All posts by Oluwaseyi Bangudu

HRAN calls for probe of Alison-Madueke

Minister Of Petroleum Resources, Deziani Alison-Madueke

HRAN says it concerned about the disappearance of over $20 billion from the accounts of Nigerian National Petroleum Corporation (NNPC).

The Human Rights Agenda Network, HRAN, on Monday called for an immediate and transparent probe into allegations of gross mismanagement of public funds by the Nigeria’s Petroleum Minister, Diezani Alison-Madueke.

“The Human Rights Agenda Network (HRAN) is appalled by the news/allegation that the Minister of Petroleum, Ms. Diezani Allison Madueke, spent N3.120 Billion to charter aircraft and another N10 Billion for maintenance and use of a challenger 850 aircraft within a span of two years,” the group said in a statement signed by Chino Obiagwu, its chairman

“HRAN is also concerned about another allegation on the disappearance of over $20 billion, from the accounts of Nigerian National Petroleum Corporation (NNPC) which the Hon. Minister coordinates. HRAN calls for an in-depth, transparent probe into these allegations and for a convincing judicial and executive action to ensure that justice is done in the matter,” the group added.

The group said it has noted that there has been a plethora of reports of corruption and numerous committees of enquiries that has not yielded any fruit. It said it hopes that this case will be different.

“HRAN notes with a heavy heart that the trend by public officers to amass public fund with reckless abandon and at the expense of the poor masses and dilapidated infrastructure is becoming and indeed has become a normalcy in Nigeria,” HRAN said. The coalition of NGO’s bemoaned the deliberate in-action of the executive to arrest the situation, the fruitless efforts of the numerous committees of enquiries to unmask the truth, the unparalleled lack of transparency on the part of the legislators to follow up these reports, and the unjust silence on the part of the judiciary to attend to these matters and do just to the cases,” it said.

The group reminded the federal government of its local and international obligations to uphold the rule of law and promote good governance which implicitly means to fight corruption at every level of the government. HRAN said that while it acknowledges “this is a daunting task especially in a federal system like Nigeria, it is nevertheless possible, and will be disheartening to see the government lean its support in any form or matter to any corrupt practice or shroud allegations of such with committees or steps that is devoid of transparency”.

The group said that millions of Nigerians are still living below the poverty level and majority of Nigerian women and children are still dying for lack of basic health facilities,

It urged the Federal Government to ponder over these issues especially with respect to the fact that majority of the poor/lack of infrastructure can and will be addressed if the excesses of public officers are curtailed.

“HRAN implores the Federal Government to seriously consider the dwindling confidence of Nigerians on the executive and start taking decisive steps towards tackling corruption and abuse of public funds in Nigeria which can start with the instant case,” the group said.

Nigerian Stock Exchange cuts transaction costs for traders


Nestle topped the losers chart.

The Nigerian Stock Exchange, NSE, has commenced the reduction of the cost of its Trade Alert service by about N1.24 billion from March 2014.

This reduction is being achieved through the scrapping of the current charge of 0.06 per cent of every trade on the Exchange and an introduction of an enhanced notification system, X-Alert, which will be charged at a flat fee of N4 per transaction, the Exchange said.

Ade Bajomo, the Executive Director of Market Operations and Technology, NSE, said the enhanced X-Alert is a service that will allow the investing public know when a transaction has been made on their account.

“Each time investors buy or sell a security, an alert is sent to them via a Text Message to the recipient’s mobile phone or via an e-mail to the recipient’s mailbox. So what that does is to bring real time notification plus transparency to the market at market rates while safeguarding against unauthorised sale or purchase of securities”.

Mr Bajomo said, “The big difference for the investing community is that rather than pay 0.12 per cent of every trade round-trip, investors will now pay a flat fee of N4.00. Based on 2013 figures, the trade alert charges with the old system was some N1.25 billion; with the improved notification system however, the annual cost of the alerts would be some N5.52 million based on a N4 flat fee – that is a reduction of N1.24 billion per annum in the cost incurred by investors transacting in the market”.

Kyari Bukar, the Managing Director, CSCS, said the enhanced service is delivered in real time to customers. He also urged that all customers should ensure that their brokers are provided with up to date mobile phone numbers and email accounts to enable the notification system work effectively and provide timely update on all account transactions.

There are also the added benefits of effective fraud alert in cases of unauthorised transactions on account, reduction in time spent confirming trades and an enhancement of transparency between the trader and its clients.

