The announcement by JP Morgan that Nigeria will be phased out of its GBI-EM index has not dampened investors’ appetite for the Nigerian capital market which is the backbone of most developed economies.
According to a research by Nairametrics, the Leading Energy Company and Telecom planning to list their shares on the Nigerian Stock Exchange are Sahara Group and MTN Nigeria.
This will come as cheering news to the leadership of the Nigerian Stock Exchange as they have been clamouring for such companies to list on the Exchange in other to further deepen the capital market.
It has been reported that Sahara Group plans to raise as much as $1.4 billion through a dual listing of its oil and gas unit in London and Lagos along with a debut dollar bond sale. Sahara is seeking as much as $600 million in the initial public offering, which may place within a year, and $800 million through a seven-year bond that should be issued by the end of October.
MTN Nigeria on their own part will likely become a Public Liability Company (PLC) in 2016. The Company will list its shares on the floor of the Nigerian Stock Exchange by way of public offer for purchase by interested members of the investing public. The management of MTN have concluded plans to list the shares of MTN on the NSE, mainly due to intense pressure from various quarters in the past few years.