Computer Warehouse listed on the Nigeria Stock Exchange

Chief Executive Officer, Computer Warehouse Group, Austin Okere

The financial market has witnessed the listing of the shares of Computer Warehouse Group (CWG) Plc on the daily official list of the Nigerian Stock Exchange (NSE).

This came as Nigerian Capital Market regulators vowed to encourage indigenous firms listing their shares on the Exchange.

The Chief Executive Officer of CWG, Austin Okere, revealed that with a seed capital of about N160,000 in 1992, the company received a valuation of N6.97billion in 2009 from Vetiva Capital for its private placement, and the issue was oversubscribed with Private Equity firm, Aureos Capital LLC, taking up a major chunk and defying the depressed atmosphere of the global economic recession at that time.

CWG seems to be on track to repeat this feat on its listing at a target share price of N5.48, almost doubling its private placement price of N3.40 in 2009, albeit in a very challenging environment characterised by a significant slowdown in global economic progression.

In a statement, Oscar Onyema, CEO of the Nigerian Stock Exchange, congratulated the chairman and members of the board of CWG Plc for making the important decision to list the company on the floor of the Nigerian Stock Exchange, which he said had made a commitment to facilitate durable wealth creation by listing and nurturing the next group of “African Champions”.

Onyema said, “We are proud that CWG Plc has taken a strategic step to join the prestigious club of quoted companies in Nigeria and I once again commend them for this bold step.

“I use this opportunity to call on other firms in the ICT sector, which are undecided on whether to list their shares on The Exchange, to make up their minds as there are significant benefits to be derived from being a listed company. These include continuity of the company way after the founder has retired, lower cost of long term funding, visibility, enhanced branding, diversified risk of ownership, and enhanced corporate governance amongst others.”