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LSE and The Nigerian Stock Exchange sign capital markets agreement

Wednesday 26th November 2014

The London Stock Exchange Group (LSEG) and The Nigerian Stock Exchange (NSE) have signed a capital markets agreement that supports African companies seeking dual listings in London and Lagos.
The agreement follows the implementation earlier this year of a new settlement process between the UK and Nigeria. This made significantly more efficient the listing and trading of ordinary shares of Nigerian companies listed in London, as well as those of UK companies on the Nigerian market. 
Seplat, the oil and gas business, which raised $500 million in an IPO via this new mechanism in April, was the first company to simultaneously dual list shares in London and Nigeria.
Nikhil Rathi, Head of International Development, LSEG commented: “The agreement signed today is a reflection of the global investment community’s strong desire to be a part of the Nigeria story.” 
“As the world’s most international exchange, LSEG looks forward to building on the success of existing dual listings in Nigeria and London and partnering with the NSE to showcase the rapid developments in Nigerian capital markets and the Nigerian economy.”
Oscar Onyema, CEO of the Nigerian Stock Exchange, added: “Today’s agreement is another major step towards our goal of ensuring that all companies that have substantial operations in Nigeria are accessible to both Nigerian and international investors. 
Last week the LSEG also took part in its fourth annual charity trading day after donating a day’s worth of equity trading fees from London Stock Exchange, Borsa Italiana and Turquoise to charity. 
Distributed through the LSEG Foundation, the money raised will help support a wide range of charities in the communities in which the Group operates. 
These include Friendship Works, a London-based youth mentoring organisation; In-Presa, a youth development charity based in Milan; UNICEF, a leading global charity supporting children, and Habitat for Humanity Sri Lanka, a housing charity working with communities in Sri Lanka.
Xavier Rolet, CEO, LSEG said: “The support of our customers in helping to raise money for these important causes is key. Last year, we raised over £500,000 and we are confident that we will exceed that total again.”
Since launching the Charity Trading Day, trading fees totalling £1.5 million have been donated to more than 20 charities through the LSEG Foundation, which has donated over £3 million to charity since its launch in 2010.

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