(For more news from the Reuters Africa Investment Summit, click
here)
* Regulator wants bourse to better reflect economy
* Oil bill could help persuade majors to list
* South Africa’s MTN, other phone firms should list
By Joe Brock
ABUJA, April 19 (Reuters) – Foreign oil majors such as Royal
Dutch Shell, Exxon Mobil Corp and Chevron Corp
should have secondary share listings in Nigeria and
planned new energy laws could push them to agree, the stock
exchange regulator said.
Speaking at the Reuters Africa investment summit, Arunma
Oteh, Director General of Nigeria’s Security and Exchange
Commission, said 80 percent of government revenues come from the
oil industry but it makes up only 5 percent of the stock market.
By persuading the national oil company, NNPC, and foreign
oil companies to list a portion of their joint ventures the
stock market would better reflect the economy for investors and
Nigerians could have greater ownership of oil firms.
“We’re in discussion both with NNPC as well as the oil
majors as to listing on the Nigerian Stock Exchange,” Oteh said
in Abuja.
Continued…
