8 June 2018

Nigeria: Onyema - NSE Demutualisation Process Still On Course

The Chief Executive Officer of the Nigerian Stock Exchange(NSE), Mr. Oscar Onyema yesterday said the demutualisation process was still on course. Speaking to THISDAY after the 57th annual general meeting (AGM) of the NSE in Lagos, Onyema said the council and management were working with their advisors to fine-tune some aspect of the demutualisation project. According to him, they are waiting for the signing of the Demutualisation Bill to be signed into law to fast-track the process.

"While waiting for the bill to be signed into law, we are working on some outstanding aspects and providing clarity on the process through regular engagement with stakeholders. We are very positive that the demutualisation of the NSE will further catalyse the development of transparent and efficient capital market that is very critical to the country's economic growth," he said.

Reviewing the performance of the exchange in 2017, Onyema said a total income of N8.30billion and N3.82 billion surplus before tax were recorded , representing 86 per cent and 5,629 per cent when compared with N4.46 billion and N27.45 million respectively posted in 2016.

"This positive performance, after the significant headwinds witnessed over the past two years, affirms the resilience of our market and its potential as a catalyst of economic growth in Nigeria and the hub for Africa. Focus on executing our robust strategy of cost efficiency, products and revenue diversification, as well as innovative and improved operational delivery, underpins this strong performance," he said.

In his address, President of NSE, Mr. Abimbola Ogunbanjo said the exchange had deployed a new four year corporate strategy that would reposition it as a more investor friendly and customer centric exchange hub in Africa.

"With this new strategy, we are poised to deliver superior performance for our multi-faceted stakeholders especially issuers and investors who continue to access our market to raise and save capital respectively," he said.

He said the exchange achieved new listings across diversified product classes including: -41 bonds, 19 equities, five Exchange Traded Funds and 15 Memorandum Listings.

He added that in partnership with the Debt Management Office, the NSE launched FGN Savings Bond, Green Bond and Sukuk to promote financial inclusion in Nigeria.

Looking ahead, Ogunbanjo said as the reality of the fourth industry revelution and the various challenges presented by disruptive innovation, growing competition and rapid internationalization, NSE is positioning itself to lead the adoption of innovative technologies and solutions to meet the expectations of customers across its value chain.

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