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Enugu Rangers to Become First Football Club to be listed on Nigerian Stock Exchange
By Jane Nneoma

A leading football club in Nigeria, Rangers International FC, is about completing the process of being floated as a public company on the Nigerian Stock Exchange (NSE). The Nigerian Football Club would be the frist to achieve such feat in Africa.

This move is part of recommendations to Enugu State Government by the Administrative Commission of Inquiry on the football club. The commission was set up by the state government to assess the viability of the business as government investments.

The club would be first to achieve such feat in the continent.

Rangers International is a seven-time Nigeria Professional Football League (NPFL) champions. The club won the 2015/16 football season, 32 years after winning the title.

A member of the commission, Mr Norbert Okolie, told the News Agency of Nigeria (NAN) on Tuesday, October 31, 2017, that placing the club’s shares on the NSE was part of the major recommendations made by the commission.

Norbert said the move is to relief the state government of the burden of sponsoring the club's activities.

“This can only be, by lifting the burden of sponsorship from the state government," said Norbert. Thirty-five percent of the shares will be reserved for the Enugu State Government, while 32 percent will be for the four states of Abia, Anambra, Ebonyi and Imo at 8 percent each. Twenty-five percent will be for the general public, six percent for the Amalgamated Traders Association, one percent for Rangers Supporters’ Club and one percent for Ohaneze Ndigbo.”

“This is what was suggested by the commission headed by Professor Gab Agu,’’ he said.

Football clubs listing on Stock Exchanges is common in Europe, where the football is run as a business. At present, there are about 22 clubs on different exchanges across Europe.

 

 

 

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