connecting capital markets in africa · magnificent cresta mowana safari resort & spa under the...

African Exchanges 2019 1

Trading Beyond Borders

pg 4 pg 6 pg 11 - 49 pg 50 - 68

ASEA and AfDB Hold Capital Market Stakeholders’ Roundtable

IPOs, Market Development and Sustainability in Focus

Executive Interview with Mr. Bilel Sahnoun, CEO of the Bourse de Tunis

Exchange Monthly Statistics and Market Performance

Member StatisticsExecutive Insights Exchange News

CONNECTING

Issue 2 2019A publication of the African Securities Exchanges Association

CAPITAL MARKETSIN AFRICA

African Exchanges 2019 African Exchanges 20192 3

Register For The 23rd Annual African Securities Exchanges Association (ASEA) Conference

The 2019 ASEA Conference will hold in the tourist town of Kasane, Botswana on November 24 -26, 2019 at the

magnificent Cresta Mowana Safari Resort & Spa under the theme, ‘Building Resilient African Capital Markets’.

Speakers include His Excellency, the President of the Republic of Botswana, Dr. Mokgweetsi Masisi, ministers,

executives from securities exchanges across Africa, capital market experts and entrepreneurs from the continent.

In addition to the exciting presentations and engaging panel discussions over the two days,

delegates can expect a wide range of activities from local tour operators ranging from sunset boat cruises, morning

and evening game drives in the wonderful and vast Chobe National Park, day trips to the splendid Victoria Falls,

cultural activities and many more. Please enquire about packages to the magnificent Okavango Delta if you would

like to extend your stay.

With over 500 delegates expected, accommodation is limited.

A limited number of rooms have been held, to book accommodation please contact the following

hotels directly and use the booking codes provided;

• Cresta Mowana Safari Resort & Spa: (+267) 625 0300/ [email protected] (Booking Code ASEA2019/RES#5454)

• Chobe Marina Lodge: (+267) 625 2221/[email protected] (Booking Code ASEA2019) Travelodge: (+267) 625 0625/ [email protected] (Booking Code 5950)

Registration for the 2019 ASEA Conference is open until 15th November, 2019. To register, please visit the Conference Website: www.asea-bse2019.com

For more information on the ASEA Conference 2019, please contact the Botswana Stock Exchange on

(+267) 3674400 or via e-mail aseabw2019@bse. co.bw

#ASEABW2019

Trading Beyond Borders

Executive Insights

Spotlight on New Listings

Exchange News

Member Statistics

Membership Footprint

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The African Securities Exchanges Association (“ASEA’’) and the African Development Bank (“AfDB”) held the first Capital Market Stakeholders Roundtable on the African Exchanges Linkage Project (“AELP”) at the AfDB headquarters, Abidjan, Ivory Coast on 24 April, 2019.

The one-day Roundtable marked the inaugural working meeting of key stakeholders across African capital markets to discuss the implementation of the African capital market integration initiative. The AELP, a joint initiative of ASEA and the AfDB seeks to facilitate cross-border trading and settlement of securities across participating securities exchanges in Africa. The project has received funding from the Korea-Africa Economic Cooperation (“KOAFEC”) fund managed by the AfDB and is currently being implemented.

In his opening remarks, Mr. Pierre Guislain, Vice-President, Private Sector, Infrastructure and Industrialization, AfDB, said: “The partnership between ASEA and the AFDB complements the Bank’s interventions towards deep and resilient

ASEA and the AfDB Hold Capital Market Stakeholders Roundtable for The African Exchanges Linkage Project (AELP)

TRADING BEYOND BORDERS

THE AFRICAN EXCHANGES LINKAGE PROJECT

Connecting African Markets

7 Stock Exchanges Equities

Bonds

ETFs

REITs

Funds

and More..

Derivatives

14 Countries

$ 1.4 TrillionMarket capitalization

Providing diverse products

Access to Africa’s largest companiescapital markets in Africa. The AELP when operational will create

a wider financing pool for African corporates and SMEs. It is also poised to help address Africa’s well-documented infrastructure financing deficit (estimated at USD 67 – 107 billion in 2016) through the issuance of regional infrastructure bonds and other complementary products that support public / private sector infrastructure financing.”

The President of ASEA and CEO of the Casablanca Stock Exchange, Mr. Karim Hajji noted the importance of this flagship project, saying: “Regional integration is a high priority continental agenda. By organically linking seven (7) exchanges in Africa which collectively have a market capitalization of over USD 1.4 trillion, the AELP will stimulate intra-African flows and provide opportunities for investors and trading participants in over fourteen (14) African countries. With the expected outcome of boosting liquidity in African capital markets, the AELP will unlock the powerful potential of African markets to access and redistribute domestic capital for economic development.”

The Roundtable had in attendance Executives and Senior Management of ASEA, AfDB and the participating exchanges of the AELP, namely, Bourse Regionale Valeures Mobilieres, Casablanca Stock Exchange, The Egyptian Exchange,

Johannesburg Stock Exchange, Nairobi Securities Exchange, The Nigerian Stock Exchange and the Stock Exchange of Mauritius.Participating stakeholders at the Roundtable included the: Banque Centrale des Etats de l’Afrique de l’Ouest; Le Conseil Régional de l’Epargne Publique et des Marchés Financiers; Autorité Marocaine du Marché des Capitaux; Securities and Exchanges Commission (SEC) Nigeria; Capital Markets Authority of Kenya; Association Professionnelle des Sociétés de Bourse; Association of Stockbroking Houses of Nigeria; Kenya Association of Stockbrokers and Investment Bankers (KASIB); Association Professionnelle des Banques Teneurs de Compte Conservateurs (APBTCC); Maroclear, Central Securities Clearing System, Nigeria; Central Depository and Settlement Corporation Ltd., Kenya; and Afrinvest West Africa.

Discussions on the day centred on the regulatory, foreign exchange and operational considerations for implementing

the proposed cross-border linkage, as well as the investment climate in Africa. Stakeholders present reached a consensus that the Linkage will be implemented using a Sponsored Access trading model in the first phase, which is supported by the existing legal and regulatory frameworks in the participating jurisdictions.

The Roundtable held a day before the 8th ASEA Building African Financial Markets (BAFM) capacity-building seminar, hosted by the Bourse Regionale Valeures Mobilieres on April 25 - 26, 2019 in Abidjan, Ivory Coast. It is part of a series of stakeholder engagement programmes planned during the first phase of implementation of the AELP.


with Mr. Bilel Sahnoun, Chief Executive Officer, Tunis Stock ExchangeEXECUTIVE INSIGHTS:

Welcome to African Exchanges Mr. Sahnoun. Firstly, allow me to congratulate you on the TSE’s 50th anniversary, which you celebrated in June 2019. Reflecting on 50 years of the TSE, how has the Exchange evolved in recent times to meet the needs of global investors and businesses?

Thank you! Tunis Stock Exchange (TSE) has seen a series of evolutions since its creation in 1969 as a public institution in charge of organizing and managing the securities market. In January 1987, a structural adjustment program was launched in Tunisia and the legal framework of financial market was modernized in 1988. The following year, a new law on capital markets was introduced which called for public savings and bestowed Tunis Stock Exchange with investor protection responsibility. However, 1994, was a pivotal year, with a law that split the public exchange into a public regulatory agency and a private exchange which is supervised by the Ministry of Finance and equally owned by stockbrokers.

There have been several developments since then. The Tunis Stock Exchange obtained the ISO 27001: 2013 certification for information security management in 2017, in order to reinforce the quality and the security of our services. We are the first institution, operating in the financial sector in Tunisia, to be 27001 certified. In addition, the World Federation of Exchanges (WFE) formalized the admission of the Tunis Stock Exchange as a full member in 2018. This is expected to enhance the visibility of the country and companies listed on the Tunis Stock Exchange to foreign investors.

Our operating environment and regulatory landscape has also evolved. An investment law was promulgated in 2016 which simplifies the procedures for obtaining licenses, permits and investment authorizations

in Tunisia. A “transversal” law for the improvement of the business climate was also adopted in April 2019, which aims to eliminate all legal obstacles in order to mobilize investment and facilitate administrative procedures. These, in addition to the promulgation of Tunisia’s Corporate Social Responsibility (CSR) Act, help improve the ease of doing business in Tunisia and enhance the attractiveness and sustainability of our listed companies.

In the last seven years, the TSE has grown the number of exchange-listed companies from 59 to 82. What efforts and/or incentives have driven this increase and what more is required to attract new listings?

Several factors contributed to this growth. I must first mention the role of the alternative market, which is specially tailored to SMEs. Then, the fiscal incentives granted to companies that offer shares to the public, especially for holding and parent companies. Two other facilitators were the tighter prudential rules imposed on the banking sector and the deployment of a stock market education program.

Indeed, education has been a key focus area for the Tunis Stock Exchange. We launched Investia Academy in 2014, to bring the culture and the principles of the stock market to a wide spectrum of the public - students, investors, companies, journalists, executives, and others. The Academy is just one facet of the wider Investia program, which was launched in 2012 with the financial support of the Investment Climate Facility for Africa (ICF Africa) fund.

The latest addition to the program is Investia Enterprise which seeks to facilitate companies, including SMEs, to raise funds through the financial market. Other components include an exhibition on the stock market and financial services and an online stock market game called my Investia, which helps users learn best practices in equity portfolio management.

In this issue, the African Exchanges team sat down with Mr. Bilel Sahnoun, Chief Executive Officer of the Tunis Stock Exchange (also known as the TSE or Bourse des Valeurs Mobilières de Tunis). Mr. Sahnoun has been helming the affairs of the TSE since February 2015. He discusses the growth journey and future plans of the bourse as it marks its golden jubilee, and shares his perspectives on opportunities for exchanges and businesses in a “more connected Africa”.

There appears to be a keen focus on small-and medium-sized enterprises (SMEs) under this growth strategy. Could you tell us about the Investia Enterprise programme which was launched during the quarter?

The Investia Enterprise program aims to facilitate 120 SMEs to access non-bank financing through an IPO, a bond issue or venture capital. Participating SMEs will be selected based on their growth potential, potential for job creation and quality of management and governance. Those selected, will benefit from a number of subsidized services such as diagnosis, business plan preparation, networking, financial evaluation, prospectus preparation, etc. The program is financed by the British Government through the African Development Bank. We are set to launch a dedicated web portal which will receive applications from SMEs shortly.

The African Continental Free Trade Agreement (AfCFTA) is expected to create new opportunities for regional SMEs and larger corporates. In your view, how will the TSE (and other African exchanges) need to innovate to support African businesses to move beyond borders?

Through the creation of a single market, the African Continental Free Trade Agreement is expected to boost intra-African trade

for all African companies - and not only for companies, but also for stock exchanges and for stock market professionals. I believe it will offer huge opportunities for our countries. As capital market operators, we have to support and advocate for harmonization of market regulations between our countries. The best way is to conform to international standards, in terms of regulations, market infrastructures and financial services. It will then be easier to target investors and companies all around Africa. Of course, it will require relaxation of restrictive exchange rate and investment policies.

As regional cooperation remains a high priority on the African agenda, how important are partnerships within the region’s capital markets? How can African exchanges collaborate for greater impact?

Partnerships within the region’s capital markets are useful as they create much bigger opportunities for investors and for companies. African capital markets still face challenges in terms of market size, depth and fragmentation. Additionally, investment culture is still at an early stage and investor information can still be improved. Co-operation not only facilitates knowledge-transfer, but provides new opportunities for risk diversification and product innovation.


www.cfainstitute.org

CFA INSTITUTE AND THE AFRICAN SECURITIES EXCHANGES ASSOCIATION PARTNER TO PROMOTE FINANCIAL EDUCATION WITHIN AFRICA

CFA Institutes partnership will see globally respected education products offered at a discounted price. We will see:

• CFA Program Scholarship for eligible candidates offered

at USD 350

• The Certificate in Investment Performance

Measurement Program (CIPM) offered for USD 350

• CFA Institute Investment Foundations ™ certificate

available for USD 200

• Ethical Decision-Making webinar available for all

This is open exclusively to all institutions associated with the ASEA community.

Contact your local CFA Society for more information.

The Nigerian Stock Exchange announced the listing by introduction of 20.35 billion ordinary shares of MTN Nigeria Communications Plc (MTN Nigeria) at 90 Naira per share, on its Premium Board, on May 16, 2019.

MTN Nigeria, a part of the MTN Group, Africa’s leading cellular telecommunications company, is the first telecommunications network provider to be listed on the NSE Premium Board, a listing segment for the elite group of issuers that meet The Exchange’s most stringent corporate governance and listing standards. This Board features Dangote Cement Plc, FBN Holdings Plc, Zenith International Bank Plc, Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc.

