More Nigerian firms eye listing on London Stock Exchange

22 September 2014, Lagos –  More Nigerian firms are planning to list on the London Stock Exchange (LSE) following the listing  of Seplat Petroleum Development Company Plc  last April. Head, Equity Primary Markets, Africa, India and Middle East at the LSE, Mr. Ibukun Adebayo, disclosed this to THISDAY in an interview in London last week.

Seplat made history  by listing on the main board of the LSE and the Nigerian Stock Exchange (NSE) after successfully raising $500 million from the  international market.

London-Stock-Exchange-24Adebayo said  LSE officials are discussing with many other  Nigerian firms about raising capital and subsequently listing of the  their securities on the exchange.

“We are in discussions with a number of groups about raising capital. They come from a broad cross section of the Nigerian economy. Technology, payment system companies, oil and gas  among others.   We are really focused on building the right market infrastructure that will allow more companies to come to the LSE,” he said.

There are eight Nigerian companies already listed on the LSE and Adabayo said   there are very strong indications that the number would  increase soon.

According to him, apart from welcoming African companies to directly list on the LSE, the exchange is also encouraging the companies to list on their local bourses. This, he said, is done in collaboration with the local bourses.
“We have been working tirelessly building partnerships with African exchanges. The intention is that the London financial community can be closer to African issuers,” he said.

Adebayo’s   statements  confirmed earlier  disclosure by the Senior Manager, Primary Markets, LSE, Dr. Darko Hajdukovic, who had told THISDY that  exchange was in positive discussions with a number of companies, especially in the  oil and gas sectors.

“We have eight companies already listed on the LSE from Nigeria. But that will increase soon and the next listing will come from the oil and gas space. And that will be very soon because Seplat has shown how successful a company can be. There are positive sentiments in both London market and others and we are hoping that the next listing will be very soon,” he had said.

According to him, the listing of Seplat had led to establishment of a new infrastructure in London that other companies wanting to  pursue dual listing can use.

“That specific basic infrastructure was developed for settlement and custody side  which can be replicated by other companies  from Nigeria that want to raise capital from the international market and list in London,” Hajdukovic  said.

= This Day

About the Author