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Tag: NSE

  • Stockbrokers parley SEC, NSE on recapitalisation, others

    Stockbrokers parley SEC, NSE on recapitalisation, others

    Stockbrokers are currently discussing with the authorities at the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) on key market issues with a view to ensuring that the market operators and regulators reach workable modalities for implementation of the policies.

    President, Chartered Institute of Stockbrokers (CIS), Mr. Albert Okumagba, who disclosed this, said the self-regulatory organisation (SRO) for the largest group of market operators has been engaging the market regulators on the crucial issues of recapitalisation, demutualisation, new listing and activation of the commodities exchange.

    The issue of conversion of the NSE from a member-owned Exchange to shareholder-owned tradable public limited liability company, otherwise known as demutualisation, has been on the front burner.

    Okumagba said consultations were going on with the market regulators on the issues of recapitalization, demutualization of the NSE, making commodities exchange active and how to attract the companies in the telecommunication sector to get their shares listed on the market.

    He added that the CIS would monitor mutual funds in order to protect investors who do not have professional advisers as well as ensure active trading on the mutual funds.

    He said the CIS plans to sign a Memorandum of Understanding with the Institute of Chartered Accountants of Nigeria (ICAN) and the Nigerian Bar Association (NBA), Federal Ministry of Agriculture to further expand growth in the capital market.

    While noting that the CIS was poised to grow the capital market to an appreciable level as a professional institute of choice from the money-making perspective, Okumagba stressed the need for all efforts to be geared towards developing the capital market and the economy at large.

    The CIS, he reiterated has extended hand of fellowship to ICAN, NBA to collaborate based on mutually agreed principles.

    The CIS boss also said the institute was holding talks with the market regulators regarding the recapitalisation of market operators and demutualisation of the NSE.

    He added that consultations were ongoing about how to make the commodities exchange active and attract companies in the telecommunications sector to the market.

    While stressing the need for more active trading in collective investment schemes, he assured that the institute would monitor the schemes in order to protect investors who do not have professional advisers.

  • Aig-Imoukhuede tasks stockbrokers on service delivery

    Aig-Imoukhuede tasks stockbrokers on service delivery

    •Pledges NSE support

    FROM the incumbent President of Council, Nigerian Stock Exchange (NSE), Mr. Aigboje Aig-Imoukhuede has come a charge to professionals in the stockbrokerage sub-sector: “Rededicate yourselves to duty as society’s expectation from you is very high.”

    The new NSE helmsman spoke as a guest of honour at a public forum organised by the Chartered Institute of Stockbrokers (CIS) in Lagos at the weekend.

    According to the immediate Group Managing Director of Access Bank Plc, as professionals, stockbrokers occupy a prime position in the scheme of things, especially in the running of the economy, which is why the society repose a lot of trust in them.

    Waxing philosophical, he said: “If you study statistics, geography and demography, one thing that you would conclude because statistical evidence supports it, the job called stockbrokering is the one that is reserved for privileged people. Not a small number of people but privileged people. And I would explain why. They thus carry a national trust of wealth creation. The burden of wealth creation at least from the financial market is imposed on the profession called stockbrokers.”

    Speaking further, he said: “If you look at the demography of professional earnings, stockbrokers are typically number one, two and worst case, number three of the professional hierarchy of earnings. And in terms of statistics in the proportion of earnings in a financial are typically in 20 per cent. So, it goes without saying that we need to position stockbrokering for better performance because better performance of stockbrokering means better performance of the economy, and very importantly, better performance for our pockets.”

    He also hinted of plans by the NSE to lend critical support to the CIS whenever the need arises.

    “As the President of the Council of the Nigeria Stock Exchange (NSE), I consider this community, my primary constituency. You’re significant repository of trust thrust upon you by virtue of your profession. You also have significant expectations from those who have been entrusted with running the Exchange. This interaction will give us the opportunity to create a win-win framework that would benefit the market and benefit you. ‘’I do look forward to much more detailed interactions between the Council and the management of the Stock Exchange and the entire body of the Chartered Institute of Stockbrokers. Rest assured that you can count on the Nigeria Stock Exchange (NSE) as one of your allies and partners particularly when it comes to the financial resources you need to pursue some of your engagements.”

