1. The Nigerian Stock Exchange and London Stock Exchange Group on Tuesday signed a capital market agreement to strengthen cooperation and promote mutual development between the two exchanges.
2. The agreement, which supports African companies seeking dual listings in London and Lagos, was signed at a United Kingdom Trade and Investment and the Emerging Capital Market Group event held at the Nigerian Stock Exchange, Lagos.
3. It added that Seplat Petroleum Development Company, the oil and gas business, which raised $500m in an Initial Public Offering via this new mechanism in April, was the first company to simultaneously dual list shares in London and Nigeria.
4. The agreement is for an initial period of two years.
5. According to the Exchange, there are nine Nigerian or Nigeria-focused companies quoted on London Stock Exchange including six oil and gas explorers and three major Nigerian banks. They have a collective market capitalisation of $14.2bn. It also said 115 Sub-Saharan Africa-focused companies are quoted on London Stock Exchange markets.