On May 26, 2017, the London Stock Exchange ratified a Memorandum Of Understanding with the Kenyan Ministry of Energy and Petroleum. The agreement signed by Charles Keter, general secretary of the Kenyan ministry and Nikhil Rathi, CEO of the British Stock Exchange, allows double listing in Nairobi and London of assets in the Energy sector.
The agreement also facilitates the way for the Kenyan companies in the sector to mobilize money in capital and debts on the London financial center. The desire to bring the City closer to Africa continues, therefore, with an aim for the British authorities to maintain an attractiveness initiated by the Brexit.
In April 2017, London also renewed its contract with the Nigerian Stock Exchange, introducing the possibility of double listing between the Lagos finance center and its counterpart to the London Stock Exchange (LSE). A technical agreement has been signed also with the Casablanca Stock Exchange since 2014. A total of 12 African financial centers are using the technical platform of the London Stock Exchange, which is made available through partnerships.
The dashboard of this all-out offensive is included in the « Companies to inspire Africa » report, gathering hundreds of private sector companies listed throughout the continent and thought to embody the dynamism of the continent. As a reminder, some 106 African companies are listed on the British marketplace as Nikhil Rathi, CEO of the LSE recalls. The British influence is not ready to fade for the continent since ten eurobonds are listed in London.