The bourse has expressed optimism that the MTN Nigeria listing, which is the NSE’s second largest, will encourage other telecommunication companies to list their shares on The Exchange, thereby opening the sector up to cheaper, long term capital that will boost innovation and development.

The Nigerian Stock Exchange admits MTN Nigeria to its Premium Board

SPOTLIGHT ON NEW LISTINGS:


Nedbank Lists Green Bond on the Johannesburg Stock ExchangeSPOTLIGHT ON NEW LISTINGS:

On April 30, 2019, the Johannesburg Stock Exchange (JSE) celebrated Nedbank Limited’s listing on its Green Bond Segment. Nedbank Limited is the first commercial bank in South Africa to list a green bond on the JSE’s Green Bonds segment. The JSE’s Green Bond Segment was launched in October 2017 and it provides companies with an effective tool to raise capital for investments that are specifically earmarked for climate and environmental projects. Speaking on the listing, Donna Nemer, Director of Capital Markets at the JSE said “As a multi asset class exchange, the JSE is pleased to be the venue of choice for Nedbank and we welcome them to the Green Bond Segment. Responsible investments have become a business priority for many organisations across the globe, and although this is the third green bond to list on our segment, we believe there is significant potential for growth in South Africa and on the continent.” Nedbank Limited placed an amount of R1.7bn of bonds in the market to fund renewable energy projects. This was three times oversubscribed as they received bids totalling R5.5 billion, demonstrating strong investor appetite for good-quality environmental, social and governance (ESG) focused assets. According to Bruce Stewart, Head of Debt Capital Market Origination at Nedbank CIB, the issue of the Renewable Energy Bond forms a key part of Nedbank’s commitment to delivering tangible financial support to projects that contribute towards the achievement of the United Nation’s Sustainable Development Goals (SDGs). “As a bank with a stated purpose to use our financial expertise to do good for individuals, families, businesses and society, Nedbank has committed itself to contributing meaningfully to the achievement of the SDGs,” Stewart explains, “and this new Renewable Energy Bond is a key way in which we are transforming that sustainable development intent into tangible action.” Stewart explained that, in line with this sustainable development commitment, Nedbank has recently undergone a process of aligning its commercial activities with the SDGs, the result of which has been the commitment of a significant portion of the bank’s lending book towards sustainable activities, particularly in the renewable energy space. The issuance of green bonds allows companies to strengthen their credentials as sustainable and responsible organisations, whilst allowing investors to gain socially responsible investment opportunities. The JSE has three bonds listed in its Green Bonds Segment with a market capitalisation of R5.10 billion. ESG isn’t simply a nice to have. “It is about positioning our market for a more resilient, green economy and providing investors with socially conscious debt products.” concludes Nemer.

EXCHANGE NEWS


To celebrate its 50th anniversary, the Tunis Stock Exchange (TSE) organized, with the support of the Konrad Adenauer Stiftung Foundation, the 1st edition of the Forum of the Tunis Stock Exchange. The Forum was opened by Mr. Ridha Chalghoum, Minister of Finance, and closed by Mr. Youssef Chahed, Chief of Government. Also present at the event was Her Excellency Louise de Sousa, Ambassador of the United Kingdom in Tunisia, who reaffirmed the commitment of her country to support the development of the Tunisian financial market.

The main theme of the Forum was the attractiveness of the Tunisian financial market and its contribution to SME financing. In his Opening Address, the Minister of Finance presented a pragmatic and optimistic view of the financial market, which has undergone reforms over the last few years. The Minister announced that the recommendations of the Forum will be taken into account and examined at the highest governmental level.

Former managers of stock market institutions were invited to the Forum and honored for their valuable contributions. Additionally, the El Amouri Institute presented a summary of the results of its survey on Financial Market Perception, which was conducted with support of the Konrad Adenauer Stiftung Foundation.

In his remarks, the CEO of the Tunis Stock Exchange outlined the recent achievements of the TSE which included: ISO 27001 certification for information security management; full membership of the World Federation of Exchanges; and adoption of a corporate social responsibility strategy following admittance to the United Nations Sustainable Stock Exchanges initiative.

Tunis Stock Exchange Celebrates 50th Anniversary

Casablanca Stock Exchange Tunis Stock Exchange

Kick-Off of the 7th Elite Morocco CohortThe Casablanca Stock Exchange launched, in June 2018, the 7th cohort of the ELITE Morocco program, composed of 12 new companies.

With this new cohort, ELITE Morocco has more than 84 companies operating in 22 sectors with a turnover of more than 17 billion dirhams. ELITE Morocco is now supported by 22 partners and 7 investors.

This event was marked by the certification of 5 companies from the program, bringing the number of ELITE Morocco certified companies up to 25.

This event was also marked by the distinction of 12 ELITE Morocco companies featured in the Companies

to Inspire Africa. This book, published by London Stock Exchange Group, sheds light on African companies that are growing rapidly and dynamically.

During this event, the Casablanca Stock Exchange announced the launch of the third cohort of ELITE BRVM LOUNGE by Bourse Régionale des Valeurs Mobilières (BRVM).

ELITE BRVM LOUNGE was launched in 2018 by the Casablanca Stock Exchange, the BRVM and the London Stock Exchange Group with the aim of supporting the development of companies in the West African Economic and Monetary Union zone.

The Casablanca Stock Exchange held the 4th Edition of Morocco Capital Markets Day on April 15-16, 2019, in London, United Kingdom . The goal of this event, held in partnership with the London Stock Exchange Group, was to promote the Moroccan financial market on the international scene.

In this respect, a presentation on the economic and financial environment in Morocco was made in the presence of an array of personalities, speakers and experts from both private and public financial sectors. One-to-one meetings between Moroccan publicly traded companies and international investors were also organized on this occasion.

The 4th Edition of Morocco Capital Markets DayThis edition was a great success with more than 200 participants. Furthermore, the event allowed participating Moroccan issuers to hold over 244 meetings with international investors.


Nigerian Stock Exchange

The Nigerian Stock Exchange (NSE), in partnership with REDmoney Group, organised the inaugural edition of the IFN Nigeria Forum, themed, “Harnessing the Islamic Finance Sector for Infrastructure Development and Economic Growth”, on Tuesday, June 18, 2019, at the Eko Hotels and Suites, Lagos.

The IFN Nigeria Forum 2019 brought together decision-makers, regulators and investors, who exchanged their views and experiences on opportunities in the Nigerian Islamic finance market. It featured a mix of panel sessions, onstage interviews and interactive sessions on a number of themes in Islamic finance including, Corporate Financing and Capital Raising in Nigeria; Funding Infrastructure and

Social Welfare Requirements in West Africa and Islamic Finance, Investment, Banking and Takaful in Nigeria.

In his opening remarks Mr. Oscar N. Onyema, OON, Chief Executive Officer, NSE, ably represented by Mr. Jude Chiemeka, Divisional Head, Trading Business, NSE, applauded the Federal Government of Nigeria, the Debt Management Office, the Securities and Exchange Commission, the National Pension Commission for showing unwavering commitment to the deepening and growth of Islamic Finance in Nigeria.

Mr. Onyema stated that “the Islamic finance sector presents numerous opportunities for enhancing the economic fortunes of Nigeria and The Exchange will continue to work with market stakeholders to ensure the development of a robust Islamic

Industry Experts Explore Opportunities for Islamic Finance in Nigeria

The 4th Edition of Morocco Capital Markets Day

finance sector. In 2016, for example, we developed and publicized our rules governing the listing of Sukuk and similar debt securities to provide regulatory guidance for issuers seeking to list their instruments on our platform. In line with the SEC’s Non-Interest Capital Markets Product Master Plan, we have also identified five strategic pillars critical for the growth of the sector. These include a strong regulatory framework, capacity building, product development, robust primary and secondary markets, and market awareness programs such as these.

“We have already started executing on these pillars and recently hosted a training exercise for the market. We will also continue to provide an efficient and liquid market for investors and businesses in Africa, to save and access capital. We promise to continue our collaboration with all market stakeholders, to collectively contribute towards the enhancement of this new asset class, and ultimately towards the growing Islamic finance in Nigeria and Africa at large,” he said.

Some of the speakers at the event include Ms Mary Uduk, Acting Director-General, Securities and Exchange Commission (SEC), represented by Abdulkadir Abbas; Ms Patience Oniha, Director-

General, Debt Management Office of Nigeria; Hajia Aisha Dahir-Umar, Acting Director-General, National Pension Commission (Pencom), represented by Dr Umaru Farouk Aminu, Head, Research & Strategy Management Department, Pencom; Mr Jude Chiemeka, Divisional Head, Trading Business, NSE; Hajara Adeola, Managing Director/CEO, Lotus Capital; Adeola Sunmola, Partner, Udo Udoma & Belo Osagie and Oluseun Olatidoye, Head, Debt Capital Markets, FBNQuest Merchant Bank.

NSE Launches X-Academy E-Learning to Provide High Quality and Affordable LearningIn a bid to make quality learning accessible and affordable to individuals, corporations and institutions, The Nigerian Stock Exchange (NSE) announced the launch of its online learning platform, X-Academy e-learning, on Monday, June 3, 2019.

X-Academy e-learning is an innovative online learning platform that offers users ease of access to highly structured and comprehensible self-paced capital market and soft skills learning content, at their convenience. It provides flexible, interactive and personalized learning that fits the user’s schedule beyond geographical location. The platform currently features some free courses and can be accessed on https://x-academy.nse.com.ng/ekp/home.html.

Commenting on the launch of X-Academy e-learning, Ms Pai Gamde, Chief Human Resource Officer, NSE, expressed satisfaction at the continued success of X-Academy in providing financial education in Nigeria. “Since the launch of X-Academy in 2017, we have facilitated over 50 training programmes for

over 2,000 individuals. With a carefully curated list of courses led by industry experts within and outside the capital market, X-Academy e-learning will make the training on offer at our brick and mortar X-Academy reach a much wider audience than ever before, thus increasing the number of users and making it more impactful”.

“The launch of X-Academy e-learning will redefine learning experiences, as users can now take control of their learning when and where they need it. This initiative will support our drive to building and sustaining financial literacy, by providing accessible, cost-effective and high-quality learning to our ecosystem. The provision of X-Academy e-learning is surely a breakthrough for us at the Exchange, as we look to give our stakeholders the tools to achieve excellence”, Ms Gamde added.


In its quest to continually champion sustainable practices in the African capital markets, The Nigerian Stock Exchange launched Facts Behind the Sustainability Report (FBSR) on Thursday, May 30, 2019, at the Stock Exchange House, Lagos. Styled after the NSE’s flagship Facts Behind the Listing and Facts Behind the Figures event series, the Facts Behind the Sustainability Report is designed to further promote the adoption of Environmental, Social and Governance (ESG) practices, reporting, and disclosure and encourage responsible long-term approaches to investment. It provides a platform for listed companies to address stakeholders with in-depth analysis of their sustainability initiatives, as well as spotlight stakeholder engagements, materiality, standardization, and overall disclosures.

Dangote Cement Plc (DCP), which presented the Facts Behind its 2018 Sustainability Report at the event, became the first listed company to leverage the platform. The event brought together CSR-Sustainability consultants & assurance providers, investors, stockbrokers, shareholders associations, media, and other investment stakeholders.

Commenting on the launch of the FBSR, the Chief Executive Officer of the NSE, Mr Oscar N. Onyema, OON, who was represented by the Head of Corporate Services Division, NSE, Mr Bola Adeeoko, said that “better ESG reporting is key to strengthening capital markets and achieving a sustainable global economy. The Exchange is strategically positioned to influence the adoption of globally recognized sustainability standards by Nigerian businesses and we continue to highlight the importance of sustainable business practices in delivering value to our listed companies and investing public to support economic growth”.

“To consolidate our efforts of partnering with listed companies to create value through reporting, we are happy to launch the NSE Facts Behind the Sustainability Report to facilitate more meaningful engagement between investors and listed companies on ESG risks and opportunities. We are pleased that Dangote Cement Plc has chosen to champion the maiden edition of the Facts Behind the Sustainability Report series both to launch and discuss highlights of their first ever stand-alone sustainability report. It is our belief that this giant step taken by DCP will encourage other listed companies, especially those on the Premium Board, to come for their FBSR at The Exchange. This will provide them with a platform to showcase their efforts in sustainability and corporate governance as well as address investors’ requirements on ESG issues”, added Onyema.

