Exchange news

Heads of Nigeria’s SEC and Stock Exchange summoned to Senate Committee

The Nigerian Senate’s Capital Market Committee summoned the Director General of the Securities and Exchange Commission (SEC) Arunma Oteh and the Interim Administrator of the Nigerian Stock Exchange (NSE) Emmanuel Ikhazoboh to appear at hearings on 29 November.

Exchange news

Dangote Cement listing boosts Nigerian SE

The Nigerian Stock Exchange saw its capitalization boosted by the Naira 2.1 trillion ($14 billion) listing of Dangote Cement on 26 October.


Nigeria and Zambia joining African rush into bonds

Africa needs to spend $93 billion a year on power, transport and water projects over the next decade to lift growth in the world’s poorest continent. Bloomberg news agency reports that Nigeria appointed Barclays Capital in October as an adviser for a planned $500 million Eurobond to support government spending. Zambia plans to raise $1 billion on the back of a planned sovereign credit rating this year

Exchange news

Nigeria regulator orders that illegal N1.2 billion in bonuses be returned

Nigeria’s Securities and Exchange Commission has commissioned a forensic audit into affairs of the Nigerian Stock Exchange. The SEC released a statement on 6 October which says the members of the NSE Council, including the former CEO, paid themselves N 1.35 billion (US$8.93 million) in illegal “productivity/surplus” bonuses.

Exchange news

Nigerian SE may be privatised

The Nigerian Stock Exchange could be demutualized and foreign exchanges may be invited to invest, accroding to Ms Arunma Oteh, Director General of the Securities and Exchange Commission. She said first steps are to bring in a good team to run the exchange.

Exchange news

SEC clamps down on Nigerian Stock Exchange, sacks DG and orders President to stop acting

The Securities and Exchange Commission has moved in hard on the Nigerian Stock Exchange on 4 August, ordering the Director-General to leave her post and Alhaji Aliko Dangote, one of Africa’s richest men, to stop acting as NSE President. The SEC appointed the former chief executive of audit firm Deloitte in West and Central Africa, Emmanuel Ikazaboh, as interim manager.

Exchange news

Nigeria Stock Exchange – Dangote’s struggle to be President, also denies management succession crisis

The Nigeria Stock Exchange on 26 July denied that there was any succession crisis. Court cases on the succession had led to there not being any meetings of the Council said the NSE. The court wrangles following the election of the reported billionaire business mogul Alhaji Aliko Dangote as President of the NSE.

Exchange news

Nigerian Stock Exchange offers free listing to major companies

The Nigerian Stock Exchange (NSE) 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.


Adlevo announced first closing on African technology fund

Adlevo Capital Managers ( announced on 10 June that it has completed the first closing of Adlevo Capital Africa LLC fund with capital commitments of US$52 million. The fund will make expansion capital investments into companies with technology-enabled business models across sub-Saharan Africa.

Exchange news

Nigeria SE says trading system is not obsolete, considers demutualization and prepares second-tier market

The Nigerian Stock Exchange (NSE) management has hit back at claims that its trading system is obsolete and urged the country’s Securities and Exchange Commission (SEC) rather to support building confidence in the market

Exchange news

Nigeria’s SEC publishes new rules

Nigeria’s Securities and Exchange Commission (SEC) has new rules, according to local press. The new rules, signed by Director General Ms Arunma Oteh, became effective from 1 April

Exchange news

Nigerian Stock Exchange – who will be the next CEO?

Nigerian media has been writing about the succession of acclaimed Prof. Ndi Okereke-Onyiuke, set to withdraw as Director General and Chief Executive Officer of the Nigerian Stock Exchange in November 2010. She had pledged to stand down several times, linked to a planned demutualisation for the NSE.


Aureos Africa makes another $10 mln investment in Nigeria

The Aureos Africa Fund, which closed its fundraising in January with US$381 million, has completed a $10 mln investment in a leading Nigerian leasing company, C&I Leasing Plc. The fund is believed to be the largest fund ever to focus on investing in small to mid-sized businesses across Africa.


StanChart steps up Nigeria equity investments

Standard Chartered Private Equity Limited recently announced $47.5million investment for a minority stake in Seven Energy, a leading Nigerian gas exploration and development company, according to a report in Nigeria’s Vanguard newspaper.

Exchange news

New DG for Nigeria’s Regulator

Another step has been taken towards the appointment of the new Director-General for Nigeria’s Securities and Exchange Commission. The Senate last week confirmed the appointment of Ms. Arunma Oteh, currently Vice President Corporate Management at the African Development Bank (AfDB) and focusing on the bank’s institutional development.

Exchange news

Nigerian Stock Exchange seeks $33 mln for new software and Sierra Leone bourse

The Nigerian Stock Exchange is seeking some US$33 million in capital for its fifth software upgrade and also to help finance the Sierra Leone stock exchange.

Exchange news

Nigeria’s Securities and Exchange Commission calls in market operators

From 9 November, Nigeria’s Securities and Exchange Commission is to call stockbrokers and other market participants before its Administrative Proceedings Committee (APC). This is part of joint investigations into the financial sector.

Capital raising

IFC invests $100 million in Nigerian telecommunications

The International Finance Corporation (, a member of the World Bank Group, is investing $100 million into bringing the benefits of better telecommunications to many Nigerians via Helios Towers Nigeria Ltd.

Exchange news

Cool investor relations for securities exchanges and listed companies

Three excellent sites offer fine material and services on promoting investor relations, and feature an enticing line-up of online published annual reports of listed companies from all over Africa as well as many other useful tips and advice.

Exchange news

Bond issues for PTA Bank and Nigeria’s UBA Bank

New bond issues are springing across Africa, including Kenya’s Kengen issue for more power generation which closed on 29 September, and bank issues in Nigeria and Uganda.