    Responding, Mr. Albert Okumagba, President/Chairman of Council, CIS, thanked the NSE president for his commitment to the institute, stressing that as a body they look forward to mutually rewarding relationship with the NSE.

  • NSE unveils electronic trading terminal

    NSE unveils electronic trading terminal

    X-Front Trader Platform makes it first debut in the Nigerian electronic (fix) trading terminals market to boost “real time” online trading for stock market traders and investors. This platform’s architecture was designed by the technical team of X-Front Trader Limited, Nigeria and powered by Europe’s leading global terminal provider – Infront Norway, in collaboration with one of South Africa’s leading financial market data providers. This platform will enable stockbrokerage houses (SBHs) to provide easy to use and efficient real-time information and trading system to their clients. X-Front Trader Platform is cutting edge in both the front-end GUI (graphical user interface), and connectivity infrastructure for trading and content delivery, yet it is affordable. This terminal was developed based on a 12-month extensive market research and collected feedback from the local Nigerian stock market participants, ASHON (Association of Stockbrokerage Houses of Nigeria) leadership and randomly selected SBHs.

    X-Front Trader Platform meets regulatory requirements while reducing the huge ICT infrastructure cost as such similar platforms by Infront have delivered in many other countries with matured electronic trading (such as in the Nordics). Now you can see why this is a ‘Game Changer’ for every NGSE-licensed SBH and CIS-licensed broker, regardless of size.

    The platform aids to easily meet the latest strict requirements and standards of the current SEC recapitalization exercise for NGSE-licensed SBHs. The coming pre-market presentation is targeted towards all management levels (inclusive technical, accounting and sales departments) of Nigerian SBHs. Our primary goal is to make attendees aware of this industry leading technology platform, proven globally, yet customized for the needs of the local Nigerian financial community. The presentation will drill down to the real business needs of SBHs and how the platform and associated services resolves their current problems, creates opportunities and grows business in a scalable manner at a reasonable cost that will ultimately save money with increased efficiency, fewer errors and replacing current solutions that fill some of the market data information at a much higher cost.

    It should be noted that the new and transforming Nigerian Stock Exchange (NGSE) of today is technology-driven and for market operators to benefit from the new processes, they should be ICT-compliant to attract domestic and foreign clients. According to Engr. Ekwueme Michael Anyadibe, Managing Director, X-Front Trader Limited, among other topics, the presentation will specially cover:

    Detailed information on how X-FRONT TRADER TERMINAL works, since it is based on a ‘multi-broker integration’ cloud network architecture where any stock brokerage house can use his prepaid OMS to connect to the X-Front Trader Architecture via industry standard protocols.

    Early adopter commercial offer for SBHs. Details can be discussed on a case by case basis.

    Business cases and product benefits

    The presentation will take place on October 8th, 2014 at the Chartered Institute of Stockbrokers’ Training Hall, 10th Floor, CSS Bookshop House, 50/52 Broad Street, Lagos. It will begin at 2.00pm. All the market operators and investing community are invited to have first-hand information about this electronic (fix) trading platform and its benefits to operators and the general market.

     

  • Stanbic IBTC ETF 30 to grow capital market

    Stanbic IBTC ETF 30 to grow capital market

    THE overarching interest of the Stanbic IBTC Exchange Traded Fund 30 (ETF 30), which initial public offering opened on Monday,  September 15, this year, is to grow the fortunes of the nation’s capital market.

    Making this submissionwas Olumide Oyetan, the Chief Executive Officer of Stanbic IBTC Asset Management Limited.

    The event was for investors and stakeholders in Lagos.

    Justifying the need for the Fund, Oyetan said the company, Nigeria’s leading asset management firm, sought to expand participation of domestic investors in the capital market, which will help in the capital formation process and in turn generate significant returns to investors while fueling wealth creation as well as economic growth.

