NSE lays new 4 years strategy as earnings increase by 86%

THE Nigerian Stock Exchange (NSE) has set 2018-2021 strategic framework in furtherance to its aspiration to increase regional impact, just as it announced an increase of 86 per cent in gross earnings for the financial year ended December 31, 2017.

Gross Earnings rose to N8.30 billion in the review period compared to N4.46 billion recorded in the same period of 2016. Operating surplus or profit before tax grew by 5.6 per cent at N3.82 billion at the end of the 2017 financial year.

At the 57th Annual General Meeting (AGM) of the NSE in Lagos, NSE Chief Executive Officer, Oscar Onyema, while commenting on the results,  said the positive performance, after the significant headwinds witnessed over the past two years, affirmed the resilience of the market and its potential as a catalyst of economic growth in Nigeria and the hub for Africa.

“Focus on executing our robust strategy of cost efficiency, products and revenue diversification, as well as innovative and improved operational delivery, underpins this strong performance,” Onyema said.

Looking ahead, the President, National Council of NSE, Abimbola Ogunbanjo, said the council and management of the Exchange have mapped out strategies to better improve performance in the years ahead.

“Strategy that will reposition us as a more investor friendly and customer centric exchange hub in Africa. With this new strategy, we are poised to deliver superior performance for our multi-faceted stakeholders especially issuers and investors who continue to access our market to raise and save capital respectively,” he said.

For the Exchange’s 2018-2021 strategic plan, the management of the local bourse has identified four major pillars which includes Operational Efficiency, Customer Centricity, Innovation and Partnership, just as it said it’s strategic priorities lies with delighting stakeholders across value chain; driving order flow by invigorating retail market; boosting activity across markets, products and services, among others.

Highlighting the achievements of the Exchange in 2017, Onyema said they include among others, growing market capitalisation by 41.59 per cent from about N16.19 trillion in December 31, 2016 to about N22.92 trillion in December 31, 2017. The All Share Index appreciated by 42.30 per cent from 26,874.62 to 38,243.19 in the same period.

At the AGM, members of the Exchange approved the Audited Financial Statement for the year ended December 31, 2017, and the reports of the National Council and the Auditors. Also, the following were re-elected to the National Council: Mr Abubakar B. Mahmoud, SAN; Erelu Angela Adebayo; Chartwell Securities Limited (represented by Mr Oluwole Adeosun) and Equity Capital Solutions Limited (represented by Mr Kamarudeen Oladosu).