16 March 2017

Nigeria Football Clubs to Go Public 3rd Quarter

Lagos — Nigerian football league clubs are set to list on the on the NASD OTC Securities Exchange latest by the third quarter of 2017.

Bola Ajomale, Managing Director/CEO of NASD OTC Securities Exchange disclosed this in an exclusive chart with Daily Trust yesterday in Lagos

Ajomale said: "We are opening up an opportunity for the clubs to access private funding as required and use such funds in improving the fortunes of the club. The first club should be in the OTC market by 3rd quarter"

Kano Pillars Football Club, Enyima Football Club, Shooting Stars Football Club, Enugu Rangers Football Club, MFM Football Club, Wikki Tourists Football Club, Gombe United Football Club, and El-Kanemi Warriors Football Club are the first set of clubs that have been shortlisted for the exercise.

The activities of NASD OTC are open to unlisted companies and investors who intend to buy and sell shares of these companies

The League Management Company (LMC) Limited nominated these eight clubs to serve as pilots preparatory for the full listing of all interested football clubs.

Already, the LMC has invited Issuing Houses who can act as financial advisers in these Football Clubs listing to express interest.

On July 13, 2016, the League Management Company Limited, operators of Nigeria Professional Football League (NPFL) signed a Memorandum of Understanding with the NASD OTC Securities Exchange to encourage and facilitate the listing of football clubs participating in the NPFL on the NASD OTC Securities Exchange.

"In the football league, we can count about 28 sub businesses across associated value chain that can stimulate growth in the economy, drive employment and reduce youth delinquency in the society but we need to harness the potential of our football as a business to open this opportunities", Shehu Dikko, chairman of LMC had said at the MoU signing last year.

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