    “The opening of the Stanbic IBTC ETF 30 is a direct response to increased investor demand for passive investment strategies that will deliver the market return for the index being tracked, which in this case is the NSE 30 of the Nigerian Stock Exchange (NSE). The Stanbic IBTC ETF 30 provides a transparent and flexible structure that allows investors efficiently gain exposure to the securities of these companies that have over time out-performed the broad equity market,” said Oyetan.

    The offer, which closes on Wednesday, October 15, 2014, opened with 10,000,000 units of the Fund available at N100 each at par. It offers a minimum subscription of 10,000 units and multiples of 5,000 units thereafter.

    Oyetan said the Fund is designed to track the performance of the NSE 30 Index which comprises of the top 30 companies listed on the NSE in terms of market capitalisation and liquidity. The index serves as the flagship benchmark for the stock market as it represents 92 per cent of the NSE’s market capitalisation and the Stanbic IBTC ETF 30 will replicate the price and yield performance of the index. The Fund, Oyetan added, will invest 100 per cent of its assets in the same portfolio of securities that comprise the NSE 30 Index in proportion to their weightings in the Underlying Index.

    “The Fund represents a convenient and efficient way for investors to have access to the top 30 most capitalised and liquid stocks on the NSE, in a cost-effective manner. We believe that it will appeal to sophisticated and institutional investors that believe in the growth story of companies listed on the NSE and by extension, in the abundant growth opportunities that exist in Nigeria,” added Oyetan.

    The commitment, expertise, experience and global clout of the Standard Bank Group, to which Stanbic IBTC Asset Management Limited belongs, will be deployed to ensure success of the Stanbic IBTC ETF 30, Oyetan assured.

  • How Aig-Imoukhuede emerged NSE president

    How Aig-Imoukhuede emerged NSE president

    FRESH indications emerged at the weekend on how Mr. Aigboje Aig-Imoukhuede became the president of the Nigerian Stock Exchange (NSE).

    Informed sources confided in The Nation that the National Council of NSE elected Aig-Imoukhuede as the president of the Exchange, following the decision of Alhaji Aliko Dangote, the immediate past president of the Exchange not to seek reelection.

    Dangote said: “NSE believes in the growth of the capital market and is making significant investments to support this ambition.”

    According to him, earlier this year, I informed the NSE of my stepping down as the council president and I have confidence in the executive team and council members to ensure my successor continues to move the NSE forwards towards becoming a regional force in the global financial market place.

    He said in 2013, the NSE’s had focus on executing the five pillars of the transformation strategy, which are targeted at business development, enhanced regulatory programs, 21st century technology strategies, enhanced market structure and investors protection initiatives.

    Besides Aig-Imoukhuede, Mr. Abimbola Ogunbanjo, and Mr. A. B. Mahmoud, were elected as first and second vice presidents respectively.

    The election was carried out by the council member at the NSE 53rd Annual General Meeting (AGM), with other members elected into the national council as follows: Mr. Muhammad Daggash, Finmal Finance Services Limited, Greenwich Securities Limited, ICMG Securities Limited, Meristem Securities Limited, Sigma Securities Limited, and Signet Investment and Securities Limited.

    The Chief Executive Officer of NSE, Oscar Onyema attributed last year’s performance to improved operational efficiencies and the revenue diversification strategies, resulting in an increased share of income from other revenue streams.

    According to NSE financial report for the year ended December 31, 2013 revealed that its operating surplus, which is the key measure of the profitability of the group’s business activities went up by 176 per cent to N 3.26 billion from N1.18 billion in 2012.

    The group made revenue of N4.577 billion in 2013 compared to N3.33 billion, appreciating by 37.58 per cent. The total income went up by 39.31 per cent to N5.40 billion in 2013 from N3.88 billion in 2012, which was derived primarily from transaction fees that constitute 58 per cent on the total income for the year.

