BY PAUL EREWUBA
THE League Management Company (LMC), yesterday in Lagos, signed a Memorandum of Understanding (MoU) with NASD OTC Security Exchange with a view to fast tracking the Nigeria League and bring a more enduring ownership structure.
Speaking at the event, LMC Chairman Shehu Dikko said the MoU was hatched because of the need to standardize the NPFL club ownership structure in line with what is obtained in Spain Britain, North Africa and other parts of the world.
Said he: “We are happy that NASD has embraced this vision and has offered to work with LMC towards the actualization of this dream. The LMC and NASD have had several interactions that culminated in this joint pursuit of a mutually beneficial collaboration. This partner will also seek to enhance the commercial and promotional opportunities of NPFL.”
Dikko further disclosed that NASD would also be organizing periodic capital market investment education and seminar for clubs and other league stakeholders.
“NASD will facilitate the creation of special products including fans based cooperatives to provide NPFL clubs the platform to trade on their shares,” he said.
In his remarks, the CEO of NASD OTC Securities Exchange, Bola Ajomale, who hailed the LMC initiative, said the idea could not have come at a better time especially now that state and federal governments are seeking to reorder their expenditure pattern.
According to him, it is good that the LMC is looking at allowing private and public investment play a bigger role in the financing of football clubs in the country.
He however said it would not be an all comers affair as all clubs must meet their stringent corporate governance and financial reporting standards before they could apply.