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.
Adebayo 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