Meanwhile, Nestle topped the losers chart after Tuesday’s trading on the Nigerian Stock Exchange with a N25.00 share price loss. The firm’s share price closed at N1,075.00 down from N1,100.00. It was followed by Nigerian Breweries, which lost N13.98, closing at N145.01 down from N158.99 before transactions. Guinness lost N9.10 and closed at N179.00 down from N188.10. Conoil also lost N2.58 and closed at N49.12, down from N51.70 while Intbrew’s share price closed at N27.25 down from N28.55, losing N1.30, after the day’s trading session.

WAPCO led the gainers chart, gaining N4.46 at the close of the day’s transactions as its share price rose from N105.54 to N110.00. It was followed by Glaxosmith, which gained N1.00 closing at N70.00, up from N69.00.

Dangote Cement was third on the top five gainers chart, recording a N1.00 share price gain, as it closed at N240.00, up from N239.00. Unilever came fourth, recording a share price gain of N1.00 and closed at N49.00 from N48.00. UAC-PROP also gained N0.98 and closed at N18.64 from N18.00 before trading.

The value of transactions after trading stood at 4.839 billion, recorded in 4,993 deals. The volume of transactions stood at 341.1 million after the day’s transactions. The Exchange’s market capitalisation also stood at 12.59 trillion while the Exchange’s All Share Index (ASI) stood at 39, 199. 41 after the day’s trading.

Zenith Bank led the most traded shares chart, trading a volume of 75.91 million shares valued at N1.626 billion. UBA also made the chart, trading 34.602 million shares valued at N272.94 million. Transcorp came third, trading 32.05 million shares valued at N114.94 million. AFRIPRUD traded 27.8 million shares valued at N113.20 million while UBCAP traded 21.06 million shares valued at N60.48 million.

Top 5 gainers
Top five losers
Market Statistics (Snapshot)
Market Statistics (Snapshot)
39, 199.41
4, 993
341. 1 (million)
4. 839 (billion)
12. 59 (trillion)

Guinness tops losers chart as Nigerian Stock Exchange introduces new trade notification system


Access Bank was the most traded stock.

The Nigerian Stock Exchange (NSE) has announced that it will discontinue the old trade notification system, Trade Alert, and introduce a fresh notification system known as X-Alert to all its investors in March 2014.

Oscar Onyema, Chief Executive Officer, Nigerian Stock Exchange, said the X-Alert is a new and improved notification system which will provide investors with details of transactions on an investment account via a Text Message on the recipient’s mobile phone or via an e-mail to the recipient’s box.

“The service which will allow the investing public know when a transaction has been made on their account, will be run in-house on behalf of The Exchange by the Central Securities Clearing System (CSCS) with reduced cost implications to both buyers and sellers in the Nigerian Capital Market” he said.

“In addition to paying a lot less for transactions, customers will have updated positions of their accounts at any point in time as this new system offers convenient and easy monitoring of all accounts. There are also the added benefits of effective fraud alert in cases of unauthorised transactions on account, reduction in time spent confirming trades and an enhancement of transparency between the trader and its clients” he added.

The Stock Exchange has been making varying changes to meet its 21st Century Technology Strategies. Recently, it rolled out its new generation Trading Platform, X-Gen, which supports the FIX protocol. According to the Exchange, X-Gen is expected to open up an unprecedented level of innovative trading capabilities for the market, providing low latency trading, straight-through processing from broker order management systems to the Exchange and direct market access for the buy-side and mobile access through smartphones to the retail investors, leveraging on the 120 million mobile phone penetration already in the country.

Meanwhile, Guinness topped the losers chart after Monday’s trading on the Nigerian Stock Exchange with a N6.29 share price loss. The firm’s share price closed at N162.61 down from N168.90. The firm was followed by Cadbury, which lost N4.53, closing at N86.25 down from N90.78 before transactions. UAC-PROP lost N0.40 and closed at N19.60 down from N20.00. Access Bank also lost N0.27 and closed at N7.64, down from N7.91 while Dangote Flour’s share price closed at N9.26 down from N9.50, losing N0.24, after the day’s trading session.

Dangote Cement topped the gainers chart, gaining N2.40 at the close of the day’s transactions as its share price rose from N235.00 to N237.40. It was followed by Nigerian Breweries, which gained N0.93 closing at N145.95, up from N145.00.

Dangote Sugar was third on the top five gainers chart, recording a N0.85 share price gain, as it closed at N11.59, up from N10.74. Zenith Bank came fourth, recording a share price gain of N0.65 and closed at N20.55 from N19.90. FBNH also gained N0.59 and closed at N12.58 from N11.99 before trading.

