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Nigeria to restructure bourse, sees more IPOs
March 10, 2011 / 11:42 AM / in 7 years

Nigeria to restructure bourse, sees more IPOs

LAGOS (Reuters) - Nigeria’s stock exchange needs to be restructured before it presses ahead with demutualization plans, interim administrator Emmanuel Ikazoboh said on Thursday.

<p>Brokers work on the trading floor of the Nigerian stock exchange in the commercial capital Lagos, April 28, 2010. REUTERS/Akintunde Akinleye</p>

“What we intend to do is restructure the exchange to prepare it as an entity ... We are going to change the council to a board of directors, we are going to look into the corporate governance structure,” Ikazoboh told Reuters.

He said regulators had visited Brazil, Malaysia and South Africa to look at their various models and that one of the key issues would be determining the valuation for the bourse.

Ikazoboh also said he expected a few initial public offerings (IPOs) in the second half of the year, after Nigeria’s elections, but that more would start “trickling in” in 2012.

Reporting by Chijioke Ohuocha; Writing by Nick Tattersall; Editing by Jon Loades-Carter

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