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Nigerian Bourse to Expand Ownership, May Sell Shares

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Feb. 11 (Bloomberg) -- The Nigerian Stock Exchange plans to expand its ownership including selling its shares to the public, Chief Executive Officer Oscar Onyema said.

The framework for the changes in the ownership structure to bring in local and foreign investors will be released this year, Onyema said today at a conference in Lagos, the commercial capital. “We expect that to bring improvements in funding, technology and market competitiveness.”

The exchange wants to achieve a target of $1 trillion market capitalization by 2016, he said. Its market capitalization rose by 44 percent to 14.8 trillion naira ($94 billion) in 2012, according to Onyema.

The Nigerian stock exchange is a closely held company with billionaire Aliko Dangote as its president. Dangote is chairman of Dangote Cement Plc, Nigeria’s biggest company by market value.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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