The Chief Executive Officer of Nigerian Exchange Limited (NGX), Temi Popoola, has appealed to the Federal Government to list stakes in strategic national assets on the local exchange. During a meeting with President Bola Ahmed Tinubu, Popoola argued that public listings of major state-linked enterprises would deepen the capital market and broaden wealth creation for Nigerians.

Popoola identified Nigeria LNG Limited (NLNG), Indorama Eleme Petrochemicals Limited, and selected assets within the Nigerian National Petroleum Company (NNPC) Limited portfolio as prime candidates. He noted that some of these companies already have listing clauses in place, while others would require government support to bring them to market.

Leveraging Historical Listing Models

The NGX chief pointed to historical precedents where government-backed initiatives drove market development. He cited the indigenisation programme of the 1970s, which brought companies like Nestlé and Unilever to the market, as well as more recent listings like MTN Nigeria.

Indorama Eleme Petrochemicals, originally established in 1990 as a subsidiary of the NNPC, was privatized in 2006 when Indorama acquired the business for $300 million. Under the Public Enterprises (Privatisation and Commercialisation) Act, shares of such public enterprises can be offered to the public to deepen liquidity and improve corporate governance.

Push for Local Fintech Listings

This proposal comes alongside other efforts by the NGX to expand the depth of the Nigerian capital market. Popoola recently urged the Federal Government to encourage major fintech companies operating in Nigeria, such as OPay and PalmPay, to pursue local listings.

He emphasized that while Nigeria remains open to global capital, local investors should have the opportunity to share in the value generated by high-revenue companies operating within the country.