NSE Launches Facts Behind the Sustainability Report to Promote ESG Reporting

Industry Experts Explore Opportunities for Islamic Finance in Nigeria

Speaking during the event, Group Managing Director, Dangote Cement Plc, Engr. Joseph Makoju said, “we have identified and are leveraging sustainability to drive regulatory compliance, proactive risk management, and building trust and goodwill in the countries, markets, and communities where we operate.”

In a goodwill message delivered at the event, the Group Managing Director, Dangote Industries Limited, Olakunle Alake stated that “at Dangote Group, the vision of the business from the outset is to create value for all stakeholders and positively impact and transform the economies where we operate. This is what we call ‘The Dangote Way’. If our experiences in the last three decades are anything to go by, we can say with utmost confidence that this sustainable business model has been a win-win. Our people and economy-centric approach to business have no doubt been the fact behind the great success that the Dangote business story has become, and the anchor on which our continued growth, expansion and longevity is anchored.”

Consistent with its commitment, NSE, earlier this year hosted a Sustainability Reporting Implementation Workshop in partnership with Global Reporting Initiative as a way of helping listed companies adopt reporting principles discussed in the recently launched NSE Sustainability Disclosure Guidelines.

The Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange have moved to make the processes involving listing on the NSE more efficient and cost-effective by streamlining the approval process between the SEC and the NSE. The streamlined process which will come into effect on June 1, 2019, is aimed at reducing the regulatory burden on issuers by eliminating duplication of processes between the SEC and the NSE, reducing the time to market for the issuance and listing of securities and ultimately driving more listing on the Exchange.

SEC, NSE Streamline Listing Process to Encourage More Listings

With the streamlined processes, the SEC and the NSE will carry out joint site visits of companies intending to get listed, following the registration of their securities with the SEC. In the same vein, certain offer documents such as the Vending Agreement, Underwriting Agreement, Trust Deed and ISPO, identified to be strictly within the jurisdiction of the SEC are to be submitted only to the SEC. Also, The Exchange will rely on SEC for approval of offer documents such as a Prospectus.


Mr Isiyaku Bala Tilde the Ag. Executive Commissioner Operations at the Securities and Exchange Commission disclosed that “Streamlining the issuance process with the listing process of the NSE is a major milestone for the Commission in its quest to create an enabling environment capable of attracting New Listings. One of our core values is leading by example, and we hope that other stakeholders will also look inward to explore similar initiatives which will ensure quick time to market of securities in our market. We have no doubt that the streamlined process will enhance the competitiveness of the Nigerian capital market as a global investment destination.”

Speaking on this development, Ms Tinuade Awe, Executive Director, Regulation at The Nigerian Stock Exchange said, “I commend the SEC for working with us in streamlining the listing process for securities on The Exchange. The NSE is much obliged for the SEC’s demonstration of a worthy example of effective collaboration all through this process in the interest of the market. As an agile exchange, we are determined to make it easier for issuers to list their securities in our market in an efficient, timely and cost-effective manner. The NSE began its collaboration with the SEC by identifying areas of duplication and overlap between the two organisations, paving way for a better experience for issuers. We believe this will potentially attract more issuers to list their companies and other securities on the NSE.”

The Nigerian Stock Exchange has donated a sum of N10 million to Maisandari Alamderi Model Nursery and Primary School, located in the Abuja Talakawa District of Maiduguri. This donation is in fulfilment of the Exchange’s commitment to a three (3) year funding scheme for the administration and maintenance of the school which it donated to the Borno State Government in 2017, to help Internally Displaced Persons (IDPs), as part of NSE Corporate Social Responsibility (CSR) programme.

Speaking on the development, Mr Bola Adeeko, Divisional Head, Shared Services, NSE, said, “As an organization, we are convinced that education is key to unlocking Africa’s greatest potential, hence, our huge investment in educational intervention programs. We will continue to do our best to create community-focused initiatives to support the United Nations Sustainable Development Goal (SDG) number 4, which seeks to achieve inclusive and equitable quality education for all by 2030. We donated the Maisandari Alamderi Model Nursery and Primary School not just to provide quality education in the IDP camp but to also create a model for an educational experience for vulnerable children in underserved and crisis-prone communities”.

In its 18th month of existence, the Borno school initiative has received positive feedback and testimonials from community leaders and parents as it continues to make giant strides, having directly

NSE Ramps up Support for Maisandari Alamderi Schoolimpacted over 200 families. It has recorded zero dropouts of the 250 pupils enrolled; improved learning outcomes in speaking, reading and writing among the pupils - many of the pupils that had never attended any formal school before are now reading English texts fluently and unaided; and upskilled teachers with technology-based delivery of the standardized curriculum.

“The achievements recorded have been made possible by the critical roles played by our implementing partner, Bridge International Academies, the Borno State Government, SUBEB Chairman, Local Government and other stakeholders who are committed to sustaining the impact of this project. We are currently working to expand this intervention and hope that other organizations and individuals can join us in our efforts to increase access to qualitative education for the IDPs”, said Adeeko.

Adesuwa Ifedi, Bridge VP of Policy and Partnerships in Africa, also expressed satisfaction with the Borno School project: “Bridge is proud to be partnering with NSE to realise its vision of providing quality life-changing education for former IDP children. Since inception, the Borno school has had a significant impact on the entire community, strengthening basic education for a more sustainable and brighter future. Our specialized training and learning content has helped local teachers embrace new teaching techniques to transform learning outcomes for their pupils. While thanking the NSE for its generous donation, we hope to sustain our partnership with NSE to extend this intervention to other states particularly in the North-East to ensure every child has the opportunity to be educated”.

The Nigerian Stock Exchange (NSE) organized a Retail Investor Coverage Workshop, themed, “Investment Masterclass: Making Your Money work”, on Monday, May 13, 2019, at the NSE event center in Lagos. The event which featured presentations from key industry influencers market specialists and investment strategists across Nigeria was designed to provide vital and strategic information targeted at equipping existing and prospective investors with useful skills to effectively manage and grow financial resources at their disposal, as well as expose them to retail investment opportunities available in the capital market.

In his remarks, the Divisional Head, Trading Business, NSE, Mr. Jude Chiemeka, said that “Nigeria has a population of over 190 million people and is the largest economy in Africa. However, the current financial inclusion indices of 48 percent leave much to be desired. Currently, there are about three million retail investors in the Nigerian capital market, representing only three percent of the total adult population in the country”.

“Financial inclusion is a priority for stakeholders in the capital market and the Exchange makes it a primary concern to contribute towards the achievement of Nigeria’s National Financial Inclusion Strategy of reducing the proportion of adult Nigerians that are financially excluded to 20 percent in the year 2020. The Exchange recognizes the need to improve investor participation and we are leveraging recent capital market initiatives such as the tiered Know Your Customer requirements for capital market investments, as well as promoting the introduction of globally competitive investment products with low entry thresholds, to achieve financial inclusion goals. These initiatives had begun to yield positive results as the market had, in recent times, witnessed an upturn in retail investor participation. The market data from 2019 showed that retail investors outperformed institutional investors by eight percent in January, and again by two percent in March 2019”.

According to Chiemeka, the Retail Coverage Department of NSE will be rolling out measures directed at encouraging retail investor involvement in the capital market. Over the next few years, various investment workshops will be held across the country.

NSE Hosts Retail Investor Coverage Workshop


Efforts by The Nigerian Stock Exchange to encourage the Nigerian Government at all levels to privatize and list the shares of state-owned enterprises on its market received a boost with the listing of 1,353,580,000 ordinary shares of Skyway Aviation Handling Company Plc (SAHCO Plc). Priced at N4.65, the shares were listed by way of an Initial Public Offering (IPO) on the Main Board on Tuesday, April 23, 2019.

NSE Welcomes SAHCO Plc To The Main Board

SAHCO Plc is the first company under the Bureau of Public Enterprises (BPE) privatization programme to successfully finalize an Initial Public Offering and list its shares on a securities exchange. The company is a full-scale aviation ground handling service provider with a focus on aircraft/ramp handling, cargo handling, passenger handling, premium lounge, aviation security and baggage reconciliation. The firm enjoys the patronage of a clientele that spans international and local commercial airlines, as well as other air cargo companies.

The listing of the company’s shares has added N6.29bn to the market capitalization of The Exchange, further deepening the Nigerian capital market. It has also increased the visibility of SAHCO Plc whilst solidifying its brand as a major player in the Aviation sector.

In her welcome remarks, the Executive Director, Regulation, NSE, Ms. Tinuade Awe, commended SAHCO Plc for taking the bold step to list on the Exchange. “We are particularly pleased that SAHCO Plc has taken this strategic step to join the Main Board of the Exchange and in so doing, the prestigious club of quoted companies in Nigeria. This step indicates the firm’s belief that our platform remains a veritable avenue for raising capital and enabling sustainable national growth. I commend SAHCO Plc for this bold and strategic step which will not only showcase the company as an established player in the Aviation sector but will enable the firm to actualize its strategic vision of becoming the leading provider of passenger, Ramp and Cargo Handling Services in the West African Sub Region”.

Ms Awe, also stated that The Exchange encourages other privatized state-owned enterprises to explore the different opportunities in the capital markets for raising long term capital.

SAHCO was incorporated as a private limited liability company under the name Skyway Aviation Handling Company Limited on 22nd April 2009. The Company is a member of the Sifax Group. In 2009, the Sifax Group, through SAHCO, acquired the Federal Government’s 100% equity stake in Skypower, an aviation ground handling services entity, under the privatization programme of the Nigerian Government. Following the acquisition, Skypower became a wholly owned subsidiary of SAHCO, with its operations taken on by the Company.

As part of efforts to curb the drought of IPOs in the Tanzanian market, the DSE is preparing to launch a capacity building program for high potential SMEs, dubbed the “DSE Enterprise Acceleration Program”.

The specially tailored program aims to build capacity for SMEs, encourage long-term investment in growth companies and enable SMEs to attract diverse sources of capital like private placements, crowdfunding, Public Offerings etc.

The program is expected to increase the DSE’s outreach capabilities as it seeks to support participating companies

to build understanding to manage their business sustainably and become attractive investees.

Speaking on the Program, the CEO of the DSE, Mr. Moremi Marwa said, “The DSE Enterprise Acceleration Program will be a game changer for SMEs as the DSE takes on the historic challenge of access to capital.”

The first cohort of the Program is expected to start in August 2019 and run for 18 months. It will consist of 12 months classroom text material and 6 months of coaching and mentorship.

Dar es Salaam Stock Exchange

Mr. Moremi Marwa, CEO, Dar es Salaam Stock Exchange


FMDQ Securities Exchange

The FMDQ Derivatives Market Development Project was activated in 2018 to set the tone for and facilitate the launch of a standardised derivatives market in the Nigeria. In this regard and as part of the Derivatives Project Stakeholder Engagement and Sensitisation plan, FMDQ, through the FMDQ Academy franchise, kicked off a series of training sessions from April 2019.

These bespoke trainings, directed at different segments and participants of the Nigerian financial markets, are designed to address the diverse interests represented in the derivatives market and provide a holistic understanding of the derivatives market ahead of the official launch of new products into the market.

FMDQ Holds Derivatives Market Training for Market Participants

The first stream of the training series which provided a holistic understanding of the Nigerian derivatives market, commenced on Monday, April 29, 2019, and ended on May 3, 2019. The 4-day training which held at the Exchange Place was attended by risk managers, securities dealers, fund/portfolio managers, traders, chief financial officers (CFOs), and investment officers, inter alia.

A number of these trainings are planned to hold during the course of the year. As FMDQ gears towards the launch of other derivatives products beyond the OTC FX Futures product, it is imperative that the market and indeed, all participants are well-equipped with the necessary know-how and capacity to utilise these products vis-à-vis the hedging options they present to effectively manage their risk exposures.

FMDQ Commences Derivatives Market Training Series for Market Participants

FMDQ Holds Series II Bootcamp Training for Corporate Issuers in the Nigeria Debt Capital MarketsOwing to the need for increased stakeholder engagement and continuous market sensitisation on the opportunities that exists in the Nigerian debt capital markets (‘DCM’) for corporates seeking to raise capital for their businesses and beyond, FMDQ Securities Exchange Plc., through the Debt Capital Markets Development (‘DCMD’) Project, is deploying a series of bootcamp training sessions across various stakeholder groups in the Nigerian DCM.

These training sessions, an initiative of the Investors, Issuers & Intermediaries Engagement/ Education (‘IIIEE’) Sub-Committee of the DCMD Project, which aims to build capacity and know-how of the DCM stakeholders with respect to debt issuances, was flagged off by the Series I Bootcamp Training Programme in October 2018. The inaugural session brought together potential issuers with the aim of promoting an increase in capital formation through the Nigerian DCM.