The value of transactions after trading stood at 3.112 billion, recorded in 5, 078 deals. The volume of transactions stood at 337.30 million after the day’s transactions. The Exchange’s market capitalisation also stood at 12.43 trillion while the Exchange’s All Share Index (ASI) stood at 38, 707.14 after the day’s trading.

Access Bank led the most traded shares chart, trading a volume of 56.7 million shares valued at N437, 118 million. FBNH also made the chart, trading 27.95 million shares valued at N344.852 million. Guaranty Trust Bank came third, trading 296.09 million shares valued at N621.322 million. AFRIPRUD traded 25. 778 million shares valued at N96.89 million while UBCAP traded 25.061 million shares valued at N63.577 million.




Zenith Bank tops most traded shares as Bank Chief is nominated Central Bank Governor

nigeria stock exchange

The Managing Director of Zenith Bank, Godwin Emefiele, is to be the next Governor of the Central Bank of Nigeria.

Zenith Bank, Thursday, was the most traded shares on the Nigerian Stock Exchange after the bank’s boss was nominated as the next Central Bank Governor.

Nigeria’s President, Goodluck Jonathan, Thursday, named the Managing Director of Zenith Bank, Godwin Emefiele, as the next Governor of the Central Bank of Nigeria.

In a letter addressed to the Senate President, David Mark, and read on the floor of the Senate, the president, who urged the parliament to treat the nomination with dispatch, said Mr. Emefiele would replace suspended Lamido Sanusi, whose tenure is billed to expire in June.

Perhaps responding to Mr. Emefiele’s nomination, Zenith Bank was the toast of investors, accounting for 69.05 million shares valued at N1.37 billion.

Access Bank came second on the activity chart with 57.54 million shares worth N492.76 million, while FBN Holdings sold 37.62 million shares valued at N459.12 million. UBA accounted for 28.61 million shares worth N201.79 million, while Skye Bank recorded a turnover of 26.88 million shares valued at N90.82 million.

Guinness led the losers’ chart, dropping N8.90 to close at N171.10 per share. It was followed by Nigerian Breweries with a loss of N4.89, to close at N146.61 per share. Unilever went down by N2 to close at N48, while GTBank and Oando declined by N1.29 each, to close at N24.62 and N18.96 per share, respectively.

Dangote Cement recorded the highest gain for the day, appreciating by N1.92 to close at N239.92 per share. PZ Cussons trailed with a gain of N1.86 to close at N39.12, while International Breweries appreciated by 35k to close at N29.50 per share. NAHCO gained 17k to close at N5.87, while Air Services grew by 11k to close at N2.47 per share.

Investors on the Nigerian Stock Exchange, on Thursday bought 483.545 million shares worth N4.85 billion in 4,539 deals.

This was against a turnover of 303.346 million shares worth N3.8 billion traded by investors in 5,911 deals on Wednesday.

Market capitalisation lost N186 billion or 1.45 per cent to close at N12.486 trillion, against the N12.654 trillion recorded on Wednesday.

The NSE All-Share Index lost 580.89 points or 1.47 per cent to close at 38,816.19, compared with the 39,397.19 achieved on Wednesday.

Market analysts have attributed the lull in the market to profit taking by investors and the economic instability in the financial sector.

Suspended CBN Governor, Sanusi, away on official assignment; may be arrested on arrival

CBN Governor, Lamido Sanusi

Nigeria’s Central Bank Governor, Sanusi Lamido Sanusi, who has just been suspended with immediate effect by President Goodluck Jonathan, has been away on official assignment to Niger and might be arrested on arrival at the airport, PREMIUM TIMES  can report.

Usually reliable security sources say there are already plans to arrest Mr. Sanusi, when he arrives back at the airport in Abuja, in a bid to stop him from contesting or challenging the presidential directive to stay away from his office.

The governor was suspended in absentia, while attending a three-day meeting of the West African Central Bank Governors.

Our sources say the embattled governor has been hinted by administration insiders, and has now changed his travel plans.

He will now land in Lagos instead of Abuja.

In Lagos, Mr. Sanusi’s associates and friends, led by a former Minister of the Federal Capital Territory, Nasir El-Rufai, are organising to receive him at the airport and block any attempt to arrest him.

Our sources at the Central Bank said Mr. Sanusi is also in company of other Central Bank Officials, including Sarah Alade, the highest ranking Deputy Governor of the regulatory body, whom the president ordered he hands over to.

