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Rangers head to the Stock Exchange

By Daily Sports on November 1, 2017

Rangers International will soon be floated on the Nigerian Stock Exchange (NSE), an official of the Administrative Commission of Inquiry on Rangers confirmed on Tuesday.

Report said that based on the submissions made by the commission, the Enugu State Government will likely divest its shares and stakes in Rangers soon.

About two months ago the state government had set up the Administrative Commission of Inquiry, which had been looking into the club’s activities.

The seven-time Nigeria Professional Football League (NPFL) champions who won the 2015/16 title about 32 years after the last time had a poor outing in the 2016/17 season.

A member of the commission, Norbert Okolie, told NAN on Tuesday that putting the club’s shares at the NSE was part of the major recommendations made by the commission.

Okolie, who is also the Chairman of Sports Writers Association of Nigeria (SWAN), Enugu State, said the commission’s report was submitted to the state governor, Ifeanyi Ugwuanyi, on Friday.

He said the commission, after duly considering a deluge of memoranda submitted, noted that Rangers being a big brand in the football business should enjoy and leverage on this.

“This can only be, by lifting the burden of sponsorship from the state government," Okolie said.

According to the report, thirty-five per cent of the shares will be reserved for the Enugu State Government, while 32 per cent will be for the four states of Abia, Anambra, Ebonyi and Imo at 8 per cent each.

Twenty-five per cent will be for the general public, six per cent for the Amalgamated Traders Association, one per cent for Rangers Supporters’ Club and one per cent for Ohaneze Ndigbo.

•Photo shows Rangers FC players in action.

Source Daily Sports

Posted November 1, 2017