In the same vein, the Series II Bootcamp Training Programme which held on Friday, June 14, 2019, at FMDQ’s business

complex, Exchange Place, brought together corporates and other potential issuers in the Nigerian financial markets. With its theme – The Nigerian Debt Capital Markets: A More Viable Means of Financing for Corporates – the session focused on the importance of good corporate governance practices for potential issuers that seek to expand their businesses and grow profitability in the long term, modalities for accessing various finance options in the Nigerian DCM and steps to simplifying the documentation process required, amongst others.

The DCMD Project is a market-wide initiative comprising of 85 members from various stakeholder groups including regulators, pension fund operators, investment banks, solicitors, fund managers, corporates etc. The Project was set up by FMDQ in collaboration with these key market stakeholders with the aim of stimulating and positioning the Nigerian DCM to deliver on its developmental role

The Federal Republic of Nigeria (FRN), through the Debt Management Office (DMO), listed its latest dual-tranche US$2.50 billion Eurobonds under a Global Medium-Term Note Programme on FMDQ Securities Exchange PLC (FMDQ)’s platform during the month. The listing of foreign currency-denominated debt securities by the FRN, shows the government’s unrelenting commitment to supporting the growth and development of the nation’s DCM towards economic development. The FRN intends to use the proceeds from these Eurobonds to fund the fiscal deficit and other financing needs of the nation.

Through its product and market development initiatives, FMDQ, with the collaborative efforts and support of its key stakeholders, continues to fulfill its

The Federal Republic of Nigeria Lists its latest Eurobonds on FMDQ

mandate of revolutionising the Nigerian financial markets; having successfully positioned its operations, through its streamlined and expeditious processes, towards deepening the DCM, with an audacious goal of upgrading the standards of the Nigerian financial market to global levels. A formal listing ceremony will be held in due course to commemorate this listing.


in the economy, by taking deliberate steps to address the challenges faced by the various segments of the market.

As part of its mandate to make the Nigerian financial markets “GOLD” – Globally Competitive,

Operationally Excellent, Liquid and Diverse – FMDQ, through the DCMD Project, continues to champion initiatives aimed at making it easier for DCM stakeholders to access and raise capital in line with its role as an economic development catalyst, serving to bring prosperity to the Nigerian citizenry.

FMDQ Holds Series II Bootcamp Training for Corporate Issuers in the Nigeria Debt Capital Markets

In June 2018, FMDQ Securities Exchange Plc., Financial Sector Deepening (FSD) Africa, and Climate Bonds Initiatives (CBI) - together known as the Partners - collaboratively launched the Nigerian Green Bond Market Development Programme, with key objectives including, but not limited to, the development of green bonds as an investible capital markets instrument, development of local verifiers and support for demonstration issuances. A key takeout from the Programme Launch in June was the call for capacity development/training across the entire financial markets’ ecosystem.

In line with achieving these objectives, the Partners hosted capital market practitioners on May 30, 2019 through its umbrella association, Capital Markets Correspondents Association of Nigeria (CAMCAN), - partners to the financial market development agenda - to an interactive Media Engagement Workshop to demystify the concept of green bonds and its general applicability in the Nigerian financial markets.

FMDQ, FSD Africa & CBI Host CAMCAN to Media Engagement Workshop on Green Bonds

The Workshop essentially focused on providing awareness and empowering the media practitioners and financial markets correspondents on the impact of climate change vis-à-vis the urgent need for sustainable financing for the Nigerian economy; and to demystify the economic opportunities offered with issuing green bonds, among others. In addition to building capacity around this globally important discourse, the Workshop provided technical know-how towards improving the reporting of future developments in this regard by the participants, and is the first of a series of sessions within the Programme to boost the understanding and appreciation of green bonds across the financial markets value chain, including market stakeholders and policy makers.

FMDQ, FSD Africa & CBI Host CAMCAN to Media Engagement Workshop on Green Bonds


The FMDQ Next Generation Financial Market Empowerment Programme (FMDQ-Next), a corporate responsibility programme which was activated in 2018 to foster financial markets education amongst students – primary, secondary and university levels – and fresh graduates in Nigeria, has commenced its ‘teach-a-class’ initiative.

The ‘teach-a-class’ initiative which directly targets students at the tertiary level, including but not limited to fresh graduates as well as participants of the National Youth Service Corp (NYSC), was deployed via series of 5-day sessions which held throughout the month of May 2019 at Exchange Place.

From educational and interactive financial markets exercises to a host of other fun activities, participants

FMDQ-Next Activates “Teach-a-Class” Initiative… Empowers the Next Generation of Financial Market Doyens

were introduced to the concept of savings and investments, the mechanics of the foreign exchange (FX), fixed income and derivatives markets, among others. They were also given the opportunity to trade in these markets via a simulated environment, powered by FMDQ’s Q-Hub.

Acknowledging the pivotal role which the upcoming generation play in shaping the future of the nation, FMDQ is committed to providing learning and development opportunities/avenues aimed at promoting financial markets literacy as well as building capacity – ‘catching them young’ – to empower the Nigerian youth. In a similar vein, FMDQ-Next Summer Camp Training Sessions which are availed to students at the primary and secondary school levels, will commence in July 2019 and run through till August 2019.

FMDQ-Next Activates “Teach-a-Class” Initiative… Empowers the Next Generation of Financial Market Doyens

FMDQ Hosts Ms. Laure Beaufils, Outgoing British Deputy High Commissioner to Nigeria at Exchange Place FMDQ hosted Ms. Laure Beaufils, the British Deputy High Commissioner to Nigeria, at Exchange Place on Monday, May 20, 2019, in recognition of the invaluable support from the British High Commission in Nigeria towards the advancement of the Nigerian financial markets and indeed, the economy.

Ms. Beaufils, in the company of other senior

executives of the Commission including Mr. Guy Harrison, Head of Prosperity; Mr. Hamed Kamal, Head of Trade and Investment; Mr. Richard Sandall, Senior Adviser, Department of International Development, were given a tour of the Exchange Place and also the FMDQ Q-Hub, a trading simulation room for FMDQ-Next’s learning and development initiative. Other major highlights of the ceremony included an ‘In the Spotlight’ session which saw the guest of honour, Ms. Beaufils, share her major achievements,

challenges and experiences in her time as British Deputy High Commissioner to Nigeria.

Ms. Beaufils, during her special address, expressed her delight and appreciation to FMDQ for the warm reception and for

honouring the British Deputy High Commission. She went on to note that “FMDQ and the UK Government share similar visions and objectives for the Nigerian financial market”; a vision for a prosperous Nigeria as well as a globally competitive financial market”.

FMDQ Hosts Ms. Laure Beaufils, Outgoing British Deputy High Commissioner to Nigeria at Exchange Place

With the global momentum towards building sustainable financial systems, the increasing significance of environmental, social and governance (ESG) factors on financial sector development and the growth in green and sustainable finance initiatives world over, the City of Lagos joined, on May 30, 2019, twenty-three (23) other international financial centres, including London, New York, Paris, Geneva, Hong Kong, Shanghai, Seoul, to mention a few, as a member of the International Network of Financial Centres for Sustainability (“FC4S Network”), a United Nations (UN) Environment Programme-convened international network that seeks to shift private capital to climate friendly and green investments.

The objective of the FC4S Network is to create a platform for financial centres to exchange experiences and take common

action on shared priorities to accelerate the expansion of green and sustainable finance and the long-term vision of the Network is rapid global growth of green and sustainable finance across the world’s financial centres, supported by strengthened international connectivity, and a framework for common approaches, a vision that closely aligns with FMDQ’s Debt Capital Markets Development (DCMD)’s economic development agenda to reposition and organise the Nigerian Debt Capital Market (DCM) to access a global pool of long-term sustainable capital.

This landmark achievement for Lagos, a megacity whose securities exchanges have over 860 listed securities, valued at more than USD 360 billion,

FMDQ, UNEP, Others champion Lagos Financial Centre for Sustainability …Lagos joins London, New York, Paris, 20 other Financial Centres in FC4S Network


which now extends the membership of the FC4S Network to three (3) African countries – Morocco, Kenya and Nigeria. It was facilitated by FMDQ Securities Exchange PLC (“FMDQ or the Exchange”), through the activation of the Lagos Financial Centre for Sustainability (“LFC4S”) in April 2019, following a challenge posed to FMDQ by the UN Environment Programme (UNEP) Inquiry, to provide an advocacy platform that will support policy makers to mobilise impact investments and drive standards needed to tackle the state’s socio-economic challenges.

With forty-three (43) senior representatives from twenty-six (26) organisations in attendance at the inaugural LFC4S meeting convened by FMDQ, participants approved the constitution of a Governance Board, and unanimously elected Mr. Bola Onadele. Koko, MD/CEO, FMDQ, as the Chairman and Mr. Doyin Salami, CEO, Kainos Edge Consulting Limited, as Vice Chairman. Furthermore, FMDQ was selected as the LFC4S Secretariat and four (4) Thematic Leads – Dr. Farouk Aminu (Head, Investment Supervision, National Pension Commission), Mrs. Kemi Awodein (Managing Director, Investment Banking, Chapel Hill Denham Advisory Limited), Dr. Andrew Nevin (Partner & Chief Economist, PricewaterhouseCoopers) and Mr. Chidi Mike-Eneh (Head of Credit, Infrastructure Credit Guarantee Company Limited) – were appointed to lead the following Thematic Areas – Policy & Regulation; Issuances & Investments; Research, Education & Engagements and Legal & Risk Management, respectively.

Recognising the potential of the LFC4S, Satya S. Tripathi, UN Assistant Secretary-General and Secretary of the UN Environment Management Group in the UN Environmental Programme, in his press release announcing the admission of Lagos into the Network, said “Lagos joining the FC4S opens up new possibilities for Nigeria and countries in West Africa to leverage sustainable finance for social and climate impact. We welcome Lagos into the fold and look forward to doing great things together.”

Commenting on the initiative, the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu said “I am confident that the establishment of the Lagos Financial Centre for Sustainability will contribute

significantly to Lagos State’s push to attract sustainable private capital that will complement public resources to address infrastructure and social challenges and enhance climate change mitigation. We support this initiative and congratulate FMDQ Securities Exchange and the UN Environment Programme for championing this innovative private sector-led solution.”

Recognising the need for a dramatic acceleration in green and climate financing, FMDQ, as an agent of change and champion of innovative game-changing financial markets initiatives, has been pioneering the establishment and development of sustainable financing in Nigeria. In demonstrating its commitment to promote investment in green initiatives and create a framework for climate change mitigation measures, FMDQ, in June 2018, partnered with Climate Bonds Initiative (“CBI”) and Financial Sector Deepening Africa (“FSD Africa”), to establish the Nigerian Green Bond Market Development Programme to create awareness and drive education required to integrate the principles of sustainable financing into the Nigerian DCM, thereby accelerating the development of the green bond market in Nigeria. In December 2018, at the request of UNEP, FMDQ and its Sustainable Finance Sub-Committee of the Debt Capital Markets Development (“DCMD”) Project 2025 supported the development and launch of the 2018 Nigerian Sustainable Finance Roadmap Report.

According to the 2018 Nigerian Sustainable Finance Roadmap Report, annual sustainable finance flow into Nigeria is estimated at just over $8 billion mainly from public sources. The Report maintains that to achieve the Nationally Defined Contributions (NDCs) of the Paris Agreement and meet the Sustainable Development Goals (SDGs) by 2030, the opportunity for sustainable finance-related private capital in Nigeria could be roughly twenty (20) times the current flows (i.e. $160 billion), which will go a long way to support investments in high impact areas such as clean energy, sustainable cities, agriculture, housing, healthcare, education, transport and digital infrastructure, which Lagos will benefit from as the commercial hub of the nation.

Mr. Bola Onadele. Koko, MD/CEO, FMDQ, also the convener of the inaugural LFC4S meeting and pioneer Chairman of the LFC4S Governance Board, opined, “as the economic and financial centre of Nigeria, Lagos has the advantage of financial resources and strong human capital to support the development of green and sustainable financial markets, and FMDQ, in collaboration with key market stakeholders, will continue to devote resources to drive initiatives that will entrench sustainability in the

Nigerian economy.” He further stated that the LFC4S will work actively with other financial centres to ensure global growth in green and sustainable finance, thereby delivering long-term prosperity to Nigeria. He concluded that “FMDQ recognises the imperative role it plays in the Nigerian financial market and the opportunities its business presents in its ability to promote sustainable economic growth and development in the wider economy.”

