The Nigerian Stock Exchange (NSE) in collaboration with London Stock Exchange (LSE), organized the 5th edition of NSE-LSE Dual Listing Conference on Friday, June 1, 2018, at Wheat baker Hotel, Ikoyi, Lagos, Nigeria. The conference which brought together companies keen to explore a London/Lagos dual listing, corporate finance experts, lawyers, capital market operators, regulators, government officials, media and thought leaders, featured keynotes addresses, presentations and panel discussions, on “Attracting Global Capital to Drive Nigeria’s Economic Reforms and Sustainable Growth Development”.
In his opening remarks, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON, described the collaboration as a deliberate and strategic alliance that will boost capital formation. “The partnership was geared at encouraging seamless cross-border access between both markets. It would also create larger liquidity pool, greater competitiveness for investors, enhance capacity and promote diversity of investment products to meet the needs of a wide range of investors and issuers. This is evidenced by the FGN Sovereign FX denominated $1 billion Eurobond on the Nigerian Stock Exchange and London Stock Exchange recently, and a strong pipeline of corporate Eurobonds”.
Onyema further stated that “creating and sustaining the growth trajectory of our exchanges, capital markets, financial markets, economies and the continent as a whole, requires a strong commitment from each and every one of us here today. It is not an easy journey, but it is one we have no choice but to embark upon, individually and collectively, in order to guarantee our competitive advantage in today’s interconnected world. We must use this opportunity to partner with each other, to enable us further unlock our growth potential, and advance the development of our financial and capital markets”.
Delivering his address, the Minister of Power, Works & Housing, Mr. Babatunde Fashola, SAN, urged investors not to panic over the negative trend being experienced in the Nigerian stock market. “The bearish run in the market is due to profit-taking embarked upon by some investors due to the uncertainties surrounding the upcoming elections. The Nigerian economy responds to politics like many economies and anyone who knows how the affairs of the world are run will expect these, as some of the people taking profit are preparing to fund the election. The operators in the market know better than to press the panic button, because the fundamentals of the economy are still strong and what is happening in the capital market is normal”.
Dr Doyin Salami, Senior Fellow/Associate Professor, Lagos Business School, Pan Atlantic University, gave an excellent presentation on “the Nigerian Economics and Business Environment: Implications for the Capital Market in an Unfolding Election Cycle”, where he posed two important fundamentals for Nigeria- the role of private capital and the role of the price mechanism.
British Deputy High Commissioner, Laure Beaufils spoke on the UK-Nigeria partnership and the importance of capital markets for Nigeria’s long term development. She noted that the UK is committed to supporting Nigeria’s economic growth.
Representing the CEO of LSE, Mr. Mani Gokul, Head, Primary Markets, Middle East, Africa, India, said in his remarks that Nigeria offers many opportunities for investments and expansion as an economy. “We look forward to partnering with NSE to showcase the rapid developments in Nigerian capital markets and the Nigerian economy”.
The NSE Council President, Mr. Abimbola Ogunbanjo delivered a keynote address on the role of corporate governance in Nigerian capital market development.
Other speakers at the event include: Ms. Mary Uduk, Ag. DG Securities and Exchange Commission, represented by Mr. Emomotimi Agama; Ambassador Chiedu Osakwe, Nigerian Chief Trade Negotiator-Director-General Nigerian Office for Trade Negotiations; Tinuade Awe, Executive Director Regulations, NSE; Alex Okoh, Director General, Bureau of Public Enterprises; Haruna Jalo-Waziri, CEO, Central Securities Clearing System Plc; Tonye Cole, Co-Founder, Sahara Group Ltd; Patience Oniha, Director General, Debt Management Office, represented by Afolabi Oladele, Director Portfolio Management; Hajia Aisha Dahir-Umar, Acting Director General, National Pension Commission represented by Ehimeme Ohioma, Head, Investment Supervision; Eme Essien Lore, Country Manager, International Finance Corporation; Dr. Benedict Oramah, President- The African Export-Import Bank, represented by Elias Kagumya, Director, Risk Management; and Yvonne Ike, Head of Sub Saharan Africa- Bank of America Merrill Lynch.
Also on the different panels at the conference are: Tony Edwards, Partner- Stephenson Harwood LLP; Tony Ibeziako, Ag. Divisional Head, Primary Markets, NSE; Funso Akere, CEO, Stanbic IBTC Capital Ltd; Abiodun Sanusi, Director, Coronation Merchant Bank; Manji Cheto, Business Development Manager, LSEG; Chinua Azubike, CEO- Infracredit; Tokunbo Aturamu, Senior Vice President, Stanbic IBTC Capital Ltd; Vivien Shobo, CEO, Agusto &Co; Dapo Olagunju, Managing Director, West Africa-JP Morgan; Zeal Akaraiwe, CEO, Graeme Blaque and Iyobosa Sorae, Head Trading, FI & Treasury, Coronation Merchant Bank.
The 5th NSE-LSE Dual Listing Conference was sponsored by Coronation Merchant Bank, Stanbic IBTC Capital, Stephenson Harwood, Bank of America Merrill Lynch, Dangote Cement Plc, Central Securities Clearing System Plc and Aluko & Oyebode.