    Total assets grew by 20 per cent yearly, trading revenues increased by 67 per cent to N3.13 billion, while total volume and value traded in equities witnessed growth of 20 per cent and 59 per cent. Also, the NSE- ASI gained 47.19 per cent in 2013.

  • NSE performance driven by strong fundamentals

    NSE performance driven by strong fundamentals

    FOR the Nigerian Stock Exchange (NSE), the financial performance of the operating year ended December 31, 2013.This is a function of an efficient management-led Exchange which has remained focused on improved performance of the capital market recovery since the meltdown in 2008.

    Indications are that during the year, the market in spite of absence of Initial Public offer (IPO) maintained a transparency, choosing to focus on its regulatory framework areas and upgrade its facilities to enhance service delivery to stakeholders.

    Thus, this decision coupled with the strong fundamentals carried over from the 2011 operating year, helped the Exchange to attract more foreign Investors participation/ state and federal government bond patronage in terms of accessing cheap funds for capital intensive projects.

    While the Exchange focus since 2011 was on restructuring, improving technological capacity, product development, and advocacy for changes to policy, in the coming years, it has shift gears to growing the business with a focus on operational efficiency, product innovation and technological advantage.

    Consequently, the growth in policies and improved reliable trading and settlement systems have leverage over N1 trillion and 106.5 billion trading activities by value and volume in 2013, respectively.

     The devil in the detail

    A cursory view of the 2013 audited financial result revealed that the NSE total asset grew by 20 per cent to N15.7 billion, from N13 billion recorded in 2011 financial year. Group total equity also gained 29 per cent, moving up from N10.5 billion to N13.6 billion.

    Besides, increased in daily transactions, the bourse revenue grew by 38 per cent to N4.6 billion during the year under review from N3.3 billion in the previous year.

    A breakdown of the revenue showed that an appreciable 67 per cent growth in transaction fees to N3 billion, while listing fees stood at N468 million in 2013 as against N383.7 million in 2012 with entrance levy at N661.7 million while other fees grew from N272.5 million to N317.5 million respectively.

    Net operating expense went down 18.5 per cent from N2.8 billion in 2012 to N2.3 billion, propelling the group’s Operating Surplus to grow by 361.2 per cent from N491.3 million in 2012 to N2.27 billion.

    The group’s operating surplus jumped from 183 per cent to N3.26 billion from N1.18 billion the previous year. A total income of N5.40 billion was generated in 2013, up 39 per cent from 2012, derived primarily from trading and listing fees (annual)

    This growth trajectory reflected in a 183 per cent increase in operating surplus for the year, from N1.15 billion to N3.26 billion

    The proficiency in 2013 profit &loss figures and total assets was however reflected in its profitability as cost-to-income dropped from 86 per cent in 2012 to 62 per cent in 2013.

    Staff cost-to-revenue stood at 34 per cent, below 42 per cent recorded in 2012 while current ratio (The current ratio is an important liquidity metric used to track the Group’s ability to meet its short-term obligations) grew from 152 per cent to 216 per cent in 2013 financials.

    The capital market in 2013 number of listed equities for the second consecutive year stood at 198 while in 2011 it was at 201 listed securities. Number of listed state/local government bonds had risen from 13 in 2012 to 17 in 2013 as number of listed Federal Government bonds decreased from 25 to 17 in 2013.

    Speaking on the results, the President NSE, Alhaji Aliko Dangote, said 2013 was another year of significant progress with several groundbreaking developments at the bourse.

    He, however, hinted that he is stepping down as President of the Council after the NSE Annual General Meeting holding today.

    According to him, the NSE believes firmly in the growth of the Nigerian capital market and is making significant investments to support this ambition.

    “Earlier this year, I informed the Council of the Exchange that I will be stepping down as President of the Council this year. My decision is driven by the need for me to have more time for the execution of my companies’ expansion drive in Nigeria and Africa at large,” said the outgoing NSE president.