There is no gainsaying that opportunities abound for Lagos as a member of the FC4S, including but not limited to, showcasing the commercial city as a key financial centre working towards

the implementation of the SDGs, positioning Lagos as a leading financial centre in sub-Saharan Africa through effective and coordinated policy dialogue on sustainability efforts, affording Lagos an opportunity to draw lessons and insights from more developed financial centres that will aid its contribution to climate action and sustainable development and positioning LFC4S to lead the establishment of a regional platform for African financial centres which will be used to harness efforts towards expanding green and sustainable finance in the continent.

In the month of April, FMDQ admitted the listing of CERPAC Receivables Funding SPV PLC ₦4.87 billion Fixed Rate Bond to its platform. CERPAC Receivables Funding SPV PLC was incorporated for the purpose of raising finance via the issuance of debt securities to purchase receivables from Continental Transfer Technique Limited (“CTTL”), a private limited liability company that provides security technologies solutions (with expertise in biometric technology) to the FGN in respect of its Combined Expatriate Residence Permit and Alien Card (“CERPAC”) Scheme. The proceeds of the bond will be utilised to purchase the rights of CTTL to its share in the current and future receivables of the CERPAC Scheme.

The successive admittance of these securities, following due approval from the FMDQ Board Listings, Markets and

CERPAC Receivables Funding SPV Raises Capital from the Nigerian Bond Market

Technology Committee, attests to the highly efficient time-to-market and uniquely tailored Listings and Quotations Service offered by FMDQ. Corporate and government entities continue to experience value-adding benefits of the Service, ranging from continuous provision of invaluable information, to global visibility, improved secondary market liquidity, efficient price formation and unique transparency.

FMDQ shall continue to validate its operational mandate of aligning the markets within its purview to international standards, striving to ensure the markets emerge as globally competitive, operationally excellent, liquid and diverse, in line with the Exchange’s GOLD Agenda.

Infrastructure development in the nation is taking progressive steps in the right direction, as another corporate, North South Power Company Limited (“NSP” or “Company”) through NSP-SPV PowerCorp PLC, taps the Nigerian debt capital markets (DCM) for funding targeted at green infrastructure development. The listing of the NSP-SPV PowerCorp PLC Series 1 ₦8.50bn 15.60% 15-year Fixed Rate Senior Green Infrastructure Bond (the “NSP-SPV PowerCorp Bond”) under its ₦50.00bn Bond Issuance Programme, guaranteed by Infrastructure Credit Guarantee Company Limited (“InfraCredit”), on FMDQ is the latest of these laudable initiatives that are paving the way for

FMDQ Admits NSP-SPV PowerCorp PLC Guaranteed Green Infrastructure Bond to its Platform

the infrastructure development via the Nigerian DCM. NSP, a first-time issuer in the domestic bond market, is an Africa focused electricity generation company with a diverse and emerging portfolio focused on the electricity value chain, with special emphasis on renewable energy systems such as solar, electric, thermal, wind and hydro power plants.

To commemorate this remarkable achievement, FMDQ, in keeping with its tradition, held a listing Ceremony at its business complex, Exchange Place, on


Wednesday, May 8, 2018. Present to celebrate the successful admission of NSP-SPV PowerCorp Bond on FMDQ were the issuer, NSP-SPV PowerCorp PLC, represented by the Executive Chairman, Mallam Ibrahim Aliyu, the Executive Vice Chairman/Chief Executive Officer, Dr. Olubunmi Peters, and other representatives of North South Power Company Limited.

Also present at the Ceremony were the sponsor of the issue and the Registration Member (Listings) of FMDQ, United Capital PLC, represented by the Group Chief Executive Officer, Mr. Peter Ashade, the guarantor to the bond, Infrastructure Credit Guarantee Company Limited, represented by the Chief Executive Officer, Mr. Chinua Azubike and representatives from the Joint Issuing House, Stanbic IBTC Capital Limited, Vetiva Capital Management Limited and Zenith Capital Limited, as well as the solicitor to the listing, Banwo & Ighodalo and other parties to the issue. Ms. Tumi Sekoni, Associate Executive Director, Capital Markets, FMDQ, who welcomed the guests, congratulated the issuer, NSP-SPV PowerCorp PLC, and went on to express FMDQ’s pleasure at the listing of a green infrastructure bond on its platform, stating that this is yet another highly exemplary and indeed, positive step towards addressing some of the infrastructural and environmental challenges in the nation.

Dr. Olubunmi Peters, on behalf of the issuer stated that, “the issuance of the first corporate green infrastructure bond in Nigeria is a significant milestone in the Company’s long-term corporate

strategy, demonstrating our market leadership, innovation and commitment to the highest standards of environmental, social and corporate governance. The success of the transaction further highlights the growing appetite for socially responsible investment in the Nigerian DCM. This Series 1 ₦8.5 billion 15 Year 15.60% Guaranteed Fixed Rate Senior Green Infrastructure Bond provides a new vista of opportunity not just for companies in the financial sector, but for other corporate companies in Nigeria.”

Delivering the Registration Member (Listings) remarks, Mr. Peter Ashade, highlighted, “to cater for sustainable environmental development in Nigeria, the need for financing cannot be understated. United Capital PLC is delighted to have played the financial advisory and lead issuing house role in North South Power’s long-term strategy in issuing the first corporate green infrastructure bond in Nigeria. We remain committed to making significant contributions to the Exchange and to the success of our esteemed clients through our expertise and innovation in the Nigerian DCM. We believe that listing this instrument will pave the way for other environmentally friendly instruments thereby establishing a robust domestic capital market.”

According to Mr. Chinua Azubike, Chief Executive Officer of InfraCredit, guarantor to the bond, “transitioning Nigeria’s economy to a sustainable development path has become an existential imperative. As the largest source of long-term investment capital, the domestic bond market has an especially important role to play as an effective investment tool to finance the country’s transition to a low-carbon economy. We are pleased to have supported North South Power Company Limited with our guarantee, in pioneering this sustainable path by issuing the first corporate green infrastructure bond with the longest tenor in sub-saharan Africa.”

FMDQ Admits NSP-SPV PowerCorp PLC Guaranteed Green Infrastructure Bond to its Platform

Globally, the green bond market has shown exponential growth as government and corporate entities are raising funds from the debt capital markets (DCM) to finance climate and environmentally friendly projects to support the development of their countries. Access Bank PLC (Access Bank), has set the pace for other corporate issuers, by listing the first Climate Bond Certified Corporate Green Bond in Africa – the Access Bank PLC N15.00 billion 5-year 15.50% Fixed Rate Senior Unsecured Green Bond due 2024 - on FMDQ, and this is a laudable feat for Access Bank, addressing environmental challenges as well as championing development in the Nigerian DCM.

The Green Bond was offered to qualified institutional investors, with participation from Pension Fund Administrators (PFAs) and high net worth individuals. The proceeds from the issuance will be used to finance/re-finance eligible green assets and projects that will support the delivery of a low-carbon economy.

This issuance is the first corporate bond to benefit from the Nigerian Green Bond Market Development Programme launched in June 2018, by FMDQ, Climate Bonds Initiative (CBI), and the Financial Sector Deepening Africa (FSD Africa), to provide training/capacity development for regulators, issuers, investors and intermediaries, amongst others, as part of efforts to introduce green bonds as an investible instrument in the Nigerian DCM that can be tapped to close the huge infrastructure gap.

To commemorate these remarkable achievements, FMDQ hosted the issuer, Access Bank, represented by the Group Managing Director/CEO, Mr. Herbert Wigwe, and other representatives of Access Bank. Also present at the Ceremony were the sponsor of the issue and the Registration Member (Listings) of FMDQ, Chapel Hill Denham Advisory Limited, represented by its Managing Director, Mrs. Kemi Awodein, and representatives from the Joint Issuing House, Coronation Merchant Bank Limited, as well as the solicitors to the listing, Aluko & Oyebode, Wigwe & Partners and other parties to the issue.

Ms. Tumi Sekoni, Associate Executive Director, Capital Markets, FMDQ, whilst welcoming the guests gathered to commemorate this commendable feat, congratulated the issuer for the successful issue of the pioneer Climate Bond Certified Green

FMDQ Admits the Pioneer Climate Bond Certified Green Bond to its Platform

Bond in the Nigerian DCM. She highlighted that this green bond would help address climate and environmental challenges in a sustainable manner to deliver prosperity for Nigerians and further deepen the domestic DCM by increasing the range of investible debt securities in the markets, invariably contributing to Nigeria’s development. She further reiterated FMDQ’s commitment to continue to create awareness and drive education for green financing, thereby facilitating the development of the green bond market in Nigeria.

Mr. Herbert Wigwe, during the issuer’s special address, stated “with our pace-setting experience in the mainstreaming of sustainability in our business operations, we are confident that this issue will further help in supporting environmentally friendly investors to meet their investment objectives. It will also simultaneously support Access Bank’s customers towards realising growth opportunities in a fast-developing low-carbon economy”.

Delivering the Registration Member (Listings) remarks, Mrs. Kemi Awodein, highlighted, “Chapel Hill Denham is proud to have acted as lead arranger and financial adviser to Access Bank on Nigeria’s and Africa’s first Climate Bond Certified Corporate Green Bond. This is another first-of-a-kind deal for both Access Bank and Chapel Hill Denham, and this demonstrates our leadership in DCM innovation and our commitment to doing work that delivers positive impact for Nigeria’s future. A commitment to advancing sustainable development goals is imperative in Nigerian and debt markets provide us many solutions”.

Ms. Kaodi Ugoji, Associate Executive Director, Corporate Development, FMDQ, in her closing remarks, applauded the issuer for achieving this landmark, stating that this is yet another highly exemplary and indeed, positive step towards addressing some of the climate and environmental challenges in the nation. She also commended the sponsor to the issue and Registration Member (Listings) of FMDQ for their concerted efforts


towards ensuring the success of the issuance. She further reiterated the advantages of issuing green instruments to help tackle some of the environmental challenges in Nigeria and stated that FMDQ, as an

Exchange with a passion for developing the Nigerian DCM, will continue to work closely with its partners, FSD Africa and CBI, to develop the green bond market in Nigeria through the Nigerian Green Bond Market Development Programme.

FMDQ Supports Climate Change Solutions and Sustainable Development… Admits the Pioneer Climate Bond Certified Green Bond to its Platform

Listing Ceremony for Access Bank - Africa’s Pioneer Climate Bond Certified Green Bond BSE continued with their momentum on public education by hosting three (3) Open Days around the country in Q2. These were in Nata (a village in the Central District situated 619kms from the capital, Gaborone), Molepolole (a village in the Kweneng District situated 60kms from the capital, Gaborone) and Bobonong (a village situated 441kms from the capital, Gaborone) on 11th April 2019, 23rd May 2019 and 13th June 2019 respectively.

Since inception in 2016, the Open Day initiative continues to grow in popularity amongst Batswana. To date, the BSE has sensitized over 2,500 Batswana on the role of the stock exchange and its underlying benefit to the growth of Botswana’s economy. Further, Government continues to play an avid role in supporting this initiative by availing the necessary assistance in mobilising communities to attend these educational workshops.

During the period under review, the BSE had the honour and the privilege of hosting the Member of Parliament for the Nata/Gweta Constituency, Hon. Polson Majaga, the Member of

Parliament for the Molepolole North Constituency, Hon. Hon. Mahommed Khan and Deputy Chairman of the Bobirwa Sub-District Council and Councillor for the Mothabaneng/Lentswelemoriti Ward, Hon. Victor Mphee.

BSE Open Day

Head, Market Development, Thapelo Moribame, presenting on investing in BSE listed securities at the Nata Open Day

Botswana Stock Exchange

BSE CEO, Mr. Thapelo Tsheole, talking to the residents of Molepolole about the role of the BSE in capital markets during the Molepolole Open Day


In April, the BSE commemorated its 30th year of existence during that month’s Opening Bell Ceremony under the theme, ‘Celebrating 30 Years’. During this Ceremony, the BSE invited the Minister of Finance & Economic Development, Hon. Kenneth Matambo to center the conversation on the growth and development of the national stock exchange and how it has contributed to Botswana’s economy in the past 30 years. Over 200 people attended including Government representatives, capital market participants, CEOs of parastatals, the business community, members of the public and the media.

