FTSE Russell, a London-based provider of global stock market indices, has added MTN Nigeria, Dangote Cement, First HoldCo, and seven other Nigerian public companies among the qualified equities for its Frontier Index Series, effective from 21 September.
Others include Guaranty Trust Holding Company, Nestle Nigeria, Nigerian Breweries, Presco, Stanbic IBTC Holdings, and Aradel Holdings.
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FTSE Russell disclosed a September 2026 review of the stock index. The admission of the equities remains tentative until the 7th of this month, it noted.
The 10 stocks will be among the equities in the index’s Large Cap category.
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Quoting the companies in the Frontier Index Series provides them with broader visibility among international investors than their primary listing on the Nigerian Exchange in Lagos.
Apart from the prospect of increased cross-border trading in the company’s shares, the listing provides the company with diversified access to equity finance through public offers and rights issues, among others.
The development comes a week after the index provider announced Nigeria’s upgrade to a frontier market from an unclassified market, which it had been downgraded to nearly three years ago after a far-reaching foreign exchange squeeze complicated the ordeal of international investors seeking to recoup their investments.
READ ALSO: Otedola buys 95.7 million First HoldCo shares, moves stake up 27.7%
Nigeria’s reclassification will come into force on the same day later this month when the inclusion of the stocks in the Frontier Index Series will be effected.
On Wednesday, Dangote Cement, one of the most capitalised of the 10 stocks, announced that it will host a capital markets day in London this month, in preparation for its proposed 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,” it said in a market disclosure.
Should the plan work out, Dangote will be quoted under the international commercial companies’ secondary listing framework, according to a company announcement in May.
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