NSE demutualisation process reaches final stage

The Nigerian Stock Exchange, NSE, yesterday, signified that its demutualisation process has reached the final stage of implementation having gone through the first and second readings as well as public hearing at the National Assembly, NASS. Demutualisation is a process through which a member-owned company becomes shareholder-owned. The president of the National Council of the Exchange, Mr. Abimbola Ogunbanjo, who stated this at the 57th  Annual General Meeting, AGM, in Lagos, said the Exchange has set a four year corporate strategic plan that will reposition it as a more investor friendly and customer centric exchange hub in Africa. Laying the financial result before the members, Ogunbanjo noted that as the recovery of the domestic and global economy gained momentum in the second half of 2017, activity on NSE surged, resulting in 80 percent growth in top line revenues from the previous year. “Operating surplus after tax grew from N27.45 million in 2016 to N3.79 billion in 2017, indicating one of the highest operating surpluses recorded in the last five years. Our net assets grew by 19.3 percent to N23.1 billion, providing us greater financial flexibility to execute our strategic agenda and respond to changes in our operating environment,” he said. Commenting on the results, Oscar Onyema, CEO, NSE, said: “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.”

Credits/Sources: www.vanguardngr.com