Kemi Adeosun, Finance Minister of Nigeria opens London & Lagos Capital Markets conference

Kemi Adeosun, Finance Minister of Nigeria opens London & Lagos Capital Markets conference

London Stock Exchange plc today welcomes Kemi Adeosun, Minister of Finance, Federal Republic of Nigeria to open trading alongside the Rt Hon. Greg Hands MP, Minister of State for International Trade, celebrating the 3rd ‘London & Lagos Capital Markets in Partnership’ Conference. She was joined at the event by Amina J. Mohammed, Minister of Environment, Federal Republic of Nigeria, who gave a keynote address discussing the Nigerian Government’s green agenda.

The event, hosted in collaboration with The Nigerian Stock Exchange brings senior Nigerian policymakers including Chinelo Anohu-Amazu, Director General, Nigerian Pension Commission; Nigerian business leaders such as Oscar N. Onyema, CEO, The Nigerian Stock Exchange (NSE) and Roger Brown, CFO, Seplat Petroleum together with global investors and advisors.

Nikhil Rathi, CEO, London Stock Exchange plc & Director of International Development, London Stock Exchange Group:

“Today’s event is a reflection of the global investment community’s strong desire to be a part of the Nigeria story. As the world’s most international exchange, we are ideally positioned to build on the success of existing dual listings in Nigeria and London, boosting global investor awareness of the country’s exciting growth trajectory. Our strong partnership with the NSE allows us a unique opportunity to showcase the rapid developments in Nigerian capital markets and the Nigerian economy.”

Oscar N. Onyema, OON, CEO of The Nigerian Stock Exchange said:
“Our collaboration with London Stock Exchange is deliberate and strategic. It is geared at encouraging seamless cross-border access between our capital markets to ultimately drive deeper capital markets that enable capital formation for businesses and Governments; create larger liquidity pools and greater competitiveness for our investors; and enhance capacity and promote diversity of investment products to meet the needs of a wide range of investors and issuers.”

In November 2014, London Stock Exchange Group and NSE signed a capital markets agreement aimed at supporting African companies seeking dual listings in London and Lagos. The agreement followed the implementation earlier that year of a new settlement process between the UK and Nigeria. This made significantly more efficient the listing and trading of ordinary shares of Nigerian companies listed in London, as well as those of UK companies on the Nigerian market. Seplat, the oil and gas business, raised $500m in an IPO via this new mechanism in 2014, and was the first company to simultaneously dual list shares in London and Nigeria.

Nigeria and Africa as a whole represent one of LSEG’s most exciting areas of potential international growth:

  • More African companies, 112, are listed in London than any other international exchange.
  • The companies have a combined market capitalisation in excess of $200 billion; the largest concentration of African quoted companies outside of Johannesburg.
  • A total of $26.1 billion has been raised for African companies in the last 10 years in London with AngloGold Ashanti Ltd, Aviva plc and Tullow Oil plc each raising over $1.5 billion.
  • In addition, more than $5 billion has been raised via corporate and sovereign fixed income issuances in London.
  • There are 8 companies listed on LSEG markets (including GDRs) with their primary area of business in Nigeria with a total market cap of $6.5 billion. 5 of these are dual-listed.