BlackRock, one of the world’s top asset managers, is set to liquidate its iShares exchange-traded funds (ETFs) worth $400 million due to unprofitable business environments in Nigeria.

“The Board of Directors of iShares, Inc. voted to close and liquidate the Fund. Currency conversions, including conversion of Nigeria’s currency, the Naira, will impact the timing of the Fund’s liquidation,” a statement issued by iShares Inc. said.

Read also: Nigerian Breweries, NEM, UACN, others cause market’s N114bn gain

iShares Inc., which has invested in emerging market equities in Nigeria over the years, fixed its last trading day for March 31, 2025, when the extended liquidation is expected to last.

“After market close no earlier than August 12, 2024, but on a date as soon as practicable, the Fund will cease trading and the creation and redemption of Creation Units. Currently, the Fund expects the last trading date to be on or around March 31, 2025, and the liquidation date to be three days after the last trading date,” it said.

During the period, iShares will sell its assets in all markets and hold the proceeds in cash and cash equivalents.

“During the extended liquidation period, the Fund will not be managed in accordance with its investment objective and policies, as the Fund will sell down its assets, as determined by BlackRock Fund Advisors, where possible and hold the proceeds of such sales in cash and cash equivalents,” the statement said.


The exit follows a trail of a continuous exit of foreign investors from Nigeria, blamed on a tough macroeconomic environment and the naira’s devaluation.

“Currency conversions, including conversion of Nigeria’s currency, the naira, will impact the timing of the fund’s liquidation,” the statement said.



The fund has been providing exposure to equities in select African stock exchange markets, such as Nigeria.

https://businessday.ng/markets/article/blackrocks-ishares-etf-worth-400m-to-exit-nigeria-kenya/

In Financial terms, I wonder the gravity of doom this spells

T

hammer567:
BlackRock, one of the world’s top asset managers, is set to liquidate its iShares exchange-traded funds (ETFs) worth $400 million due to unprofitable business environments in Nigeria.

“The Board of Directors of iShares, Inc. voted to close and liquidate the Fund. Currency conversions, including conversion of Nigeria’s currency, the Naira, will impact the timing of the Fund’s liquidation,” a statement issued by iShares Inc. said.

Read also: Nigerian Breweries, NEM, UACN, others cause market’s N114bn gain

iShares Inc., which has invested in emerging market equities in Nigeria over the years, fixed its last trading day for March 31, 2025, when the extended liquidation is expected to last.

“After market close no earlier than August 12, 2024, but on a date as soon as practicable, the Fund will cease trading and the creation and redemption of Creation Units. Currently, the Fund expects the last trading date to be on or around March 31, 2025, and the liquidation date to be three days after the last trading date,” it said.

During the period, iShares will sell its assets in all markets and hold the proceeds in cash and cash equivalents.

“During the extended liquidation period, the Fund will not be managed in accordance with its investment objective and policies, as the Fund will sell down its assets, as determined by BlackRock Fund Advisors, where possible and hold the proceeds of such sales in cash and cash equivalents,” the statement said.


The exit follows a trail of a continuous exit of foreign investors from Nigeria, blamed on a tough macroeconomic environment and the naira’s devaluation.

“Currency conversions, including conversion of Nigeria’s currency, the naira, will impact the timing of the fund’s liquidation,” the statement said.



The fund has been providing exposure to equities in select African stock exchange markets, such as Nigeria.

https://businessday.ng/markets/article/blackrocks-ishares-etf-worth-400m-to-exit-nigeria-kenya/

Helinues, your attention is needed here.

Blackrocks, the war monger company?

Ogun kill them

WhizdomXX:

Helinues, your attention is needed here.

I dey here already.

To hell with blackrocks who are Causing the wars globally

helinues:


I dey here already.

To hell with blackrocks who are Causing the wars globally

my guy, their ESG platform has caused many banks fold up in the US but regardless, they are a great investment company with a knack for profits. Their exit gives a mixed signal to foreign investors.

WhizdomXX:

my guy, their ESG platform has caused many banks fold up in the US but regardless, they are a great investment company with a knack for profits. Their exit gives a mixed signal to foreign investors.

So as men lay their beds, so as they would sleep on it.

Na so their case. E

AyodeleBamidele:
Na so. If you lay your bed well and get a job, you'll enjoy life.

But you never even laid any beds.

No be why you chose to make a trolling a profession.

Tell NL'S how many dedicated monikers of yours that have been banned this week alone.

Embrace some shame small boy troller

AyodeleBamidele:
I'm not a troll. This is the only moniker I have on nairaland. I just want to help your life ok.

For how long would continue to be sounding stupid on this forum?

Do you want me to provide proofs of your banned monikers which repeated this exact same line?

Are you cursed with this years of trolling??

The question is has there presence in Nigeria benefited the common man? If they decide to leave how will it affect the common man?

Someone should please answer the above questions.

AyodeleBamidele:
All I know is that I'm not a troll. I'm just like an angel sent to help your life.

But you created this moniker purposely to troll me.

Dot you have an atom of shame? Ha r you gone through your own comments history before saying this rubbish?

Have some shame kiddo

AyodeleBamidele:
Mods, calling me a kiddo isn't permitted here. Rule 2.

Stop sounding dumb and stupid at the same time

What did you expect when you provoke others deliberately?
Are you expecting chocolates?

Oh lawd, save me from incoherent people

AyodeleBamidele:
I didn't provoke you. In fact I'm trying to help your life.

Have you helped your gory life from years of trolling.

Why do you like to be sounding dumb on this forum?

Why why why!!!

how many companies go leave this country before it finally collapse