FTSE Russell, a company based in London that creates stock market indices, has added MTN Nigeria, Dangote Cement, First HoldCo, and seven other Nigerian companies to its Frontier Index Series. This change starts on 21 September.
The other companies included are Guaranty Trust Holding Company, Nestle Nigeria, Nigerian Breweries, Presco, Stanbic IBTC Holdings, and Aradel Holdings.
FTSE Russell shared that there will be a review of the stock index in September 2026. The inclusion of these stocks is not final until the 7th of this month.
These 10 stocks will be part of the index’s Large Cap category.
Being part of the Frontier Index Series gives these companies more visibility to international investors compared to their main listing on the Nigerian Exchange in Lagos.
This listing could lead to more cross-border trading of the companies’ shares. It also gives them better access to raising money through public offers and rights issues, among other ways.
This news comes just a week after FTSE Russell announced that Nigeria is now upgraded to a frontier market. Nigeria had been downgraded to an unclassified market nearly three years ago due to a tough foreign exchange situation that made it hard for international investors to recover their money.
The new classification will take effect on the same day this month when the stocks are added to the Frontier Index Series.
On Wednesday, Dangote Cement, one of the largest companies on the list, announced it will host a capital markets day in London this month. This is part of its plan for a secondary listing on the London Stock Exchange.
The event “will provide investors and other stakeholders with an update on the company’s strategy, operations, and business priorities, as well as an opportunity to engage with the company’s senior management,” according to a market notice.
If everything goes as planned, Dangote will be listed under the international commercial companies’ secondary listing rules, as announced in May.
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