LONDON, March 31 Legislation paving the way for
the eventual listing of shares in the Nigerian Stock Exchange
(NSE) should be passed this year with the government supporting
the move, the bourse's chief executive Oscar Onyema said on
The bourse, which is owned by stockbrokers and some
institutional investors, announced on Thursday it had been given
a green light by its members to become a publicly listed
Firstly, parliament has to introduce legislation to
transform the bourse into a company limited by shares, Onyema
said on the sidelines of an event at the London Stock Exchange.
"Once the law and the rules and the corporate structure has
been approved by the regulators and legislators we can
de-mutualise and get a second member vote and then move
forward," he said, adding he was confident the listing would
happen before 2020.
"We are going to decide if we need to raise money, and then
how to raise money - whether by listing or strategic partnership
or private equity," he said.
The bourse's primary listing would be in Lagos, with the
option of a secondary one abroad, Onyema added.
The second-biggest bourse in sub-Saharan Africa after
Johannesburg, the NSE is a main entry point for investors in
Africa and has around 200 listed companies, all included in its
benchmark share index.
However, share dealing tumbled 40 percent in 2016 due to the
country's restrictive foreign currency regime.
(Reporting by Karin Strohecker; Editing by Mark Potter)