A bill that has passed a second reading by House of Representatives could pave the way for the Nigerian Stock Exchange (NSE) to issue its own shares.
The exchange wants to change its ownership structure from a mutual firm of broker members to one owned by shareholders, in an effort to improve governance and possibly open up new funding sources, including a possible share offer.
Members have given the exchange, which is one of the main entry points for foreign funds into Africa, the go-ahead to become a listed company.
The bill now passing through parliament would put in place a legal framework that would help it form a board and pay taxes from any profits.
The exchange is now governed by a council appointed by members. NSE’s Chief Executive Officer (CEO), Oscar Onyema, told Reuters that he expected the bill to pass this year with the government supporting the listing.
(Newtelegraphonline)