The Nigeria stock exchange says it has achieved 80% demutualization in its process to reposition the capital market, as a key pivot of economic activities in the country and continent.
CEO of the NSE Mr Oscar Onyema disclosed this to capital market correspondents at the 56th Annual General Meeting of the exchange in Lagos.
Mr Onyema noted that the exchange had also achieved growth in its market services area, driving innovation in the capital market.
According to him the NSE for the 2016 financial year, considering the economic downturn recorded a group profit of N27ml, with a 32% reduction in revenue and its cost reduction which was 12%.
Onyema maintained that the exchange retained a strong balance sheet of N22bl, but was focused on its strategic long-term plans and is positioned for the nation’s economic recovery.
Also fielding questions the Outgoing President of the council of the exchange, Mr Aigboje Aig-Imoukhuede described the significant progress in the “Demutualization” process as part of the successes of the exchange under his tenure.
Imoukhuede also asserted that the exchange had worked assiduously on evolving robust minimum operating standards, for dealing members that will bring quality service to the market.
He also noted that with the development of the “Due Diligence Book” the exchange will be in a strategic position to attract more listings in the market.
At the AGM, Imoukhuede thanked the dealing members and all stakeholders for the support rendered in repositioning the exchange, throughout his 3 year tenure as President.
The external auditors report from KPMG Nigeria showed that the NSE for its 2016 financial year, kept proper books of account.
Mr Abimbola Ogunbanjo the former 1st Vice President of the NSE now takes over as the new President, while Mr Abubakar Balarabe Mahmoud, SAN( President of Nigerian Bar Association) was elected 1st Vice President and Mrs Catherine Echeazor(former DMD of GTBank) emerged the 2nd Vice President.
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Reporting by Naija247news in Lagos, Nigeria.
