The Nigerian Stock Exchange (NSE) held its 57th Annual General Meeting (AGM) yesterday, during which its major accomplishments in 2017 were highlighted.
One of such accomplishments is its financial earnings for the full year ended December 31st. There was an 86% increase in total income which rose to the tune of ₦8.30 billion; up from ₦4.46 billion recorded in 2016. In the same vein, the NSE recorded a surplus before tax of ₦3.82 billion.
The Exchange also highlighted other major achievements during the 2017 financial year, some of which include:
- Market capitalization at ₦22,917,906,741,966.20 grew by 41.59% when compared to ₦16,185,729,639,209.90 in FY 2016.
- All Share Index (ASI) appreciated by 42.30% from 26,874.62 to 38,243.19.
- New listings across diversified product classes – 41 Bonds, 19 equities, 5 ETFs and 15 Memorandum Listings.
- Being rated 3rd best-performing stock exchange in 2017 by CNN, awarded CSR Company of the Year by Lagos Chamber of Commerce & Industry (LCCI), named Employer of The Year by HR People’s Magazine.
- Partnership with the Debt Management Office (DMO), launching the FGN Savings Bond, Green Bond and Sukuk and promoting financial inclusion in Nigeria.
- Commissioned Tier 3 designed data centre with cloud computing capabilities.
The CEO of the Nigerian bourse, Oscar Onyema, while commenting on the accomplishments, stated that the NSE’s positive performance is a pointer to its potential to serve as the much-needed catalyst towards ensuring economic development in the country.
“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.” -Onyema
Meanwhile, the Nigerian bourse is already aiming for greater accomplishments, having recently “deployed a new four-year corporate strategy that will reposition them as a more investor-friendly and customer-centric exchange hub in Africa.”
The four-year corporate strategy is also expected “to deliver superior performance for multi-faceted stakeholders, especially issuers and investors who continue to access the market to raise and save capital respectively”, according to the President of the National Council of NSE, Abimbola Ogunbanjo.
Note that the NSE’s audited financial report for full year 2017 alongside other reports were also approved at the AGM.
Established in 1960, the NSE encompasses of four subsidiaries which include Naira Properties Limited, Coral Properties Plc., NSE Consult Limited and NSE Nominees Limited. The Exchange also has interests in NG Clearing Limited and Central Securities Clearing System (CSCS) Plc as joint venture and associate company respectively.