(Bloomberg) -- FMDQ Group, a Nigerian fixed-income and currency trading platform, plans to acquire a stake in the West African nation's only clearing house for equities, according to a company executive.
FMDQ may buy 22% of the Central Securities Clearing System, or CSCS, for 20 billion naira ($48.2 million), BusinessDay reported. The transaction could be completed as early as the first quarter of next year depending on regulatory approvals, the FMDQ official said, asking not be identified as the transaction hasn't been finalized.
The acquisition may help Lagos-based FMDQ, the biggest exchange by the value of securities traded in Africa's largest economy, to expand into equities. The company got approval in 2019 to transition into a full fledged securities exchange from an over-the-counter market.
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