The Nigerian Stock Exchange is making moves to list shares of companies like Apple Inc, LVMH Moet Hennessy and Louis Vuitton SE on the local bourse.
The Nigerian stock exchange is set to chart a new territory bring with the inclusion of the shares of foreign multinationals on the local bourse.
As such, Nigerian investors will be able to purchase shares of companies such as Apple Inc, LVMH Moet Hennessy and Louis Vuitton SE in their local currency at their local bourse.
Although these global companies are not looking to sell shares in the African nation yet, the Nigerian Stock Exchange (NSE) plans to get custodian firms to issue depositary receipts against their stocks and offer them for trading in Lagos.
The unsponsored offerings would come from the holdings of the custodians and would not involve the concerned companies.
Chief Executive Officer of NSE, Oscar Onyema, who spoke on the planned move, said: “We’re looking to start with those with substantial business dealings in Nigeria, or a substantial Nigerian following."