Nigerian Stock Exchange seeks $33m

  1. Posted on Friday 13 November 2009 - 09:56
    Tom Minney
    Image of Tom Minney
    Tom Minney, AfricaNews reporter in Addis Ababa, Nigeria
    The Nigerian Stock Exchange served notice that it needs some N5 billion (US$33 million) in capital for its fifth software upgrade and to help finance the Sierra Leone Stock Exchange. Donors helped Ghana, Kenya, Tanzania and Uganda to upgrade theirs but believe Nigeria is too rich for funding.
    nigerian_stock_exchange
    NSE Director General Ndi Okereke-Onyiuke reportedly told local media that the exchange's software has been upgraded four times, with the next in 2010, at a likely cost of 16 mln-20 million euros ($24 mln-$30 mln). She added that the London Stock Exchange had reportedly spent 30 mln euros on its software, and talks continue on how the LSE could help in Nigeria.

    The Sierra Leone stock exchange was launched by Sierra Leone President Dr. Ernest Bai Koroma on 17 July 2009, after being inaugurated in 2007. According to Nigerian media, the NSE launched the Sierra Leone exchange free of charge and now seeks financing for electronic trading there. The Sierra Leone exchange is under the wing of the central Bank of Sierra Leone.

    Okereke-Onyiuke said the NSE assisted Ghana previously and plans to help Liberia open a stock market. According to other reports, the NSE earlier this year cut its holdings in the Central Securities Clearing System Ltd from 100% to 30%, after a private placement of the shares.

    The CSCS is the clearing house and central securities depository of the Nigerian stock market. It includes an integrated central securities depository (CSD) offering clearing (electronic book-entry transfer of shares from seller to buyer) and settlement (payment from buyer to seller) for all NSE transactions. All securities listed for trading on the NSE must have their certificates deposited in CSCS before transactions can take place. The CSCS was incorporated in July 1992 and started operating in April 1997.

    Okereke-Onyiuke is reported to have told the House of Representatives Committee on Capital Markets: “We had to do this because our shareholders wanted to have better stake in the company, and again it gives room for proper corporate governance and a sense of belonging to all our stakeholders.”

Latest News

  1. AFCON: 46 hurt in Zambia victory celebrations09/02Over 40 casualty cases were recorded Wednesday night at Zambia's University Teaching Hospital (UTH) after post-match celebrations turned violent …
  2. African Peer Review Mechanism making progress08/02In 2003 the New Partnership for Africa's Development (NEPAD), the continental development plan, initiated the African Peer Review Mechanism (APRM…
  3. Combating HIV infections among African women08/02With a lack of knowledge and power, African women continue to bear the brunt of HIV infections.
  4. Legume cultivation booms in Western Kenya07/02Small Holder Farmers (SHFs) who traditionally relied on seed companies for all their seeds are now bulking their own legume seeds for their farms.
  5. Malawi vendors chase out Chinese07/02Vendors in Kalonga, the Northern district of Malawi, on Wednesday petitioned the District Commissioner to flash out all Chinese nationals who are doin…
  6. Zim: Informal sector urged to join HIV battle05/02While the Harare City council is busy engaging in running battles with city vendors, Health Minister has called for authorities to devise ways to form…
  7. Elections: Wole Soyinka warns Mugabe, Wade03/02The Nigerian Nobel Prize winner for literature said heads of states who are trying to cling to power suffer the same fate as the dictators who were sw…
  8. AU elections rescheduled for June in Malawi01/02Following a deadlock during Monday's African Union elections, with a tie between former wife to South African president Jacob Zuma, Home Affairs …
  9. Senegal in turmoil as protest intensifies01/02Hundreds of anti-government protesters Tuesday gathered in the central Dakar, Senegal to show their dissatisfaction over the incumbent president Abdou…
  10. Zimbabwe’s inflation still favourable -…01/02Zimbabwe's annual headline inflation still compared favourably with economies in the region, Reserve Bank of Zimbabwe Governor Gideon Gono said o…
  11. AFCON 2012: Sudan qualifies after four decades31/01The Sudanese national team has sealed a historic win over the Stallions of Burkina Faso.
  12. Senegalese opposition to intensify protests31/01Opposition and civil society groups in Senegal have vowed to increase their fight against incumbent President Abdoulaye Wade's presidential bid.
  13. Malawi: Rights coalition condemn stripping of…30/01The 39 members of the Solidarity for African Women's Rights Coalition based in 18 African countries have vehemently condemned the stripping of wo…
  14. Kenya to deworm five million children annually30/01Kenya launched the second phase of its national deworming programme at the World Economic Forum Annual Meeting 2012, aiming to treat 5 million childre…
  15. Benin’s Yayi Boni is AU’s new…30/01President Yayi Boni of Benin Republic has been elected chairperson of the African Union in the Ethiopian capital Addis Ababa
News archive