NSE Set to Migrate Access Bank, Lafarge, Seplat and UBA to Premium Board

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    Lagos, April 12, 2018. The Nigerian Stock Exchange (NSE) is pleased to announce it will be migrating Access
    Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its
    Premium Board on Monday, April 16, 2018 sequel to them applying and meeting the Exchange’s listing
    requirements for the board.
    The Premium Board is the listing segment for the elite group of issuers that meet the Exchange’s most
    stringent corporate governance and listing standards. The Board is a platform for showcasing companies who
    are industry leaders in their sectors. Premium Board features companies that adhere to international best
    practices on corporate governance and meet the Exchange’s highest standards of capitalization and liquidity.
    The Board gives a company access to a global pool of investors who are focused on companies managed in
    conformity to the highest standards in their target markets.
    Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa
    Plc have all passed the Corporate Governance Rating System (CGRS) and have market capitalisation of
    N347.12bn, N378.60bn, N391.37bn and N374.48bn respectively. They will join Dangote Cement Plc, FBN
    Holdings Plc, and Zenith International Bank Plc who were migrated to the Premium Board in 2015, bringing
    the total number of companies on the Board to seven.
    Commenting on the development, Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON said, “This
    migration affirms the strides our listed companies are making towards meeting the highest standards of
    corporate governance and underpins the robustness of our market. The new companies have consistently
    demonstrated their inherent values to be globally competitive brands and we congratulate them on the
    attainment of this migration”.
    “Companies on the Board are already enjoying the highest levels of visibility and appeal to investors looking
    for large companies with highest standards of corporate governance. From inception to date, the Premium
    Board Index continues to outperform the benchmark NSE ASI with the Premium Board recording a total
    return of 84.99% versus the NSE ASI’s 41.79% as at 11 April 2018. The Premium Board’s performance
    continues to reinforce the sentiments of both foreign and domestic investors on the importance of corporate
    governance and sustainability”, he added.
    To be listed on the Premium Board of The NSE, the aspiring companies must attain a minimum market
    capitalization of N200bn as at the date of application, a minimum score of 70% on the Corporate Governance
    Rating System (CGRS), and maintain a minimum free float of 20% of their issued share capital or a free float
    value equal to or above N40 billion, as well as meet other standard listing criteria.
    Recall the NSE Premium Board and the associated Premium Board Index were launched on Tuesday, August
    25, 2015.

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    Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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