History was made last Friday as the Nigerian Stock Exchange (NSE) listed the shares of the first registration firm on the bourse, African Prudential Registrars Plc.
The company, which was formerly known as UBA Registrars Limited was listed along UBA Capital Plc. Both firms were former member of United Bank for Africa Plc but became separate entities following the adoption of a monoline commercial banking structure by UBA Plc.
While one billion shares of African Prudential Registrars Plc were listed at N1.59 per share, four billion shares of UBA Capital got listed at N1.16 per share.
Both companies now have separate boards of directors with Mrs. Eniola Fadayomi as the Chairman of African Prudential Registrars Plc while Mr. Peter Shade remains the managing director/chief executive officer.
On the other hand, Angela Aneke is the Chairman of UBA Capital, while Mr. Rasheed Olaoluwa is the chief executive officer of the company.
The Chief Executive Officer of the NSE, Mr. Oscar Onyema, described the listing of the two companies as a milestone in the history of the Nigerian capital market noting that it is coming at the right time especially now that the exchange is enjoying confidence of both local and foreign investors.
In his speech, Olaoluwa pointed out the potential synergy that would be derived from the component businesses of UBA Capital, which are investment banking, trusteeship, asset management, insurance and stock brokerage.
"Our overall strategic intent is to build our various subsidiary businesses to be leaders in their respective markets. We believe this can be achieved over the next three to five years," he said.
Also speaking Ashade said that Africa Prudential Registrar is one the market leaders in share registration industry in Nigeria.
"The company is one of the most profitable in the industry having achieved 100 per cent increase in profit before tax between 2010 and 2011, a performance, which it expects to surpass in 2012. Our Return on Equity (ROE) continues to improve year-on-year, a clear indication that Management is focused on extracting value from resources and enhancing returns for shareholders," he said.