In order to facilitate investment from foreign institutions which are unable to invest directly in Nigeria, a GDR programme was established in 1998. this GDR programme trades over the counter and is administered by the Bank of New York Mellon. The GDRs are denominated in US$ and one GDR is equivalent to 200 underlying shares. GDRS are freely fungible into local shares, but local shares are not fungible into GDRs. The chart below illustrates the size of the programme in recent times

 


UBA and The Bank of New York Mellon takes no responsibility and expressly disclaims any liability arising out of or in connection with the cancellation process, including without limitation the availability of a CCI.