5 December 2012

Nigeria: 'NSE On Course to Becoming Gateway to African Capital Markets'

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has stated that the management of the exchange is doing what it can to ensure that its goal to make the Nigerian capital market the gateway to the African capital markets is achieved.

Onyema made this known at the annual workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN), in Badagry.

Represented by his Chief of Staff and Head of Corporate Division of the Nigerian Stock Exchange (NSE), Mr. Bola Adeeko, said there was no going back on its strategic journey of reforming our market with key initiatives that centred on various stakeholders.

The market, he added, had commenced the journey of recovery with visible improvement and results being recorded every week.

Highlighting some of his achievement since he took office, he said: "We promised five products in five years and with the introduction of ETFs in December 2011, we are already on product number three out of five with more than three years to go. Being aware of the need for liquidity in our capital market, the exchange introduced market-making along with short selling and securities lending a few months ago and all of us gathered here today can attest to the fact that this has impacted our market positively."

HE added: "We revised our listing rules in 2012 to attract and retain more listings and have since strengthened our enforcement on compliance issues. Recently, the NSE made history as the first capital market operator in Africa to introduce a Market Quality Report -The "NSE X-Qual Report" which is designed to disclose the extent to which equities traded at the exchange provide executions at prices better than the prevailing price quotes before an investor places an order.

"And just yesterday at our events centre in Marina, we launched the NSE value added services with key subsets of corporate access, investor relations, institutional services, independent equity research and the corporate governance bouquet all aimed at enhancing the value proposition of listing on the exchange."

Onyema stated that the exchange was currently working on plans to further educate the investing public on the workings of the capital market.

"Because we at the Nigerian Stock Exchange understand the importance of getting out true information and educating the public - investors, companies and various stakeholders - we are constantly working out ways in which this can be done effectively. You would have noticed our improved website which we update frequently to make sure that market information is easily accessible and in good time," he said.

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