During the May edition of the Opening Bell Ceremony, the BSE officially launched the Tshipidi Mentorship Program (TMP) which was facilitated by the Minister of Investment, Trade & Industry, Hon. Bogolo Kenewendo under the theme, ‘Importance of SME Development’. In her address, Hon. Kenewendo applauded the BSE on the inception of the TMP as she focused on how small-to-medium (SMEs) enterprises can access capital for growth through equity financing on the stock exchange as opposed with other forms of financing. The TMP is an initiative that was established as a way of grooming companies that could potentially raise capital, improve governance and leverage from increased publicity through the stock market in the short to medium term. The objective of the TMP is to provide practical training through a comprehensive and interactive program that

covers the key themes necessary to prepare and position a company to list on the BSE. Over forty (40) business owners from various industries across Botswana were in attendance.

In the June Opening Bell Ceremony, the BSE invited the Minister of Tertiary Education, Research, Science & Technology as well as the Member of Parliament for the Tonota Constituency, Hon. Thapelo Olopeng, to officiate by launching the rollout of the 2019 BSE Senior Secondary Schools Finance & Investment Competition 2019. This competition was established in 2013 in a bid to sensitise and educate the student community about capital markets, with the strategic aim to increase financial literacy and to promote a culture of investing from a young age. In addition, this on-going initiative assists in providing a platform for students to gain an in-depth insight into the importance of future financial planning and to harness knowledge on how the stock market can be utilised as an investment avenue. The competition is open to all Government & Private Senior Secondary Schools in Botswana.

Opening Bell Ceremonies

BSE Trading & Surveillance Specialist, Mr. Billy Kgati, talking to business owners about theprospects of listing their companies on the BSE at the Bobonong Open Day.

Minister of Finance & Economic Development, Hon. Kenneth Matambo delivering Keynote Address

Minister of Tertiary Education, Research, Science & Technology, Hon. Thapelo Olopeng

BSE Launches the Tshipidi Mentorship Program The Tshipidi Mentorship Program (TMP) was officially launched by the Minister of Investment, Trade & Industry, Hon. Bogolo Kenewendo, during the May 2019 Opening Bell Ceremony. The first session of the TMP commenced on 18th June, 2019. The underlying aim of the TMP is to provide business owners with the education and mentorship that they can utilize to prepare for a listing. The TMP is targeted at companies that can list on any listing board at the BSE.

The structure of the program covers a thorough needs assessment of each company, practical training offered by industry experts with regards to key elements of corporatization, capital structure and commercial law and training on the regulations and corporate governance requirements. Further, advisors in the listings ecosystem provide an overview of their roles in the listing process and provide a high level orientation on how applicants can prepare for a listing. This program is administered over a period of four (4) months with a maximum of 2 days’ engagement every month. Prior to the commencement of the program, the BSE invited companies to submit their applications to participate in the TMP. Out of the received applications, and due to capacity considerations, twenty (20) companies were shortlisted to partake in the first installment of the program.

In the first session of the TMP which was held on 18th & 19th June 2019, the BSE invited the Managing Director of Shumba Energy Limited, Mr. Mashale Phumaphi, and the Managing Director of PrimeTime Property Holdings Limited, Mr. Sandy Kelly, to share their experience of listing a company on the stock exchange with participants. Moreover, the participants were introduced to the concept of corporate finance from a listings aspect as Grant Thornton Capital Advisory availed Mr. Arindam Ghosh, who is the Director of Corporate Advisory, to present on key themes such as Capital Structure, Company Valuation and the corporate finance advisory engagement process.

The Minister of Investment, Trade & Industry, Hon. Bogolo Kenewendo, launching the Tshipidi Mentorship Program during the May 2019 Opening Bell Ceremony.


To commemorate the 30th Anniversary of the national stock exchange, the BSE launched the 6th edition of the BSE NEWS, which was appropriately themed ‘Celebrating 30 Years’.

In this edition, the BSE traces the story of its humble beginnings as the informal market that was setup in 1989, the Botswana Share Market, to a fully demutualized entity following its conversion from a mutual exchange to a company incorporated in terms of the Companies Act of Botswana to become the Botswana Stock Exchange Limited.

The BSE News is the official quarterly magazine produced and circulated by the Botswana Stock Exchange (BSE). This unique financial publication offers a glimpse into the operations of the BSE and an insight into the world of capital markets. Each edition covers topical developments in the local Botswana and international markets, reported by top business journalists from various media houses. This edition is available for download at: http://www.bse.co.bw/docs/bse_news.pdf

On June 24, 2019 the BSE hosted a workshop on Responsible Investing and ESG which was well attended by issuers, potential issuers and investors. The workshop featured speakers from the BSE, the Ministry of Finance and Economic Development (MFED), the United Nations-supported Principles for Responsible Investment (PRI), Kgori Capital, Leru Property Group, Sustainable Stock Exchanges (SSE) Initiative and Norsad Finance.

The workshop was aimed at building capacity among issuers and investors regarding the importance of ESG considerations in investment management processes. Mr. Patrick Seitiso, from MFED, presented on the Botswana SDGs Roadmap covering the years 2017-2023 outlining the domestication of the SDGs, private sector involvement in the implementation of the Roadmap and the alignment of Roadmap to the National Development Plan 11. In his presentation on Mainstreaming of Responsible Investment, Mr. Adrian

BSE Releases 6th Edition of BSE NEWS

Botswana Stock Exchange Hosts Responsible Investing and ESG Workshop

Bertrand of PRI unpacked responsible investing with real life case studies of what has been irresponsible investing by listed companies in Africa and worldwide. He further explained the approaches to responsible investing and ESG incorporation and discussed how asset owners and financial services providers can benefit from being signatories to PRI whose platform provides insightful information and useful guidance material on the interrogation, assessment, and the reporting of responsible investing and ESG.

The BSE Head of Product Development, Mr. Kopano Bolokwe presented the BSE’s position on responsible investing and ESG, and discussed the initiatives undertaken by the BSE in mainstreaming ESG into the domestic capital market. He also presented on the BSE’s ‘Guidance For Listed Companies on Reporting ESG Information to Investors’, a framework developed by the BSE and aligned to the SSE’s Model Guidance on Reporting ESG Information to Investors. Ms. Tiffany Grabski, SSE Initiative Deputy Coordinator presented on Responding to the Sustainability Transition, providing an overview of the SSE

Initiative, their involvement with stock exchanges and securities market regulators as regards ESG guidance and training, and discussed the market opportunities presented by the global transition towards sustainability.

The workshop featured a panel discussion on the Practicalities of ESG Disclosure – Regulator, Issuer and Investor Perspectives with speakers from Kgori Capital, Leru Property Group, UNPRI,

and Norsad Finance. The panelists shared information about their practical experiences in incorporating ESG into their investment processes, the importance of ESG reporting and disclosure by issuers, the challenges in accessing ESG data, and ways to address inconsistencies in ESG reporting, among others.

Panel discussion during the Responsible Investing & ESG Workshop

Attendees at the Responsible Investing & ESG Workshop


On 20th June 2019, Botswana Bond Market Association hosted the 2019 Bond Market Conference under the theme “Strengthening the Bond Market to Support the Fiscus and Private Sector Development.” The conference was attended by just over 200 delegates from various financial institutions, pension funds, and by representatives from other private and public corporations.

Presentations were made by guest speakers being the Chairperson of the BBMA, Mrs. Lorato Morule, the Executive Director of the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) Dr. Michael Atingi-Ego, Hub Leader of Southern Africa Financial Institutions from the International Finance Corporation (IFC), Mrs. Sandra Leila Boumah, Senior Investment Officer in the Capital Markets Division of the African Development Bank (AfDB), Mr. Albin Kakou and Chief Executive Officer of the BSE, Mr. Thapelo Tsheole.

In her welcome remarks, Mrs. Lorato Morule, who is also the Portfolio Manager at African Alliance Asset Management Botswana, noted that the BBMA has been and continues to be an instrumental vehicle for mobilizing stakeholders to undertake necessary and impactful; improvements and reforms in the domestic bond market since the Association’s inception in 2013. She further explained that part of the BBMA’s mandate is to serve local stakeholders – being the Government, private sector, institutional and retail investors – and connect them in their pursuit of issuance and investment opportunities.

Botswana Bond Market Association Hosts the 2019 Bond Market Conference

Dr. Atingi-Ego’s presentation titled ‘Developing Local Currency Bond Markets’, emphasized the importance of domestic borrowing for purposes of strengthening the development of the domestic bond market and for strengthening the yield curve to facilitate private sector borrowing, particularly in Botswana’s economy whose growth should be private sector led. Mrs. Boumah’s presentation titled the ‘IFC’s Experience in Capital Markets’ provided information on the IFC’s recent activities as an issuer and investor in various African markets including Botswana. Mr. Kakou’s presentation touched on the status of the African local currency bond markets, the challenges in African bond markets, as well as the AfDB’s interventions to develop local currency bond markets across the continent.

On the same occasion, the former Chairperson of the BBMA and General Manager of Alexander Forbes Asset Consultants, Mr. Ati Mannathoko officially launched the 5th Anniversary BBMA Publication. The publication details the history of the Botswana bond market, the achievements of the BBMA, peer comparisons with other bond markets, among other topics. The publication is in line with the BBMA’s strategy of promoting skills development, information dissemination, and investor participation in the bond market.

In his closing remarks, BSE CEO, Mr. Thapelo Tsheole congratulated the Association on a successful conference and emphasized the need for collaboration and idea-sharing among capital market practitioners for the benefit of capital market development. He acknowledged the sponsors of the event, Botlhole Law Group and Allan Gray Asset Management Botswana, and reiterated the BSE’s commitment towards supporting the BBMA and other market development initiatives. The 5th Anniversary Publication by the BBMA can be downloaded at www.bbma.co.bw and www.bse.co.bw.

BBMA Committee Members - (Left to right – Mr. Jonathan Paledi, Mr. Boikanyo Kgosidintsi, Mr. Kwabena Antwi, Mrs. Phatsimo Ncube, Mrs. Lorato Morule, Mr. Kopano Bolokwe, Ms. Shakila Khan).


NSE’s Ibuka Program Democratizes Access to Capital Markets for SMEs

NSE Re-Opens the M-Akiba, the World’s First Mobile Traded Government Bond

NSE Receives Approval to Launch Derivatives Market

NSE Launches 3rd Season of NSE Trading Bell

Nairobi Securities Exchange

In line with the NSE’s goal to support access to the capital markets for SMES, the NSE launched Ibuka (kiswahili word for emerge), a well structured program that seeks to prepare companies to list or access various capital options offered in the market.

Ibuka is an incubation and acceleration program that seeks to enhance companies capital-raising capabilities, promote brand recognition and visibility whilst offering companies’ access to expert consultancy and advisory services. Additionally, the program will provide companies a roadmap to a higher and long term corporate sustainability.

The program consists of two non-trading boards, the Incubator Board and Accelerator Board. The

Incubation stage involves restructuring a company’s financial, technical, commercial, strategic, governance and environmental approaches.

The acceleration stage of the program enables a company produce specialised documents such as capital raising options report, transaction implementation plan, equity valuation report, offer pricing report among others.

Through the program, the NSE has continued to empower companies to boldly access available options to fund their growth and expansion strategies as well as enhance business development. Over the course of seven months, the program has attracted a broad range of companies across various economic sectors.

Admittance Ceremony for Ibuka Company

The Nairobi Securities Exchange (NSE) in association with other stakeholders re-opened the M-Akiba bond, the world’s first mobile traded Government Infrastructure Bond to offer Kenyans another opportunity to save and invest through Government bonds.

The bond which is traded solely on the mobile phone seeks to deepen and enhance financial inclusion through leveraging on increased mobile phone penetration in Kenya to democratize access to formal financial systems of savings and investments.Due to its low entry requirements, simplicity and convenience more Kenyans are now able to participate in Government bonds

by investing a minimum USD 30 which is considerably lower in comparison to the minimum USD 500 required to invest in other treasury bills and bonds.

Since inception, the bond has attracted over 500,000 new low income bond investors onto the platform underscoring the bond’s potential to revolutionize access to capital market products in Kenya. The bond is part of NSE’s initiatives to enhance local retail investor participation as well as democratize access to the capital markets.

The Nairobi Securities Exchange (NSE) received approval to launch NEXT Derivatives Market following the successful conclusion of the Derivatives Market Pilot Test.

The approval and consequent launch will make the NSE the second exchange in Africa to launch a Derivatives Market after the Johannesburg Stock Exchange. The launch is also in line with NSE’s mission to offer a world class trading facility anchored on a wide variety of investment instruments and cutting edge technology to enable investors better diversify their portfolios and allow for efficient deployment of capital.

