May 19 (Bloomberg) -- The Nigerian Stock Exchange plans to introduce trading in securities including equity options and futures to “deepen” the market, Chief Executive Office Oscar Onyema said.
“A realistic time line will not be anything less than two years for the introduction of financial options and futures,” he told reporters today in Lagos, the commercial capital, in his first speech since assuming office on April 4.
Nigeria’s bourse, sub-Saharan Africa’s second-biggest by market value after South Africa’s, currently offers equities and bonds and has “only 196 companies on its main board, of which only 125 symbols trade daily on average,” he said. “This is why we have placed business development on the front burner.”
The Securities and Exchange Commission on Aug. 4 fired former director-general of the bourse, Ndi Okereke-Onyiuke, as part of measures to address “inadequate oversight of the exchange, ongoing litigation, allegations of financial mismanagement, governance challenges, and the inordinate delays in the implementation of the succession plan” at the bourse, it said in a statement that day.
The exchange’s All Share Index fell for a third day, losing 0.3 percent to 25,717.73 by the 2:30 close in Lagos, according to an e-mailed report from the bourse. This pared its increase this year to 3.8 percent.
To contact the reporter on this story: Vincent Nwanma in Lagos at email@example.com
To contact the editor responsible for this story: Antony Sguazzin at firstname.lastname@example.org