The Nigerian Capital Market (NCM) first came into existence in 1960 with the establishment of the Lagos Stock Exchange, but became operational in 1961. The Exchange was incorporated under the companies’ ordinance as an association limited by guarantee. The Lagos Stock Exchange was given initial financial backing by Central Bank of Nigeria (CBN) in the form of annual subvention. In 1977, following the recommendation of the Government Financial System Review Committee of 1976 the Lagos Stock Exchange was renamed and reconstituted into the Nigerian Stock Exchange. Additional trading floors were also opened in the same year in Port Harcourt and Kaduna. Click here to read more…
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