The Nigerian Stock Exchange (NGSEINDX) relaxed
its requirements for the mining industry to encourage listing of
shares by oil and gas companies, according to a statement on the
website of the Lagos-based bourse.
Oil and gas companies will be listed based on their
exploration license and the “proven commercial quantities” of
their reserves, according to the statement. Other companies with
market capitalizations of more than 500 billion naira at the
initial public offering, will also get “a deferral or exemption
from the minimum public float requirement,” it said.
The management of the bourse aims to raise the market value
to $1 trillion from $74 billion in five years, Chief Executive
Officer Oscar Onyema said in June. Achieving that target depends
on the exchange’s ability to attract companies in the oil and
gas, telecom and power industries, he said.
Crude oil export is Nigeria’s biggest foreign exchange
earner, but none of the exploration and production companies
operating in Africa’s most populous nation are listed on the
local stock market.
To contact the reporter on this story:
Vincent Nwanma in Lagos at
vnwanma@bloomberg.net
To contact the editor responsible for this story:
Dulue Mbachu at
dmbachu@bloomberg.net
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