16 March 2017

Nigeria: LMC Invites Bids As Clubs Vie to List On Stock Exchange

The League Management Company (LMC) in partnership with over the counter securities market operator, NASD Securities Exchange took a major step towards bringing private sector investment into the Nigeria Professional Football League (NPFL) when on Monday it invited financial advisors to bid for appointment to work with eight of the 20 NPFL clubs shortlisted for the pilot project.

The financial advisors are to serve as consultants that will prepare the clubs to meet regulatory requirements for enlistment in the stock market and be eligible to attract investment either through being publicly quoted or attract direct financial investment from individuals or investment groups.

In making the process open and to attract the best industry experts, the LMC called for expression of interest from qualified investment advisory experts.

Documents developed in the last three years by the LMC indicate that in the emerging prospectus for investment in the clubs, different models are being structured, some of which include fans' ownership, outright and part acquisition through shareholding and privatization.

Chairman of the LMC, Shehu Dikko said: "We expect that at the completion of the process, clubs would be positioned to access seed funding for infrastructure development and operational capital in addition to instituting proper corporate governance structures that will provide the enabling environment to operate as commercial business entities without compromising sporting requirements".

He further explained that the opening of the process to every qualified investment advisory company is to ensure that the clubs received the best preparation to meet regulatory requirements within the shortest possible time.

Dikko recalled that the eight clubs were unanimously approved at the second Annual General Meeting of the LMC in Enugu on December 11, 2016 and listed the clubs as Rangers International, Enyimba FC, Kano Pillars, El-Kanemi Warriors, Wikki Tourists, Gombe United, Shooting Stars Sports Club and MFM FC.

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