    Also commenting on the performance, Chief Executive Officer of the NSE, Mr. Oscar Onyema, said the Exchange has more attractive portfolio of services and products, although investors maintain a strong appetite for equities.

    In his words, “the dominance of the equity market in 2013 highlights the need for additional product offerings specifically equity based products which local investors see as redrawn strategy   for their simplicity.”

    Going forward, Mr. Onyema said, “We are confident that our business is well-positioned to benefit from these changes, as well as the opportunities presented by an improving economic environment, both nationally and regionally.

    “In the year ahead, we anticipate we will begin realising the expected benefits from recent transactions, and other benefits from our more recent attention to product development.”

  • Transcorp Hotels board approves IPO

    Transcorp Hotels board approves IPO

    The Board of Directors of Transcorp Hotels Plc (THP) held its Completion Board Meeting at the weekend, approving the company’s plans to conduct an Initial Public Offering (IPO) and list its shares on the Nigerian Stock Exchange (NSE).

    The THP will offer 800 million  ordinary shares of 50 kobo each at N10 per share for subscription. The proceeds of the offer will be used to part-finance its expansion projects specifically the construction of two new flagship hotels in Ikoyi, Lagos and Port Harcourt, as part of its broader expansion plans. The offer for subscription will open on September 24th and close on September 30.

    THP is the hospitality subsidiary of Transnational Corporation of Nigeria Plc which owns and operates the Transcorp Hilton Abuja and the Transcorp Hotels Calabar.

    Managing Director and CEO of THP, Valentine Ozigbo said Nigeria’s hospitality industry is experiencing significant growth, with major demand for expanded capacity and enhanced quality and service.

    He said THP is ideally positioned, as the existing owner of the largest number of hotel rooms in Nigeria, and partnered with one of the world’s most prestigious hotel brands, Hilton Worldwide, to leverage this demand.

    The proceeds of this offer will be used to fund the development of two new Transcorp Hilton hotels, one in Ikoyi, Lagos, and the second in Port Harcourt, with both due for completion in 2017.

    We are delighted to be able to offer the Nigerian public the opportunity to participate in our future success. This offer reiterates our commitment to creating sustainable value for all stakeholders. “

  • NSE boss urges stockbrokers on service delivery

    NSE boss urges stockbrokers on service delivery

    •As experts express worry over diminishing stock portfolio

    Capital market operators have been advised to consider mergers and acquisitions in order to meet the new minimum capital requirement for market operators and to be globally competitive.

    The Chief Executive Officer, Nigerian Stock Exchange, Mr. Oscar Onyema, gave the advice in Lagos recently at a seminar organised by the Association of Issuing Houses of Nigerian and the Association of Stockbroking Housing of Nigeria.

    Onyema, in his keynote address on ‘Benefits of a consolidated stockbroking industry,’ explained that most dealing member firms currently had a business model that was not sustainable, which prevented them from being as competitive globally.

    “A high number of very small members renders the broker business model economically non-viable for most players,” he said, adding that the situation was responsible for “several issues regarding professionalisation of the market.”

    An example of the problems caused by the development, according to him, is that the market is unattractive for global players’ market entry due to lack of potential partner.

    Others are limited investor reach due to long tail of small fringe players without adequate investor coverage; underdeveloped broker capabilities/capacities due to lack of scale; high costs of surveillance due to granular structure of the market with multiple small instances of fraudulent behaviour that needs to be prosecuted and low economic viability due to lack of scale effects and low pricing power.

    On the where the Exchange’s goal, Onyema said, “We want to be fully demutualised, for-profit, listed with a global and local shareholder base. We want strong partnerships and co-operation with leading global exchange operators, operationally efficient, competitive, with robust infrastructure and systems. We also want to see frequent product innovation including new asset classes and data services.”

    In terms of issuers, he said the goal was to be the first choice for access to growth capital for Nigerian companies, the exchange of choice for African oil, gas and power sectors and a brand name stock market where issuers list on to enhance their international reputation and ratings.

