You’ll Soon Be Able To Own The Nigerian Stock Market
This is a classical case of taking the market to the market. Yes, that’s right.
The Nigerian Stock exchange is coming to the market.
On Wednesday, the House of Representatives passed a bill that will allow the stock exchange to become a publicly listed company that can issue shares to investors.
Oscar Onyema, who is the Chief Executive Officer of the Nigerian Stock Exchange, NSE said last week he expected the bill to be signed into law this year.
Recall that the Senate had passed the bill in December. The bill will now be sent to the president to sign into law.
The NSE is the second-biggest exchange in sub-Saharan Africa after Johannesburg and a main entry point for investors in Africa.
Last year, it got approval from its members, mostly stockbrokers and some institutional investors, to become a publicly listed company.
However, it has not said whether it would list via an initial public offering or raise new monies.
The Johannesburg Stock Exchange, the continent’s most developed stock market, has been a listed company since 2006.
The equities market in Nigeria was the third best-performing market in the world in 2017 after the Central Bank liberalised the naira for foreign investors, a move which lured back funds that been pulled out at the peak of a currency crisis.
However, You Should Watch This Before Investing In Stock This Year