BY CHINYERE OBIORA, LAGOS – The immediate past President of Nigerian Stock Exchange (NSE), Mr Aigboje Aig-Imokhuede has assured the capital market community that the lingering NSE demutualisation process will soon be completed.
Aig-Imokhuede, who blamed existing legal framework for obvious delay in the process, however said the Exchange will not renege on its resolve and commitment to get things right quickly.
According to him, “Despite the foregoing, our legal structure as a mutual entity increasingly constrains our ability to complete and offer services on par with leading exchanges around the world.
“For this reason, we have accelerated our timetable for completing the demutualisation of the NSE and we are proud to report that the process, which had lingered in the Exchange for several years, has now advanced to the point of near completion and will be concluded within the coming months.”
Aig-Imokhuede, whose three-year tenure ended at the 56th NSE Annual General Meeting (AGM) held in Lagos on Monday, also said NSE generated revenue to the tune of N4.46 billion for the year ended December 2016.
Sharing his experience during the period, Aig-Imokhuede, elected NSE’s President in 2014, said it was with great sense of humility and accomplishment wading through ‘three memorable and fulfilling years of service in this prestigious role’.
The out-gone NSE chief stated that “Despite the economic headwinds in 2016, the Group level of the NSE remained profitable with an operating surplus of N27.45 million.
“The Exchange generated revenues of N4.46 billion, down by 31 per cent from the previous year, reflecting bearish sentiments prevalent in the market in 2016.”
He praised the Exchange’s Council and management for their cost containment efforts and diligent approach to its budgeting process that saw total expenses drop by 12 per cent year-on-year without affecting NSE’s high operating standards and service quality.
Also speaking at the occasion, NSE’s Chief Executive Officer, Mr. Oscar Onyema said the Exchange demonstrated resilience through the economic and market downturn as investors reacted to prolonged macro-economic uncertainty.
“As at December 31 2016, the NSE’s total assets stood at N22.79 billion, with approximately N9.73 billion held in liquid assets and an accumulated fund of N19.31 billion, to close the year with a sound liquidity position and strong balance sheet.
“The Exchange has delivered strong and broad-based results which strengthen our foundation for long-term prosperity, and will drive growth in the near-term. We will continue to adapt to stakeholder needs in the evolving business climate, developing innovative and diverse products that perform well in different market conditions, while maintaining a regulatory framework that engenders confident investors,” Onyema added.
Members re-elected at the AGM are: Mr. Abimbola Ogunbanjo, who retired by rotation, as a member of the National Council; Chartwell Securities Limited, represented by Mr. Oluwole Adeosun; Equity Capital Solutions Limited, represented by Mr. Kamarudeen Oladosu; Pilot Securities Limited, represented by Mr. Seyi Osunkeye; and Planet Capital Limited, represented by Mr. Chidi Agbapi.
Others include, Katsina State Investment & Property Development Co. Limited, represented by Mrs. Fatimah Bintah Bello-Ismail; Fortress Capital Limited, represented by Mr. Yomi Adeyemi; Woodland Capital Markets Plc, represented by Mr. Patrick Ajayi; Mrs. Catherine Nwakaego Echeozo and Erelu Angela Adebayo.