    He added, “We want to have a competitive broker market with large players providing value added services (e.g. analysis, coverage, road shows) as the NSE’s distribution channel locally and internationally, cross membership agreements with other exchanges allowing trade on NSE.”

    The NSE CEO said the Exchange expected to have a diversified investor base with local and international institutional and retail investors.

    He also said the Exchange wanted to see local PFAs “approaching cap allocation in corporate equities and bond markets”, investments from leading international fund managers, strong presence on international indices and high-frequency trading supported with full breadth of trading technology.

    Although the Chairman, AIHN, Mr. Victor Ogiemwonyi, admitted that a fragmented industry would harm the market, he said the remedy was beyond increasing the capital requirement.

    Ogiemwonyi said, “Nobody benefits from a fragmented industry, but just raising capital alone is not enough in this market. We must find a way of stimulating growth in the industry. We cannot have a market without operators.

    “Too few operators will cripple the market. The decisions we take must reflect the reality of the environment we are. M&A is one of the options as operators begin to look at ways of meeting the minimum capital base.”

    The President, ASHON, Mr. Emeka Madubuike, confirmed that operators were indeed considering mergers and acquisitions.

    “We are looking at M&A option because we have to meet the expectations of the Securities and Exchange Commission in what I call a regulatory-induced capital requirement. We should also be open in looking at the risks of M&A,” he said.

    Madubuike, however, stressed that “the level of capital we operate today is not too low when we talk about being competitive in the global arena.”

  • Group applauds NSE’s transformation exercise

    The Capital Market Solicitors’ Association (CMSA) has commended the Nigerian Stock Exchange (NSE) on the various strategies aimed at deepening the market, urging them to strengthen its investors’ protection initiatives.

    The Chairman of the Association, Uche Obi, who said this in Lagos yesterday, noted that Nigeria would be better positioned to achieve its economic and developmental plan if it had a world class capital market.

    Obi, who observed that the Exchange had carried out a lot of reforms aimed at deepening the capital market in terms of liquidity, depth and volume, said, it still had some way to go to match exchanges in advanced economies.

    He said: “It would also be considered a good exchange when it is very easy for people to change positions. Looking at the structures, we have to ensure that the Exchange is capable of protecting the investors, especially the retail investors who are very vulnerable.

    “It has to be an Exchange that can guarantee fairness across board; an Exchange that has adequate mechanism to resolve investment disputes expeditiously; and an Exchange that will be able to, in an era of globalisation, align with rules available in other top exchanges across the globe.”

    Obi explained that in a situation where cross-border trade is becoming very common, the NSE should be able to relate with other exchanges so that products on the NSE can be traded on other exchanges.

    He disclosed that the focus of its yearly business luncheon for 2014 would be on   ‘Transformation of the Nigerian Stock Exchange into a world class Exchange’, adding that the goal was for stakeholders from all segments of the capital market to find ways to speed up its transformation exercise.

    The event, scheduled to take place in Lagos on September 17, according to him, would be chaired by the Chairman, Securities and Exchange Commission with its Director-General, , Ms. Arunma Oteh as guest of honour.

    The Vice-Chairman, CMSA, Mrs. Yinka Edu, explained that the theme of the yearly event was timely considering the numerous changes in the capital market in recent times.

    She said: “If you look at the Exchange in the last five year, you will notice that so many changes have taken place; different products have been introduced. Five years ago, we were just trading equity in the market and there was really no depth. But now we are looking at debt, funds, ETFs… various products have come on stream.”

    She explained that the Chief Executive Officer of the NSE, Oscar Onyema, would be the guest speaker and would be supported by a panel of discussants such as  the  Seplat Petroleum Development Company Chief Executive, Austin Avuru;and the  Stanbic IBTC Capital Limited, Chief Executive,  Ms. Yewande Sadiku.

    The CMSA is the umbrella body of about 250 law firms and in-house counsel of accredited operators practicing in the Nigerian capital market.

