Written by Javier Blas | From Financial Times

The London Stock Exchange is launching an aggressive attempt to increase the number of listings of African companies in the UK, following strong interest from institutional investors in a recent wave of initial public offerings from the region.

The LSE is working on partnerships with exchanges in Morocco, Egypt, Nigeria and Kenya for dual listings, in an effort to attract African blue-chips to list in London. In effect the LSE is trying to repeat its strategy of dual London-Johannesburg listings with Casablanca, Lagos, Nairobi and Cairo.

“There is a big push for Africa, particularly creating a partnership with local exchanges,” Ibukun Adebayo, co-head of emerging markets at the LSE, said in an interview. “We are working to bring collaboration with local markets,” he added.

The stock exchange’s campaign comes just weeks after Nigeria-focused oil explorer Afren suspended its chief executive pending an investigation into “unauthorised payments”, stoking concerns about corporate governance at African companies that are raising capital in London.

The city has historically been a hub for the natural resources industry, financing mining and energy groups operating in Africa. But Mr Adebayo said the LSE was courting “indigenous companies” in the consumer and financial sectors.

The LSE’s efforts pitch it against Dubai and Singapore, which are also battling to attract African companies to their exchanges. They come as African tycoons look for new sources of capital to expand their businesses.

The Johannesburg stock exchange is also trying to convince companies from all over the region to list in South Africa.

Read more at Financial Times