Africa's second largest sub Saharan capital market, only after Johannesburg,The Nigerian Stock Exchange (NSE), has received
the blessings of the legislative chambers to become a publicly listed entity. The lawmakers voted in favour of the move yesterday, 25th January, 2018.
With this move, it can now issue shares to investors although it is not immediately known if it would issue via initial public offer(IPO).
It got approval from most of it's key players, mainly corporate investors and stock brokers, to go ahead with the move last year.
The lower legislative house; House of Representatives, passed the bill yesterday, after the upper legislative house, the Senate, passed the bill in December.
The bill is waiting the approval of the president, Pres. Buhari, to sign it into law.
With this move, it joins Johannesburg Stock exchange, which became listed about 12 years ago, in 2006.
The NSE was initially established in 1960 as the Lagos Stock Exchange (LSE) but changed it's name to the Nigerian Stock Exchange (NSE) In 1977.
While the actual reason for the NSE's decision to go public is not known, one of the biggest reasons why companies decide to go public, is to generate funds and spread risk.