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LAGOS FREE ZONE MULLS LISTING, IPO TO UNBUNDLE GAINS


Taofik Salako, Deputy Business Editor
 * 
 * 
 * 

February 20, 2023

Lagos Free Zone plans to access the capital market and list on the stock market
as part of efforts to provide Nigerian investors with the wealth creation by the
Zone.



Chief Executive Officer, Lagos Free Zone, Mr. Dinesh Rathi, said his firm has
assisted in creating employment for more than 7,000 people and investment has
also gone up by considerably since they commenced operations.

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Rathi spoke during with Securities and Exchange Commission (SEC), Nigeria Export
Processing Zones Authority and the Lagos Free Zone in Abuja.



Rathi expressed appreciation to the SEC management for the support and progress
on the draft regulation to enable the Zone access the capital market.



“We hope the entire regulatory framework on Free Zone listing is completed by
April. We solicit your support as this will pave the way for other operators who
are having their own free zones to follow suit.



“Listing is not only a financial step, but will also help deepen the market and
attracts more investors. Listing creates a lot of positivity. Once the Free Zone
is listed, part of the port gets listed too. In future, there is a possibility
of the port also coming to the market. It is very crucial in a lot of ways and
the faster it is done the better for all. We want to get past the finishing line
quickly,” Rathi said.



Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda
enjoined the management of the Lagos Free Zone to step up their investor
enlightenment campaign as the company prepares to access the capital market. 

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He said there were a lot of ignorance among investors in this regard, stating
that when companies are planning to access the market there is need for
aggressive investor education to enable them make informed decisions.

“When you come to the market to list, you need to massively educate people. The
reason why companies list is to be able to have access to a wide range of
investors, from small to big. The key thing between companies is cash flow and
if you have a positive cash flow over a long period of time it makes your
company attractive to investors. If you add this to the fact that you are
operating in NEPZA regulated Free Zone, that adds another layer.




“Investors would need to have as much information as possible about the
operations of your company, especially since it operates within a free zone.
They want to know how the NEPZA Act affects your cash flows, and what is
available to investors. These are important so investors can see the value the
companies in the free zone have over the ones that are not operating there. They
also want to know what the goal of listing is as you need to erase those doubts
and scepticism before listing,” Yuguda said.



He said that given the quantum of development and investment domiciled within
the free zone, it holds the key to Nigeria’s future and commended the management
for already contributing immensely to the economy by attracting international
brands like Kellogg’s, Dano, BASF and Colgate to the Zone.



“Lagos Free Zone is enough to give domestic and international business
communities the hope and courage to make valuable investments in Nigeria. You
can imagine how much we spend travelling to buy goods abroad. With LFZ, I am
convinced that we can transfer some of our demand to local production. I believe
this is a bold step to bring back Nigeria’s industrial prowess,” Yuguda said.  

He then pledged the SEC’s backing to ensure that the free zone remains
attractive to investors and all other stakeholders by providing prompt
regulatory backing where necessary.

Managing Director, Nigeria Export Processing Zones Authority, Prof. Adesoji
Adesugba stated that the aim of the free zone scheme was to bring companies that
are faraway to operate within Nigeria where they can build their factories here,
employ Nigerians and also export the products using the relevant laws beneficial
to them. 

“To make it efficient, they are like a country within a country not subject to
normal Nigerian laws. Since the SEC is efficient, we can allow you in to
regulate these companies. People need to understand that investment into this
enclave before now was an FDI, no tax and the investors can take away 100 per
cent of their profit.

“They will be able to make reports to shareholders, the governance structure
that is being utilized is as stipulated by the SEC. SEC stipulates the rules
before listing is done,” Adesugba said. 

He said that as a Nigerian, he prefers that Nigerians also benefit from the
profits of these companies operating within the country hence his support on the
listing desire of the Lagos free zone.

“I would not want people to come here, develop a port and take away profit 100
per cent without Nigerians benefiting from it. We need to design the regulations
in such a way that the funds that are coming from the capital market suits our
purposes. It is like a foreign country, but it is still in Nigeria and Nigerians
should be able to invest and get paid the dividends of their investments. The
free zone is more efficient and does not allow those things that affect commerce
ordinarily affect it,”  Adesugba said. 

He commended the SEC management on their efforts in ensuring the listing process
is expedited. We need to finalise this work together and ensure that we meet the
timelines

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