NSE Focuses on Retail Investment to Boost Market
The President of the National Council of the Nigeria Stock Exchange, NSE, Otunba Abimbola Ogunbanjo has said that the Exchange expanded focus on retail investment, and is positioning it to deploy innovative and agile smart products and services.
Ogunbanjo who made this known at the 58th Annual General Meeting (AGM) of the exchange in Lagos recently, noted that the NSE witnessed the Debt Management Office (DMO) list the pioneer N10.69bn Federal Government of Nigeria (FGN) Sovereign Green Bond, and a N100bn FGN Ijarah Sukuk Bond.
According to him this further asserted aspiration as the platform for both the public and private sector to raise and access capital, encourage financial inclusion and create sustainable value.
“We also expanded our focus on retail investment, positioning the Exchange to deploy innovative and agile smart products and services. We made significant progress with the Demutualization process, with the bill now signed into law and assented to the President.
‘The successful completion of this project will ultimately strengthen our market as a significant driver of socio-economic development”.
The NSE will continue to capitalize on new opportunities, take advantage of recent technological disruptions and seek corporate partnerships, to maintain a fair and orderly market while delivering sustainable values to its customers and stakeholders”, he said.
The President however noted that line with global markets; equities market experienced a decline in 2018, adding that the trend was counterbalanced by the NSE’s delivery of key initiatives for the development of the Nigerian capital market.
Chief Executive Officer of NSE, Mr. Oscar Onyema said the NSE demonstrated resilience in the face of a challenging operating environment closing the year with surplus of N2.70bn.
“Total revenue declined to 8 per cent that is N7.67bn as investors sought towards more guaranteed investment asset classes in the face of uncertainty. Our listings revenue stream was the most impacted, as it fell by 21 per cent to N1.4bn. Influenced by the capital market trends within the period, transaction fees also declined to N3.3bn, a 13 per cent drop from last year. The balance sheet remained strong with a 9 per cent growth in total assets as the Group closed 2018 with total assets of N29.1bn, with approximately N4.1bn (14 per cent ) held in liquid assets and an accumulated fund of N25.9bn to close the year with a sound liquidity position and strong balance sheet”.
During the AGM, the Audited Financial Statements of The Exchange as at December 31, 2018 and the reports of National Council and Auditors were presented to the members as part of the Ordinary Business of the day.
Members of the Exchange re-elected Mrs. Catherine Nwakaego Echeozo who retired by rotation, as a member of the National Council. Members also re-elected Katsina State Investment & Property Development Co. Limited (Represented by Mrs. Fatimah Bintah Bello–Ismail); Fortress Capital Limited (Represented by Mr. Yomi Adeyemi) and Pilot Securities Limited (Represented by Mr. Seyi Osunkeye).