Nigeria Content Online

The market
capitalisation of equities at the Nigerian Stock Exchange (NSE), on
Tuesday, hit N7.960 trillion following the listing by introduction of
15.494 billion ordinary shares of Dangote Cement.

As a result, the
capitalisation recorded an increase of 29.6 per cent yesterday, from
Monday’s figures of N6.141 trillion. However, the NSE All-Share Index,
on Tuesday, plunged marginally by 0.003 per cent.

History is made

Emmanuel Ikazoboh,
the interim administrator of the NSE, said the President of Dangote
Group, Aliko Dangote, who was at the listing, made history in the
country. “We have for the first time a N2.1 trillion ordinary share
listing on the floor of our Exchange,” he said. “I want to use this
opportunity to thank Mr Dangote for making Nigeria proud and for
showing the world that we as Nigerians can develop our own country and
our capital market.” He also announced that the new quoted company
topped as the most traded stock on Tuesday with 196.169 million volumes
of shares.

Dipo Williams, the
spokesperson for market dealers and Chief Executive Officer of Support
Services Limited, a stock brokerage firm, said Mr Dangote’s effort to
make history as the largest stock to be listed on the Stock Exchange is
commendable. Mr Williams, who is also the immediate past president of
the Chartered Institute of Stockbrokers, said, “I am sure that the
introduction of Dangote Cement will bring life into the market.”

Encourage others

Responding, Mr
Dangote expressed appreciation to the stockbrokers for their supports.
“I can assure you that you have not advised your clients wrongly,” he
said. “It is the best advice you’ve given to them. We will try as much
as possible to improve our corporate governance.”

He also urged other
companies in the telecom and oil industries to come and list their
companies on the market. “They should not be making money here in
Nigeria and be listing elsewhere,” he said, adding that the listing of
a company is beneficial to everybody because the profits will be shared
with shareholders while the government also gets its benefit through
tax.

Open to media

Meanwhile, Mr
Ikazoboh, yesterday, denied that the NSE has barred journalists from
covering live trading activities in the market. He was responding to
publications in some national dailies, which he said was untrue. “That
information is not correct,” he said. “We are open to the press and we
have nothing to hide. Please ignore that story.”

However, the NSE has deployed Sola Oni, its former spokesperson, to
the Market Operation/IT Directorate Department; while Wole Tokede, the
most senior officer of the Communications Department, now acts as the
new spokesperson.