The League Management Company (LMC) and NASD Over the Counter (OTC) Securities Exchange met in Lagos to explore strategies and means to transform Nigeria Professional Football League (NPFL) Clubs ownership from governments to community-based and public subscription ownership.
At the meeting which held at the NASD OTC Corporate headquarters inside the UBA House in Marina, Lagos were the Chairman of LMC, Shehu Dikko, Head of Special Projects, Mr. Harry Iwuala and the project advisor, Tanko Osamwonyi, and the NASD team led by the Managing Director and CEO, Mr. Bola Ajomale and the IT/Operations Manager, Gbubemi Iyomere.
In his opening remarks, Dikko said the purpose of the visit was to partner with the Securities Exchange firm and leverage on its network within corporate Nigeria to create awareness for the inherent commercial and social investment opportunities in the football industry.
“In the football league, we can count about 28 sub businesses across associated value chain that can stimulate growth in the economy, drive employment and reduce youth delinquency in the society but we need to harness the potential of our football as a business to open this opportunities”, Dikko posited.
NASD PLC is the promoter of a Trading Network that eases secondary market trading of all securities of unquoted public companies primarily in Nigeria but with a focus to the West African region.
He said “the LMC will provide the necessary support to the NASD that will facilitate the listing and or sell of the NPFL Clubs shares on the NASD OTC Exchange with a long term objective of turning clubs’ ownership structure to largely supporters-based as is the case of Real Madrid and Barcelona of Spain, Al Ahli of Egypt and Boca Juniors of Argentina as well as providing options for equity investment into the clubs by private investors”
In his response, Ajomale said that both organisations could not have met at a better time than now and noted that one of the cardinal reasons for the setting up of the NASD is to stimulate growth by easing the capital raising processes.
“Our market is not inside the boardrooms but on the streets where we seek to encourage Small and Medium Enterprises (SME), Cooperatives and others to trade on the exchange”, the NASD Director said. He further said the NASAD would gladly liaise with the regulators ( SEC ) to seek approval to set up special and institutionalise products for club ownership model that would be attractive and drive private investors to the NPFL.
The two organisations reached an understanding in principle to work towards actualising a mutually beneficial relationship.