    Its objectives include the enhancement of practising standards among practitioners affiliated to it, conducting advanced training and capacity building programmes, protecting the interest of members in capital market policies and transaction and acting as a self-regulatory organisation for its members.

  • Akintola Williams urges stock exchange to sustain integrity

    Akintola Williams urges stock exchange to sustain integrity

    The only surviving founding father of the Nigerian Stock Exchange (NSE) and the Doyen of the Accountancy, Mr. Akintola Williams, has urged stakeholders at the stock exchange to sustain the high degree of integrity on which the stock market was founded.

    Williams, now 95, together with six other eminent Nigerians, had in 1960 signed on the documents that birthed the then Lagos Stock Exchange (LSE), which later changed its name to Nigerian Stock Exchange (NSE).

    Speaking at a ceremonious ringing of closing bell for the NSE at the weekend, Williams noted that when the Exchange was founded and all through its formative years, frauds and manipulations were unknown at the stock market. The event was held to mark the 95th birthday anniversary of Williams, who clocked 95 on August 9.

    According to him, the stock market was founded on a high degree of integrity, which must be sustained in order to guarantee the sanctity of the market.

    “I shall remain eternally proud for being one of the seven founding fathers of the Lagos Stock Exchange late in 1960 subsequently renamed Nigerian Stock Exchange. I was a council member for thirteen years and was pleased to have worked under five Presidents of Council, two of whom were expatriates whilst the rest were Nigerians. I am happy to report that during this period of thirteen years and subsequently thereafter frauds and manipulations of prices were unknown and I note with considerable pleasure that this high degree of integrity is still going on. I plead that it should still be maintained and not relaxed,” Williams said.

    He also noted the need for stockbrokers “to become professionals”, in reference to campaign by stakeholders that stockbrokers should be allowed to trade on their own names as professionals just as lawyers and accountants.

    Williams said such professional status for stockbrokers will supplement the very high standard of professional ethics on which it already insists.

    He commended the phenomenal changes at the NSE pointing out that the Exchange has established 11 well-equipped branches with trading floors in 11 states.

    “I also notice that your call-over is now being superseded by the introduction of computer-based system – here again I rejoice with the Exchange on this achievement. The Exchange also needs to be congratulated on the substantial increase in the number of its dealing members. The number now exceeds 200,” Williams noted.

    Established as Lagos Stock Exchange (LSE) in 1960, the stock exchange was conceptualized as a limited by guarantee not-for-profit organisation thriving on the goodwill, reputation and integrity of its members. While Nigeria’s doyen of accounting, Mr. Akintola William, is the only surviving initial signatory to the founding memorandum of the NSE, the membership list of the NSE has always included “the movers and shakers” of the Nigerian economy. Late Chief Moshood Kashimawo Olawale Abiola (MKO) was a former president of the NSE.

    Beside stockbroking firms and other capital market operators that are dealing members, members of the NSE included Alhaji Aminu Dantata, Alhaji Aliko Dangote, Alhaji Abdul Rasaq (SAN), Chief Ernest Shonekan, Chief Jerome Udoji, Chief Chris Ogunbanjo, Chief Bayo Kuku, Dr. Lateef Adegbite, Dr, Chris Abebe, Mr. Gamaliel Onosode, Mr. Isaiah Balat, Alhaji Isyaku Umar, Mr. Oba Otudeko, Otunba Adekunle Ojora, Mr. Pascal Dozie, Mr. Paul Ogwuma, Chief Phillip Asiodu,  Rear Admiral Allison Madueke (rtd.), Senator Udo Udoma and Senator David Dafinone among others.

    Several State Investment Companies are also institutional members of the NSE, giving the States inputs into the operations of the NSE. These included Adamawa Securities Limited, Kaduna Investment Company, Kano State Investment and Properties Limited, Katsina State Investment and Property Development Company Limited, Kwara State Investment Corporation, New Nigerian Development Company Limited, Niger State Development Company Limited, Sokoto Investment Company Limited and Yobe Investment Company Limited among others.