Stockbrokers urge NSE Council to fast track demutualisation process
Members of the Nigerian Stock Exchange (NSE) were unanimous in agreement with the NSE Council’s proposal to have an Extra-ordinary General Meeting (EGM) on the demutualisation to allow for more consultations on the issue.
The President of Association of Stockbroking Houses of Nigeria (ASHN), Emeka Madubuike, and Mike Itegboje, a former President Chartered Institute of Stockbrokers (CIS) spoke in support of the move, urging the Council and management of NSE to fast track the demutualisation process and pick a date for the EGM.
Speaking on the performance of the Exchange in the year 2015, its President, Mr. Aigboje AigImoukhuede, noted that the Exchange weathered the impact of capital flight shocks experienced globally through effective fiscal discipline and tight budgetary controls.
“Although 2015 was characterised by recessionary pressures including a slump in crude oil price, uncertainty in Nigerian economic policies and significant local currency exchange rate pressures, our management and staff successfully delivered on a number of ambitious operational and strategic initiatives”.
“We recorded an operating surplus of N1.86 billion as a result of management diligence in managing the budget as well as strategic prioritization and execution of key initiatives based on efficiency, scale and growth potential.
“Total assets of The NSE grew by over 10 per cent, while net assets grew by 11per cent, year-on-year. By the end of year, the Exchange’s asset base exceeded N22.78 billion, with N19.29 billion in accumulated funds, providing us adequate financial flexibility to support strategy execution in key business areas for the road ahead,” he added.
According to the CEO of The NSE, Mr. Oscar Onyema, the Exchange illustrated its resilience during the year amidst prolonged economic uncertainty, diminishing commodity prices and volatile securities markets. “Despite declines in our core income streams, alternative sources of income continued to play an important role in supporting the financial performance of our business. In 2015, revenue excluding transaction fees and listing income grew by 15per cent contributing 40 per cent to total revenue.
“The greatest drivers of this growth were revenues from our proactive investment strategy and income generated from our market services business. Our balance sheet remains solid, with over N22.78 billion in assets, representing a 10% growth rate in 2015. Our liquidity metrics remain strong as well, with a current ratio 3.79 and a total liabilities -to- total assets factor of 15per cent as of December 31, 2015”, Onyema said.
At the AGM, Members of the Exchange re-elected to the National Council are: Mr. Aigboje AigImoukhuede, as the President; Engr. Muhammad Daggash; Mr. Oluwole Abegunde (Representing Meristem Securities Limited); Mr. Oladipo Aina (Representing Signet Investment & Securities Ltd) as members of the National Council.
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