During the weekend, Nigeria Finance Minister, Kemi Adeosun on Friday alongside the Minister of State for International Trade, London, Rt Hon. Greg Hands MP, jointly opened trading on the floor of the London Stock Exchange in celebration of the third ‘London and Lagos Capital Markets in Partnership’ Conference.
According to statement, the event, hosted in collaboration with the Nigerian Stock Exchange (NSE) brings senior Nigerian policymakers including Director-General, Nigerian Pension Commission, Chinelo Anohu-Amazu, Nigeria business leader, the Nigerian Stock Exchange (NSE) CEO, Oscar Onyema and the Chief Financial Officer, Seplat Petroleum, Roger Brown together with global investors and advisors.
In his comment, 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 the 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.”
The CEO of London Stock Exchange plc and Director of International Development, London Stock Exchange Group, Nikhil Rathi said “Today’s event 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, 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.”
In his comment the CEO of The Nigerian Stock Exchange, Oscar Onyema, noted that “Our collaboration with London Stock Exchange 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.”
In November 2014, London Stock Exchange Group and NSE signed a capital markets agreement aimed at supporting African companies seeking dual listings in London and Lagos. The agreement followed the implementation earlier that 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, raised $500m in an IPO via this new mechanism in 2014, and was the first company to simultaneously dual list shares in London and Nigeria.