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Friday 25th September 2020,
Hope for Nigeria

Nigeria will become gateway to African capital markets – Dangote

Dangote

Alhaji Aliko Dangote, the President, Nigerian Stock Exchange (NSE), says Nigeria will soon be the gateway to African capital markets.

Dangote made the forecast at the 52nd Annual General Meeting (AGM) of the NSE on Friday in Lagos.

He said that Nigeria would launch the derivatives market in 2014 to increase the number of tradable products.

According to Dangote, the NSE has invested N40 million in the Nigerian Association of Securities Dealers Ltd (NASD) to boost the market.

He said that the investment was made during the financial year ended Dec.31, 2012..

NASD is a formal Over-the-Counter (OTC) platform for the trading of unlisted equities, bonds and money market instruments.

Dangote said that the NSE acquired 6.86 per cent through private placement offer to diversify its revenue stream.

The NSE president said that the Securities and Exchange Commission (SEC) in December 2012 approved the NASD application to establish the OTC platform.

Dangote said that the sum of N50 million was also invested in FMDQ OTC Plc, a newly established firm registered to carry out the business of securities dealings.

Besides, he said that the firm was promoting and overseeing OTC market platforms for trading securities.

“We made a strategic decision to invest in FMDQ to broaden our market reach, diversify revenue stream and to remain at the forefront of an evolving globally competitive financial market,” Dangote said.

He said that the exchange owned 7.79 per cent of FMDQ.

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1 Comment

  1. stockbull August 2, 2013 at 5:30 pm

    as buffet to america so dangote to Nigeria.those big meat in our country should be given responsibilities and not opportunities

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