NSE posts N8.1b gross earning, optimistic on better performance

Nigerian Stock ExchangeTHE Nigerian Stock Exchange (NSE) has announced gross earnings of N8.1 billion for the financial year ended Dec. 31, 2014. Speaking during the company’s 54th yearly general meeting (AGM) in Lagos yesterday, the Chief Executive Officer of the NSE, Oscar Onyema explained that the figure was against the N5.4 billion posted in the comparative period of 2013.

The company’s operating surplus before tax stood at N3.95 billion compared with N3.26 billion achieved in the corresponding period of 2013.

Operating surplus after tax rose to N3.89 billion in contrast with N3.26 billion posted in 2013. Total assets stood at N20.67 billion against the N15.69 billion declared in the comparative period of 2013.

He attributed the rise to transaction fees, which he said contributed largely to the revenue growth having accounted for 52 per cent of its total revenue.

Onyema said that the company’s business was impacted by domestic and global shocks, international price of crude oil and significant pressure on the naira, adding that the 2015 elections, festering insurgency in some parts of the nation and tight monetary policy contributed to the ‘flight to quality’ strategy adopted by foreign investors.

On 2015 outlook, Onyema said that the NSE was well-positioned to take advantage of emerging market trends, economic and market cycles. “With some hard work and perseverance, I have no doubt that we can be the vibrant exchange that connects Nigeria, Africa and the world,” Onyema said.

He said that the company’s 2015 outlook would be influenced by a number of Nigerian macroeconomic variables such as crude oil prices, foreign exchange movements and national security.

He however, assured that the exchange would continue to deliver on its strategic commitments, drive operational excellence, and create value to all various stakeholders. “Our businesses are healthy as demonstrated by our results, and to that end, we will continue to deliver several initiatives to support the execution of our growth strategy,” he added.

Speaking on the deadline on minimum capital requirement issue the President of the National Council of the NSE Aigboje Aig-Imoukhuede said “I think the SEC was very magnanimous in extending the deadline from December 2014 due to the oil price crash and other events of 2014 to give our members a bit more time to get themselves ready for minimum capital.

“The 9 months extension ends in September, and it is my believe that by then, members of the exchange, broker dealers etc., would have done what is necessary to meet the capital requirements. Our View as the NSE, is that stronger more capitalised members, is a better and stronger market, so we are endorsing it wholly.

On the outlook for 2015, he said : “Prior to 2015, the focus was about making sure that the pillars and foundation of a strong and modern exchange were in place, i.e. Strong Governance, strong framework, cutting edge technology, excellent management team.

All these have been largely addressed “We are very keen to make sure that the enabling environment is one that is attractive to investors in all respect. You may have noticed that the exchange is much stronger where advocacy is concerned.

“We are working particularly with the government on the area of economic policy and this is to ensure that the government is well aware that financial markets are critical to the successful implementation of government policies.

The financial market, particularly the stock exchange stands ready to help actualise the dream of Nigeria as one of the world’s most powerful economies.” he added.

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