NSE records N8.30bn income in FY

The Nigerian Stock Exchange (NSE) has recorded a total income of N8.30billion for the financial year ended December 31, 2017.
This represents an increase of 86 per cent in gross earnings when compared to the N4.46 billion achieved in 2016.
The NSE result further that showed N3.82 billion surplus before tax growing by 5,629 per cent in the preceding period L.
The Exchange Group comprises of four subsidiary companies namely; Naira Properties Limited, Coral Properties Plc., NSE Consult Limited and NSE Nominees Limited.
The Exchange also has interests in NG Clearing Limited and Central Securities Clearing System (CSCS) Plc as joint venture and associate company respectively.
Commenting on the results, the Chief Executive Officer, NSE, Oscar N.
Onyema said “this positive performance, after the significant headwinds witnessed over the past two years, affirms the resilience of our 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”.
The President, National Council of NSE , Abimbola Ogunbanjo said ” We have deployed a new four year corporate strategy that will reposition us as a more investor endly 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”.
Key achievements for the Exchange in 2017 include but are not limited to Market capitalization at N22,917,906,741,966.20 grew by 41.59 per cent when compared to N16,185,729,639,209.90 in Financial Year of 2016.
All Share Index also appreciated by 42.30 per cent from 26,874.62 to 38,243.19.
The NSE within period under review achieved new listings across diversified product classes – 41 Bonds, 19 equities, 5 ETFs and 15 Memorandum Listings At the AGM, Members of the Exchange approved the audited financial statement of The exchange for the year ended 31 December 2017.
Also, the member re-elected officers into the National Counci.
They are Mr. Abubakar B. Mahmoud, SAN, Erelu Angela Adebayo; Chartwell Securities Limited who was represented by Mr. Oluwole Adeosun) and Equity Capital Solutions Limited, represented by Mr.
Kamarudeen Oladosu.