To enhance the visibility of listed companies among local and regional investors, the NSE launched the third season of the Trading Bell Show. The Trading Bell, is a premium business television show which profiles listed companies to both local and regional investors. The show also provides a platform to enhance investor knowledge on capital market products and services.

During the weekly show, chief executives of various listed companies apprise investors and potential customers on key developments and initiatives by their companies as well as their

The NSE NEXT Derivatives Market will commence with Single Stocks Futures and Index Futures on selected stocks and indices respectively. The launch of NEXT will play a fundamental role in supporting the growth and development of Kenya’s capital markets as well as consolidate NSE’s position as a leading financial services hub in Africa.

strategic outlook for the year. The show culminates with a market analysis segment which places special focus on activity at the NSE in the week.

The third season will highlight capital markets initiatives aimed at consolidating Kenya’s position as a leading financial and investments hub.


The Johannesburg Stock Exchange’s (JSE) 2019 Investment Challenge, South Africa’s largest financial literacy initiative which provides high school and university students with an opportunity to explore and engage with the world of investing by buying shares in a virtual portfolio, has kicked off and is well underway with more than 8 700 participants taking part.

The simulator game sees each team of four learners or students from the same school or institution provided with a virtual sum of R1-million to invest. With this virtual amount the teams trade on the stock market and invest in actual JSE listed shares over a six-month period. The Challenge enables students to become aware of the fundamentals of investing on the JSE and encourages a culture of saving.

Corporate Social Investment (CSI) Officer at the JSE, Ralph Speirs, says: “So far 74 higher learning institutions have registered over 2 700 participants. Altogether there are 358 institutions, including schools, with 11 400 high school learners and university students working towards this year’s coveted prizes. We are excited to be educating so many young people and affording them the chance to learn about the stock exchange at their age.”

The challenge, in its 46th year, is open to school learners between grades 8 and 12 as well as students from higher learning institutions. The various teams compete with other teams from schools, and institutions, countrywide. There are monthly and annual prizes for top performing teams, schools, teachers and mentors. Speirs says that the JSE Investment Challenge, which runs from March to September each year, has had

2019 JSE Investment Challenge Is Underwayimmeasurable impact on learners, institutions and communities. They are now more financially aware and transferring this knowledge to everyone they interact with outside the game.

“Registration for the challenge is still open. In the nearly five decades of existence, there is no tool in the financial sector that matches this challenge when it comes to the financial education and practical transfer of skills on the participant’s lives,” says Speirs.

Bheki Twala, a final-year education student at the University of the Witwatersrand who has mentored schools in Katlehong for the challenge since 2012, says the learners he has worked with have applied the skills they learned during the challenge to real life.

“The people in my community are largely unemployed and the children mostly attend no-fee schools. We grow up knowing only about Stokvels as a means to save money. That’s the only financial literacy we knew. This challenge teaches children in my community how to grow money through investment, how to get an interest on your savings which is always better than just putting money away. The challenge kills two birds with one stone. These learners are learning how to grow money while also shaping their career choices for the future,” says Twala.

One such learner is Fezile Ntsinde who led the group that took the coveted first prize in the Income category. He says: “I’m doing it again this year! Winning feels overwhelming. This type of competition always seems out of reach, as though it was meant for those better than us. Being a part of this has brought me so much joy.” Ntsinde intends to go into asset management when he completes high school.

Schools, teachers, learners and students are urged to take part in the race for the 2019 title. For further information on the challenge and registration visit: http://schools.jse.co.za and http://university.jse.co.za

Johannesburg Stock ExchangeThe Johannesburg Stock Exchange (JSE), in May, launched a new integrated trading and clearing solution that has seen its Equity and Currency Derivatives markets migrate to a new trading, clearing and surveillance system. This aims to ensure better integration and cross-market harmonisation across its derivative and equity markets.

The move, aligns the stock exchange to global best practice and strengthens the JSE’s position as a global market player, providing more stable and efficient trading and clearing services to its clients. The introduction of the new technology will lead to greater cross-market harmonisation and a swifter, world-class technology platform.

“The successful launch of what has been a multi-year project enables our products to trade on robust technology using world class functionality and risk management techniques which we

expect will enable our clients to lower their end to end cost of trading those products. This has been a long journey and I want to express my gratitude to all our clients for their exceptional commitment to getting here with us,” says JSE CEO, Nicky Newton-King.

The JSE now operates an integrated environment which allows for centralised risk management, efficient utilisation of assets and clearing efficiency. The JSE has enabled trading in all derivatives and cash bond markets being migrated to the MilleniumIT trading platform, while for clearing, all markets migrated to the new Cinnober real-time clearing solution. This technology enhancement will further drive efficiencies and integration across markets to better service the needs of JSE clients.

JSE Migrates Equity and Currency Derivative Markets to New Trading and Clearing Technology

On June 12, 2019, Africa’s leading hospitality group, Tsogo Sun Hotels Limited became the second company to list on the JSE’s main board in 2019..

The listing comes as a result of the Tsogo Sun Hotels Limited unbundling from the Tsogo Sun group. Tsogo Sun Hotels Limited owns, leases and manages hotels in South Africa as well as several sub-Saharan countries, the Seychelles and Abu Dhabi. The Tsogo Sun Group’s 59.2% interest in Hospitality Property Fund Limited (HPF) held by Tsogo Sun Hotels Limited will remain owned and consolidated by Tsogo Sun Hotels Limited.

Tsogo Sun Hotels Limited will also hold the Tsogo Sun Group’s minority investment in RBH Hotels UK Limited and International Hotel Properties Limited, based in the United Kingdom. The hotels that have been developed as part of the various casino complexes owned by the Tsogo Sun Group will remain with Tsogo Sun but will be operated under a management agreement by Tsogo Sun Hotels Limited.

Tsogo Sun Hotels Limited Lists on the JSEMarcel von Aulock, CEO of Tsogo Sun Hotels says, “Over the last five decades, Tsogo Sun has played an important role in shaping the landscape of hospitality and entertainment in South Africa and further afield. In this, its fiftieth year, the group’s anniversary coincides with the listing of Tsogo Sun Hotels on the JSE, with a portfolio of over 100 hotels and a variety of restaurant, conferencing and entertainment facilities. Tsogo Sun Hotels offers investors’ value through footprint and scale as Africa’s leading hospitality group. The listing represents an exciting new era for all of our stakeholders - from shareholders to employees - and we look forward to continuing to serve our guests with the dedication and excellence that they have come to expect from a company such as ours.”

Donna Nemer, Director, Capital Markets and Group Strategy at the JSE, welcomed the Tsogo Sun Hotels Limited listing, adding that: “This significant listing is


a cause for celebration not only for Tsogo Sun Hotels Limited, but for the JSE as well. Tsogo Sun Hotels Limited has a rich 50 year international heritage of providing their hotel guests with excellence. This is an opportunity for Tsogo Sun Hotels Limited to unlock a wealth of potential and capital for its investors on one

of the best plaforms globally for emerging markets”.Tsogo Sun Hotels Limited becomes the second company to list in the hotels subsector where the sector has a market capitalisation of R4.38 billion. The JSE has 360 companies listed with a total market cap of R16.39 trillion.

As part of The Egyptian Exchange (EGX) activities supporting and contributing to the society’s development, EGX lit its main headquarters in blue in cooperation with the Egyptian Association of Autism for World Autism Day.

Mohamed Farid, Chairman, EGX, said that supporting the issues contributing to the society’s development is of vital importance to EGX’s management. He added that the capital market is not just a platform to provide funding for projects and business growth and expansion, but has a role in economic and social development and public well being.

EGX lights up its headquarters for World Autism Day

EGX lights up its headquarters in blue on the World Autism Day

As part of its sustainability activities, The Egyptian Exchange (EGX) organized its annual commemoration of Orphans’ Day by ringing the bell for opening trading session. The event was attended by 5 orphanage homes and about 50 children in the presence of Dr. Ali Gomaa, former Grand Mufti of Egypt and Mohamed Farid Saleh, Chairman, EGX.

Mohamed Farid Saleh stated that the commemoration was of

importance to Egypt and to EGX in particular, and unified CSR activities of the capital market.

He added that EGX raised over EGP 1.3 Million, towards the cause, through the EGX foundation for Sustainable Development. Speaking on the day, Dr. Ali Gomaa also emphasized

EGX Chairman & Dr. Ali Gomaa ring the bell to commemorate Orphans’ Day


The 10th Arab Federation of Exchanges Annual Conference held in Cairo on April 23 - 24, 2019. The Conference was opened by H.E Dr. Sahar Nasr, Minister of Investment and International Cooperation, H.E. Hesham Tawfik Minister of Public Affairs and Mr. Mohamed Farid Saleh, Executive Chairman of The Egyptian Exchange and held under the Auspices of H.E. Dr. Mostafa Madbouly, Prime Minister of Egypt.

the importance of the annual occasion, and added “Supporting orphans in the society is a civic

reponsibility, and is beneficial to the society”.

EGX Chairman, Mr. Mohamed Farid Saleh and Dr. Ali Gomaa ring the Bell for Egypt’s Orphans Day

Dr. Mostafa Madbouli, Prime Minister of Egypt met with the Arab Federation of Exchanges (AFE)’ Chairman and members, in the presence of Mohamed Farid Saleh, Chairman, EGX and Nandini Sukumar, CEO, World Federation of Exchanges. The meeting was attended by Dr. Mohammad Maait, Minister of Finance, and Hisham Tawfik, Minister of Public Affairs

Nader Saad, the official spokesperson for the Prime Minister, stated that the meeting was part of the Prime Minister’s visit with the Arab Exchanges’ heads during the 10th AFEConference in Cairo

During the meeting, the Prime Minister stressed the importance of enhancing coordination and complementarity between the Arab exchanges, especially in light of the important role played by the financial markets in the global economy. The Prime Minister welcomed the transition of the Federation’s presidency to the EGX and thanked the Chairman of the Abu Dhabi Exchange Chairman for his efforts during his presidency.

Egypt’s Prime Minister meets with EGX Chairman and AFE Members

Prime Minister meets with the AFE Chairman and Members

In her speech, H.E. Dr. Sahar Nasr congratulated EGX for hosting the Conference and stated that the Ministry of Investment will continue to support the EGX to increase the volume of investments in the Egyptian market. H.E. Hisham Tawfik, Minister of Public Affairs also pledged the continued cooperation of his Ministry with Egypt’s Economic Ministerial Committee, which is responsible for the governmental listing program.

Minister of Investment and International Cooperation and Minister of Public Affairs opening the 10th Annual Conference of the AFE held in Cairo Egypt

During the conference, the newly elected Chair of the AFE, Mohamed Farid Saleh, stated that a comprehensive plan for development of Arab exchanges would be drafted during his tenure. He further urged AFE members to prepare for competition from unregulated markets, supported by advanced technological applications.

Dr. Mahmoud Mohei El Din, World Bank Senior Vice President Delivers Presentation during the 10th AFE Conference

Experts Discuss the Roadmap for Listing at the AFE Annual Conference


Since the fourth quarter of 2018, The Egyptian Exchange has been consulting with 79 companies in 10 sectors as part of its intensive efforts to drive the listing of new companies on the EGX, and has seen its efforts receive a boost from the launch of its new Client Relation Management (CRM) system.

The CRM system is designed to track prospective companies by collecting data of companies that trade

EGX Rolls Out CRM System to Enhance Relationship Managment

over the counter and companies registered at the MCDR and GAFI. The pipeline companies are distributed in the real estate, pharmaceuticals, energy and gas, oil and food processing, technology and media, services, industrial products and automobile sectors.The system supports segmentation and insight-driven engagement with the companies, and helps structure targeted capacity building efforts. The market capitalization of prospective listed companies is approximately EGP 700 million.

Volunteers Wanted!

The African Exchanges magazine is the official newsletter of ASEA. The quarterly publication currently covers developments in 25 African

exchanges, and is read by members in over 33 African countriesand partner organizations in the global capital markets.

As we seek to constantly reinvigorate the magazine,the African Securities Exchanges Association (ASEA) is

calling for volunteers to join the Editorial Board of African Exchanges.

