May 16, 2019 / 5:37 PM / a month ago

UPDATE 1-Nigerian Stock Exchange aims to complete public listing this year - CEO

(Adds background, quotes and detail)

By Libby George and Chijioke Ohuocha

LAGOS, May 16 (Reuters) - The Nigerian Stock Exchange is aiming to complete its public listing this year, its chief executive told Reuters on Thursday.

The listing process, known as demutualisation, has been in the works for years and required a law, signed by the president last year, in order to move forward.

“We are shooting for this year for the demutualisation to be completed,” NSE chief executive Oscar Onyema said.

The exchange is the second-biggest in sub-Saharan Africa after Johannesburg, and a key conduit for investors looking for opportunities in Africa.

Onyema, who spoke on the sidelines of the flotation of telecommunications powerhouse MTN, said that company’s debut on the NSE “gives additional validation to all the transformation that has happened”.

He said that a public listing for the NSE would allow it to fully “modernise”, but that the practicalities were still being decided.

“The decision hasn’t been made yet whether that capital raising will be an IPO or some other type of other form of capital raising,” he said.

Once demutualisation was completed, he said, the exchange would “give a very clear signal to the market on how we intend to proceed with that liquidity”. (Reporting By Libby George and Chijioke Ohuocha; Editing by Kevin Liffey)

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