Lagos, Nigeria – The Nigerian Stock Exchange (NSE) held the 58th Annual General Meeting (AGM) of its members today in Lagos.
During the AGM, the Audited Financial Statements of The Exchange as at December 31, 2018 and the reports of National Council and Auditors were presented to the members as part of the Ordinary Business of the day.
Members of the Exchange re-elected Mrs. Catherine Nwakaego Echeozo who retired by rotation, as a member of the National Council. Members also re-elected Katsina State Investment & Property Development Co. Limited (Represented by Mrs. Fatimah Bintah Bello–Ismail); Fortress Capital Limited (Represented by Mr. Yomi Adeyemi) and Pilot Securities Limited (Represented by Mr. Seyi Osunkeye).
According to the Chief Executive Officer of NSE, Mr. Oscar N. Onyema, OON, the NSE demonstrated resilience in the face of a challenging operating environment closing the year with surplus of N2.70bn. “Total revenue declined to 8% that is N7.67bn as investors sought towards more guaranteed investment asset classes in the face of uncertainty. Our listings revenue stream was the most impacted, as it fell by 21% to N1.4bn. Influenced by the capital market trends within the period, transaction fees also declined to N3.3bn, a 13% drop from last year. The balance sheet remained strong with a 9% growth in total assets as the Group closed 2018 with total assets of N29.1bn, with approximately N4.1bn (14%) held in liquid assets and an accumulated fund of N25.9bn to close the year with a sound liquidity position and strong balance sheet”.
Speaking at the AGM, the President of the National Council of the NSE, Otunba Abimbola Ogunbanjo said, “In line with global markets, our equities market experienced a decline in 2018. This trend, however, was counterbalanced by the NSE’s delivery of key initiatives for the development of the Nigerian capital market. We witnessed the Debt Management Office (DMO) list the pioneer N10.69bn Federal Government of Nigeria (FGN) Sovereign Green Bond, and a N100bn FGN Ijarah Sukuk Bond. This further asserted our aspiration as the platform for both the public and private sector to raise and access capital, encourage financial inclusion and create sustainable value. We also expanded our focus on retail investment, positioning the Exchange to deploy innovative and agile smart products and services. We made significant progress with the Demutualization process, with the bill now signed into law and assented to the President. The successful completion of this project will ultimately strengthen our market as a significant driver of socio-economic development”.
The NSE will continue to capitalize on new opportunities, take advantage of recent technological disruptions and seek corporate partnerships, to maintain a fair and orderly market while delivering sustainable values to its customers and stakeholders.