The Nigerian Stock Exchange (NSE – www.nigerianstockexchange.com but it still does not work well on my computer) is keeping open its offer, made earlier this year, to waive listing fees for downstream oil majors, major telecommunications companies and major government organizations, according to a local newspaper. The offer, meant to encourage them to list their shares for trading on the NSE, was made by Director-General of the NSE, Prof. Ndi Okereke-Onyiuke.
Mr. Sola Oni, Head of Corporate Affairs at the NSE, recently was reported in the Daily Sun newspaper (www.sunnewsonline.com) as confirming the promise to grant free listing to Shell, Chevron and other oil majors if they decide to list on the bourse. The aim is to give investors an opportunity to co-own the companies.
He reportedly said that listing these companies with high market capitalisation would help to widen and broaden the stock exchange. “NSE will always do anything that would help to not only develop the market but result in increased investors’ return on investment”, he is quoted as saying.
The paper says that so far, only petroleum marketing companies and one telecommunications firm are listed for trading. Oil-producing majors have not shown interest. It quotes Prof. Ndi Okereke-Onyiuke as saying that experts have been brought to prepare the ground for the listing of these organisations, but they still feel reluctant to get quoted on the NSE: “We are ready to list the companies free without charging… Getting them listed will bring many benefits to them”.