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UPDATE 1-Nigerian Stock Exchange aims to complete public listing this year - CEO

Published 16/05/2019, 18:32
UPDATE 1-Nigerian Stock Exchange aims to complete public listing this year - CEO

(Adds background, quotes and detail)
By Libby George and Chijioke Ohuocha
LAGOS, May 16 (Reuters) - The Nigerian Stock Exchange is
aiming to complete its public listing this year, its chief
executive told Reuters on Thursday.
The listing process, known as demutualisation, has been in
the works for years and required a law, signed by the president
last year, in order to move forward.
"We are shooting for this year for the demutualisation to be
completed," NSE chief executive Oscar Onyema said.
The exchange is the second-biggest in sub-Saharan Africa
after Johannesburg, and a key conduit for investors looking for
opportunities in Africa.
Onyema, who spoke on the sidelines of the flotation of
telecommunications powerhouse MTN MTNJ.J , said that company's
debut on the NSE "gives additional validation to all the
transformation that has happened". He said that a public listing for the NSE would allow it to
fully "modernise", but that the practicalities were still being
decided.
"The decision hasn't been made yet whether that capital
raising will be an IPO or some other type of other form of
capital raising," he said.
Once demutualisation was completed, he said, the exchange
would "give a very clear signal to the market on how we intend
to proceed with that liquidity".

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