in the UK. I welcome this initiative as a further step to deepen the commercial links between our nations.”
Also speaking, CEO, LSE Nikhil Rathi said the event was 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, we are ideally positioned to build on the success of existing dual listings in Nigeria and London, boosting global investor awareness of the country’s exciting growth trajectory. Our strong partnership with the NSE allows us a unique opportunity to showcase the rapid developments in Nigerian capital markets and the Nigerian economy.”