Daily Independent (Lagos)
Segun Adeleye
17 November 2008
Abeokuta — Total turnover of the Nigerian Stock Exchange (NSE) stands at N2.3 trillion, President and Chairman of the NSE, Oba Otudeko said on Monday in Abeokuta, Ogun State.
Otudeko spoke at the inauguration of the Abeokuta automated trading floor of the NSE at the South West Resource Center, Oke-Mosan.
The occasion attracted captains of industry, stakeholders in the capital and money market.
Otudeko assured investors of the safety of their money in the capital market despite the crisis in the world economies.
He assured that all was well with the Nigerian capital market, as he paid glowing tributes to illustrious sons of Ogun State who were involved in the evolution and the development of the NSE.
"What we all now described as the Nigerian capital market was the result of the vision, commitment, diligence, and steadfastness in the past of these great individuals, working in concert with other Nigerians to establish and nurture our nation's Stock Exchange," he said.
Otudeko named one of them as Akintola Williams, whom he described as the doyen of the accountancy profession adding that the foremost Accountant is the sole surviving signatory to the Memorandum and Articles of Association of the (NSE).
The NSE President said the branch opened on Monday was the 11th across the country outside the Lagos head office of the trading floor.
He listed other offices to include that of Abuja, Kaduna, Port Harcourt, Kano, Onitsha, Ibadan, Benin, Yola, Uyo and Ilorin.
Enumerating the achievements of the NSE branches, Otudeko said it has enabled the Exchange to function as envisioned by the Federal Government as a national institution, located within the reach of the largest group of Nigerians.
"As a self-regulatory organization (SRO), in an emerging capital market, the NSE is fully aware of its developmental roles and will continually work to promote greater involvement of Nigerians and Nigerian institutions in the capital market, either as brokers, investors or issuers of securities," he stressed.
As an emerging market, Otudeko said the NSE offers a wealth of opportunities to investors and issuers of securities putting the turnover on the NSE as at end-October this year on the Exchange at N2.3 trillion as against N1.65 trillion during the same period in 2007.
He also stated that government and companies recently obtained approval to raise N1.7 trillion through bond and equity issues.
"Our international rating continues to improve with favourable reports by the International Finance Corporation (IFC), Fitch and Standard and Poor's, among other international commentaries in our market to name a few rating agencies."
He reaffirmed the NSE's commitment to the tenets of liberal and open markets and acknowledged the renewed zeal of the Securities & Exchange Commission (SEC) in carrying out its supervisory and regulatory mandate over the capital market.
"Our Council will continue to work in concert with them (SEC) and all other stakeholders in ensuring that we consolidate the size and stature that the Nigerian capital market has achieved as a leading emerging capital market," he said.
Otudeko urged all stakeholders to play well their parts in the Exchange's quest to build and position Nigeria where it belongs as a top resource-rich and safe economy in the world.
The new Abeokuta branch brings to 14, the number of trading floors of the NSE in the country.
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