LMC, NASD, market operators set September deadline for capital market deals
Nine Nigerian leading clubs, including Enyimba of Aba, Enugu Rangers, Shooting Stars of Ibadan, Kano Pillars and MFM FC will become publicly quoted in the capital market by September if the programme set up by the League Management Company (LMC) and some market operators sail through.
The other clubs involved in the pilot scheme are Gombe United, Wikki Tourists, EL Kanemi Warriors and Abia Warriors. Yesterday in Lagos, the LMC and some market operators, led by NASD OTC Securities Exchange and 18 issuing houses, met to unveil the programme that would lead to the successful listing of the nine clubs in the capital market. At the end of the day everybody present at the event left satisfied that the Nigerian league was entering a new vista of development akin to what obtains in other progressive parts of the world.
Speaking at the event, which also had in attendance media operators and buyers, Nigeria Football Federation’s (NFF) First Vice President, Seyi Akinwunmi expressed his delight that the country’s football was on the part of sustainable development, adding, “What is happening here today was impossible a few years ago.”
Akinwunmi said, “the whole idea of football in Nigeria is premised on the success of the premier league and I am extremely delighted that the league is driving the growth of clubs in the country. Football is coming of age.”
Explaining the need to commercialise Nigerian clubs, NASD OTC Securities Exchange Managing Director, Bola Ajomale said his company entered the scene to create more transparency and liquidity, adding that with transparency more players would join the market.
“In commercializing these clubs, we will look closely at their values…it will be a big challenge, but it would open our eyes to what these clubs stand for. “If we do it right, we will come back for the remaining 11 clubs,” he said.
Ajomale disclosed that the LMC was arranging for the market operators and others involved in the privatization process to meet with the state governors to sensitise them on the benefits in taking the clubs to the capital market.
Also speaking at the event, LMC’s Chief Operating Officer, Nduka Irabor promised that the league body would avail the market operators its experience in the game’s administration, adding that the body has succeeded in the last few years in clearing the anomalies that held the league down.
He said, “I must say that we have facilities, but most of them are prehistoric and cannot support football as an avenue of entertainment. “Some of these clubs are owned 100 per cent by state governments, who because of the current economic exigencies have been forced to ignore the clubs.
“I can sure you that there are monies to be made in the league and we want you to create the environment for people to come and invest in the clubs.” Some of the issuing houses present at the event are Finmal Financial Services Limited, Cowrie Assets Management Limited, Fundvine Capital & Securities, GTI Capital, Afrinvest Securities, Bestworth Assets & Trust Limited and Capital Assets Limited. Also shortlisted were Investment One Financial Services Limited, Lead Securities & Investment Limited, Futureview Securities, ICMG Securities and WSTC Financial Services.
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