ASEA is seeking volunteers for the following positions:

- Feature Writer- Section Editor

- Technical Editor- Copy Editor

To volunteer please share your CV and any articles and relevant experience via email to [email protected] before September 30, 2019


MEMBER STATISTICS

Zimbabwe Stock Exchange

Bostwana Stock Exchange

Bourse Regionale des Valeurs Mobilieres

Bolsa de Valores Cabo Verde

Casablanca Stock Exchange

Dar es Salaam Stock Exchange

The Egyptian Exchange

The Eswatini Stock Exchange

FMDQ Securities Exchange

Ghana Stock Exchange

Johannesburg Stock Exchange

Khartoum Stock Exchange

Malawi Stock Exchange

Nairobi Securities Exchange

Namibia Stock Exchange

NASD OTC

The Nigerian Stock Exchange

Tunis Stock Exchange

Indicator April 2019 (USD) May 2019 (USD)

Total Value Traded 20,215,461.80 25,258,807.01

Equity Market Value Traded 14,384,807.10 6,286,414.19

Bond Market Value Traded 5,830,654.70 18,972,392.85

Total Volume Traded 85,281,972 224,408,615

Equity Market Volume Traded 23,126,972 16,695,615

Bond Market Volume Traded 62,155,000 207,713,000

Others - -

Total Number of Transactions 882 659

Equity Market Number of Transactions 841 625

Bond Market Number of Transactions 41 34

Market Capitalization 38,400,597,909.30 37,757,539,312.63

Number of Listed Companies 35 35

Number of Traded Companies 21 26

Number of Trading Days 20 21

Exchange Rate/US$ 10.73 10.89

Main Index Name DOMESTIC COMPANIES INDEX DOMESTIC COMPANIES INDEX

Main Index (Points) 7,863.20 7,727.08

Gains in Main Index (%) -0.28% -1.73%

P/E Ratio 11.09 10.84

Dividend Yield (%) 5.55% 5.53%

Exchange Members 4 4

Number of Equity members 4 4

Number of Derivative members - -

Number of Bond members 4 4

Number of Commodity Members - -

Exchange Listings 35 35

Number of Main Board listed companies 29 29

Number of Secondary Board listed companies 6 6

The Botswana Exchange Statistics






Total Volume Traded 6,151,808.00 4,135,983.00

Equity Market Volume Traded 5,342,751.00 3,377,025.00

Bond Market Volume Traded 809,057.00 758,958.00

Others - -

Total Number of Transactions 7,442 7,232

Equity Market Number of Transactions 7,228 7,033





Number of Trading Days 21.00 21.00


Main Index Name BRVM COMPOSITE BRVM COMPOSITE

Main Index (Points) 176.85 162.88

Gains in Main Index (%) 1.35% -7.90%

P/E Ratio 11.78 10.51










Bourse Regionale de Valeurs Mobilieres (BRVM) Statistics Bolsa de Valores Cabo Verde Statistics


Total Value Traded 26,476.64 29,475.00

Equity Market Value Traded 6,303.96 9,300.49

Bond Market Value Traded 20,172.68 20,174.51

Total Volume Traded

Equity Market Volume Traded

Bond Market Volume Traded

Others


Equity Market Number of Transactions 5.00 8.00


Market Capitalization $781,053,499.59 $786,585,174.00





Main Index NameBOLSA DE VALORES DE CABO VERDE

BOLSA DE VALORES DE CABO VERDE

Main Index (Points)

Gains in Main Index (%)

P/E Ratio

Dividend Yield (%)



Number of Derivative members


Number of Commodity Members

Exchange Listings




Indicator April 2019 (USD) May 2019 (USD) June 2019 (USD)

Total Value Traded 172,527,108.63 213,807,779.88 1,573,372,867.91

Equity Market Value Traded 172,527,108.63 213,807,779.88 1,573,372,867.91

Bond Market Value Traded - - -

Total Volume Traded 7,631,950 9,642,391 86,192,004

Equity Market Volume Traded 7,631,950 9,642,391 86,192,004

Bond Market Volume Traded - - -

Others - - -

Total Number of Transactions 10,465 8,869 8,917

Equity Market Number of Transactions 10,465 8,869 8,917

Bond Market Number of Transactions - - -

Market Capitalization 59,336,127,293.83 57,571,287,794.07 60,369,400,309.33

Number of Listed Companies 75 75 75

Number of Traded Companies 67 66 68

Number of Trading Days 22 22 17

Exchange Rate/US$ 9.65 9.72 9.57

Main Index Name MASI Flottant MASI Flottant MASI Flottant

Main Index (Points) 11,192.06 10,999.98 11,287.04

Gains in Main Index (%) 2.56 -1.72 2.61

P/E Ratio

Dividend Yield (%)

Exchange Members

Number of Equity members 17 17 17

Number of Derivative members - - -

Number of Bond members 17 17 17

Number of Commodity Members - - -

Exchange Listings

Number of Main Board listed companies 75 75 75

Number of Secondary Board listed companies - - -

Casablanca Stock Exchange Statistics Dar es Salaam Stock Exchange Statistics





Total Volume Traded 83,474,399,288 42,215,697,704


Bond Market Volume Traded 83,465,700,000 42,204,726,000

Others - -








Exchange Rate/US$ 2,283.53 2,288.56

Main Index Name DSEI DSEI



P/E Ratio 20.16% 20.65%









Number of Second Tier Segment listed companies 5 5






Others Market Value Traded 60,839,409.01 62,867,487.32


Equity Market Volume Traded 2,349,242,349 2,007,102,788

Bond Market Volume Traded 3,881,778 2,521,179.00

Others 381,291,781.00 54,798,692.00




Others 2,524 1,632




Number of Trading Days 19 $21.00


Main Index Name EGX30 EGX30



P/E Ratio 11.27% 8.51%










The Egyptian Exchange (EGX) Statistics The Eswatini Stock Exchange Statistics


Total Value Traded 0.00 3,766.63

Equity Market Value Traded 0.00 3,766.63

Bond Market Value Traded 0.00 0.00

Total Volume Traded - 174,200.00

Equity Market Volume Traded - 174,200.00

Bond Market Volume Traded - -

Others - -

Total Number of Transactions - 2

Equity Market Number of Transactions - 2

Bond Market Number of Transactions - -

Market Capitalization 255,223,925.26 251,195,276.12





Main Index Name ESE ALLSHARE ESE ALLSHARE


Gains in Main Index (%) 0.00% 0.35%

P/E Ratio 18.50 18.60












Total Value Traded 45,410,807,008.53 56,796,807,457.11

Equity Market Value Traded

Bond Market Value Traded 2,040,869,958.73 4,053,225,502.05

Total Volume Traded

Equity Market Volume Traded

Bond Market Volume Traded

Others 6,155,984,755.72 7,227,212,949.11


Equity Market Number of Transactions

Bond Market Number of Transactions 1,596 2,189

Market Capitalization

Number of Listed Companies

Number of Traded Companies

Number of Trading Days 18.00 23.00


Main Index Name

Main Index (Points)

Gains in Main Index (%)

P/E Ratio

Dividend Yield (%)

Exchange Members

Number of Equity members


Number of Bond members


Exchange Listings

Number of Main Board listed companies

Number of Secondary Board listed companies

FMDQ Securities Exchange Statistics Ghana Stock Exchange Statistics







Bond Market Volume Traded 3,749,914,983 4,573,641,343

Others - -









Main Index Name GSE COMPOSITE INDEX GSE COMPOSITE INDEX


Gains in Main Index (%) -4.49% 4.98%

P/E Ratio 23.12 23.04











Total Value Traded 260,653,514,235 297,311,914,623

Equity Market Value Traded 24,528,443,610 30,048,262,421

Bond Market Value Traded 213,052,925,277 229,415,078,138

Others 23,072,145,348 37,848,574,064




Others 9,739,588 11,205,645

Total Number of Transactions 5,458,303 6,924,237

Equity Market Number of Transactions 5,154,249 6,539,855


Others 261,642 338,966

Market Capitalization 1,154,851,554,221 1,070,478,772,826





Main Index Name FTSE/JSE All Share FTSE/JSE All Share

Main Index (Points) 58,528 55,650


P/E Ratio 22.96 22.06




Number of Derivative members 56 56

Number of Bonds members 52 52

Number of Commodity Members 56 56

Number of Interest Rate and Currency Derivatives 111 110




Johannesburg Stock Exchange Statistics Khartoum Stock Exchange Statistics

Indicator April(USD) May 2019 (USD)


Equity Market Value Traded 218,924.00 20,078.00

sukuk Market Value Traded 7,818,705.00 8,175,375.00

Total Volume Traded 1,627,913.00 923,648

Equity Market Volume Traded 736,970.00 153,509

sukuk Market Volume Traded 890,943.00 770,139

Others -

Total Number of Transactions 1,638 640


sukuk Market Number of Transactions 1,593 630






Main Index Name KSE30 KSE30



P/E Ratio

Dividend Yield (%)



Number of Derivative members -

Number of Sukuks members 43 43

Number of Commodity Members -

Exchange Listings











Others




Market Capitalization N/A N/A





Main Index Name MASI MASI



P/E Ratio 8.03% 10.10%







Exchange Listings



Malawi Stock Exchange Statistics Nairobi Securities Exchange Statistics








Others - -



Bond Market Number of Transactions 890 1,115




Number of Trading Days $20.00 $22.00


Main Index Name NSE 20 Share Index NSE 20 Share index



P/E Ratio 14.78% 12.99%

Dividend Yield (%)

Exchange Members


Number of Derivative members 0.00 0.00


Number of Commodity Members $0.00 $0.00












Others (ETF+DevX) 1,073,589.00 75,411.00


Equity Market Number of Transactions* 486 394







Main Index Name Overall Overall



P/E Ratio n/a n/a





Number of Bond members n/a n/a





*Included DevX+ETF transactions

Namibia Stock Exchange Statistics NASD OTC Statistics





Total Volume Traded 1,148,668,309 193,489,111

Equity Market Volume Traded 1,148,668,309 193,489,111


Others - -









Main Index Name NASD Unlisted Securities Index NASD Unlisted Securities Index


Gains in Main Index (%) 0% (-1.26)

P/E Ratio 0.00% 0.00%


Exchange Members



Number of Bond members - -


Exchange Listings N/A N/A







Bond Market Value Traded 2,461,591.22 38,536.49



Bond Market Volume Traded 874,314 14,317

Others 1,199,822 422,292









Main Index Name NSE ALL-SHARE INDEX NSE ALL-SHARE INDEX



P/E Ratio 15.92 8.96




Number of Derivative members 0.00 0.00

Number of Bond members 0.00 0.00

Number of Commodity Members 0.00 0.00




The Nigerian Stock Exchange Statistics Tunis Stock Exchange Statistics







Bond Market Volume Traded 37,600 453,600

Others - -







Number of Trading Days 21 $22.00


Main Index Name TUNINDEX TUNINDEX



P/E Ratio 11.18% 11.08%











ASEA MEMBERSHIP FOOTPRINT

ASEA MEMBERS

NON-MEMBERS

Indicator April 2019 (USD) May 2019 (USD) June 2019 (USD)

Total Value Traded 35,742,610.24 36,791,640.07 35,577,485.72

Equity Market Value Traded 35,742,610.24 36,791,640.07 35,577,485.72

Bond Market Value Traded 0.00 0.00 0.00

Total Volume Traded 134,638,453 237,453,128 292,898,241

Equity Market Volume Traded 134,638,453 237,453,128 292,898,241

Bond Market Volume Traded - - 0

Others - - -

Total Number of Transactions 2,235 3,168 4,032

Equity Market Number of Transactions 2,235 3,168 4,032

Bond Market Number of Transactions - - -

Market Capitalization 5,368,935,209.73 4,737,634,086.62 4,079,910,449.86

Number of Listed Companies 61 61 61

Number of Traded Companies 56 56 56

Number of Trading Days 19 22 20

Exchange Rate/US$ 3.26 5.26 6.62

Main Index Name ALL SHARE INDEX ALL SHARE INDEX ALL SHARE INDEX

Main Index (Points) 133.69 188.06 204.75

Gains in Main Index (%) 9.89% 42.46% 15.94%

P/E Ratio 47.79 64.72 49.25

Dividend Yield (%)

Exchange Members 17 17 17

Number of Equity members 17 17 17

Number of Derivative members 17 17 17

Number of Bond members 17 17 17

Number of Commodity Members 17 17 17

Exchange Listings 61 61 61

Number of Main Board listed companies 61 61 61


Zimbabwe Stock Exchange Statistics








Others (ETF+DevX) 1,073,589.00 75,411.00


Equity Market Number of Transactions* 486 394







Main Index Name Overall Overall



P/E Ratio n/a n/a





Number of Bond members n/a n/a





*Included DevX+ETF transactions

African Exchanges 201970

The Exchange, 55 Westlands RoadT: +254 202 831 000P.O. Box: 43633 - 00100 Nairobiwww.african-exchanges.org

The Exchange, 55 Westlands RoadT: +254 202 831 000

P.O. Box: 43633 - 00100 Nairobiwww.african-exchanges.org

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