Barclays Africa gets brokerage license in Nigeria

Barclays

One of the largest securities brokerages in Africa, Barclays Africa said it is planning to start securities brokerage in Nigeria.

Garth Klintworth, head of markets for Barclays Africa Group, told Reuters News yesterday that its subsidiary Absa Nigeria had acquired a securities licence in Nigeria, part of a wider plan to increase it presence in west Africa’s biggest economy.

Nigeria’s stock exchange, the third largest in Africa, has in the last few years said it was reviewing applications from leading global investment banks to join its trading floor to increase foreign investment in one of the world’s least tapped emerging markets.

“We have acquired a securities licence, stock broking licence and we have already employed people to bring those licences to effect,” Klintworth told Reuters on the sidelines of a conference in the commercial capital, Lagos.

Klintworth said Absa would start to trade on the Nigerian stock market from July and was also looking at other markets.

“We are investigating what opportunities there are in Ivory Coast, Morocco and possibly Angola,” he said.

Nigeria’s NSE (Nigerian Stock Exchange) is the continent’s second-largest stock market with a market capitalization of $38 billion as at May