Nigerian Bourse Seeks Foreign Investors, Plans Islamic Products, SEC Says

Nigeria’s stock exchange is seeking foreign investors as part of its plan to demutualize the bourse and introduce new products including Islamic investments, said Arunma Oteh, head of the nation’s securities regulator.

The Nigerian Stock Exchange is in the “early stages” of demutualization and will probably hire a new chief executive officer by the end of this year, Oteh, director general of the country’s Securities and Exchange Commission, said in an interview in Bloomberg’s London office. The SEC fired the previous CEO on Aug. 4.

Nigerian Stock Exchange

The bourse will consider selling stakes to outside investors, including foreign exchange operators, Oteh said. Building markets for Islamic finance, corporate bonds and exchange-traded funds will help attract investment into sub- Saharan Africa’s second-largest economy and the fifth-largest source of U.S. crude imports, she said. Continue reading