HomeBusiness and policyLSE launches capital raising programme ELITE in West Africa

LSE launches capital raising programme ELITE in West Africa

It has signed an agreement with Casablanca Stock Exchange (CSE) and Bourse Régionale des Valeurs Mobilières (BRVM) to support the launch of ELITE across the West African Economic and Monetary Union (UEMOA).

Members of UEMOA are Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

The signing ceremony was held in Abidjan, Cote d’Ivoire, and was presided by Amadou Gon Coulibaly, Prime Minister of Cote d’Ivoire. The agreement was signed by Thomas Tyler, Global Head of Sales, ELITE; Karim Hajji, CEO, CSE; and Kossi Felix Edoh Amenouve, Director General, BRVM.

As part of the agreement, CSE, supported by ELITE, will share its knowledge and expertise of the ELITE programme with BRVM representatives, guiding them on how best to implement ELITE and promote the programme and brand locally.

Companies from Cote d’Ivoire will be the first to join ELITE in November, with a view to eventually becoming part of the full international ELITE community of over 650 companies from across 25 countries.

“Today’s announcement highlights ELITE’s enduring commitment to supporting fast growing businesses across the world, as well as Casablanca Stock Exchange’s and BRVM’s dedication to backing West Africa’s most dynamic firms. These companies have a unique capacity to innovate, create new jobs and ultimately drive economic prosperity,” says CEO of ELITE Luca Peyrano.

London Stock Exchange (LSE) Group has a long history of supporting the development of African capital markets and investment in African companies:

  • There are 104 African companies listed or trading on the LSE – more than on any other international stock exchange
  • These companies have a total market capitalisation of over $165 billion, and in the last 15 years have raised more than $17 billion on London’s markets
  • There are currently 13 African sovereign bonds listed in London, from Egypt, Gabon, Namibia, Nigeria and Zambia
  • In June 2017, Nigeria raised $300 million through its first Diaspora Bond on the LSE. The retail bond was aimed at Nigeria’s global expatriate community seeking to invest in the country’s development. It was the first bond of its kind from sub-Saharan Africa
  • In March 2017, London Stock Exchange Group launched ‘Companies to Inspire Africa,’ a report identifying, for the first time, Africa’s fastest growing, private companies
  • In March 2017, the LSE signed a Memorandum of Understanding with UK government backed GuarantCo to encourage the development of frontier and emerging debt capital markets and to facilitate the listing of bonds on the LSE’s markets
  • Seplat was the first Nigerian company to simultaneously dual list equity shares in London and Nigeria in April 2014
  • In March 2016, LSEG established an Africa Advisory Group, bringing together 12 distinguished business leaders, policymakers and investors from across Africa, to discuss the challenges and opportunities presented by the development of the continent’s capital markets
  • In November 2014, the LSE Group and The Nigerian Stock Exchange signed a capital markets agreement to support African companies seeking dual listings in London and Lagos. The agreement followed the implementation earlier in 2014 of a unique new cross-border settlement process between the UK and Nigeria
  • LSEG market infrastructure technology is deployed in more 12 African markets, including Botswana Stock Exchange, Casablanca Stock Exchange and Johannesburg Stock Exchange