The Nigeria police as well as well as the Department of State Services, DSS, are yet to comment on the plans to arrest Mr. Sanusi.

The spokesperson of the police, Frank Mba, is said to be in a meeting when our reporter called his office while Marilyn Ogar of the DSS said she was keeping a doctor’s appointment.

Earlier today, the President ordered the immediate suspension of Mr. Sanusi from office, saying his tenure had been characterized by various acts of financial recklessness and misconduct inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline.

However, many Nigerians believe the CBN governor was axed because he exposed the Nigerian National Petroleum Corporation, NNPC, as an harbinger of corruption and financial mismanagement, diverting huge federal revenues accruing to the nation from the sale of crude oil.

Mr. Sanusi says as much as $20 billion oil money is missing.

The President, in a statement by Reuben Abati, his Special Adviser on Media and Publicity, ordered the Central Bank governor to hand over to the most senior Deputy Governor of the bank, Mrs. Alade who will serve as Acting Governor until the conclusion of ongoing investigations into alleged breaches of enabling laws, due process and mandate of  the Central Bank.

BREAKING: Nigeria’s President Suspends Central Bank Governor, Lamido Sanusi

Breaking News1

Nigeria’s President, Goodluck Jonathan has suspended the country’s Central Bank Governor, Sanusi Lamido Sanusi, from office.

Mr. Jonathan Thursday morning ordered Mr. Sanusi to hand over to the most senior Deputy Governor of the bank, Sarah Alade, who will serve as Acting Governor until the conclusion of ongoing investigations into alleged breaches of enabling laws, due process and mandate of  the Central Bank, Reuben Abati, Special Adviser to the President, Media and Publicity, has said.

Mr. Abati, who broke the news on twitter less than an hour ago, gave a link to an official statement which the reason the president purportedly took the action.

The statement said, “Having taken special notice of reports of the Financial Reporting Council of Nigeria and other investigating bodies, which indicate clearly that Mallam Sanusi Lamido  Sanusi’s tenure has been characterized by various acts of financial recklessness and misconduct which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline;

“Being also deeply concerned about far-reaching irregularities  under Mallam Sanusi’s watch which have distracted the Central Bank away from the pursuit and achievement of its statutory mandate; and

“Being determined to urgently re-position the Central Bank of Nigeria for greater efficiency, respect for due process and accountability, President Goodluck Ebele Jonathan has ordered the immediate suspension of Mallam Sanusi Lamido Sanusi from the Office of Governor of the Central Bank of Nigeria”.

Mr. Abati said the President expects that as Acting Governor of the Central Bank, Mrs Alade will focus on the core mandate of the Bank and conduct its affairs with greater professionalism, prudence and propriety to restore domestic and international confidence in the country’s apex bank.

“The Federal Government of Nigeria reassures all stakeholders in Nigeria’s financial and monetary system that this decision has been taken in absolute good faith, in the overall interest of the Nigerian economy and in accordance with our laws and due process” he said, in the statement signed February 20, 2014,” the statement added.

Lagos bans smoking in public places

Cigarette smoking

The Lagos State House of Assembly has passed a bill for a law, which would in effect, ban smoking in public places in the state.

Scaling through the third reading, the bill prohibits residents from smoking in all public places such as libraries, museum, public toilets, schools, hospital, day care centres, public transportation and restaurants among others.

Penalties for violating the restriction, range from N10, 000 to N50, 000 fines or imprisonment.

A statement by the Assembly on Monday said the bill consisted of 16 sections, which explained the regulation of smoking in public places.

“In section 12, posting of signs with ‘No Smoking’ symbol, depicts a pictorial representation of a burning cigarette enclosed in a circle with a bar across. It shall be prominently posted and properly maintained where smoking is regulated by the law, by the owner, occupier or person in charge of a ‘No – Smoking Area.’

“Section 4: Duty of owner/occupier, says that it shall be the duty of those who own or occupies public places to ensure that approved ‘No – Smoking’ signs are displayed conspicuously at each entrance and in prominent locations throughout the premises.

“Penalties for smoking in a ‘No-Smoking area’ will be a N10,000 fine or imprisonment for a term not less than one month and not exceeding three months or both.

The bill, according to the statement made available, also highlighted that “Any person who repeatedly violates the provisions shall on conviction be liable to a fine of N50, 000 or six month imprisonment or both.”

The bill also stated that the penalty for non-compliance by owner/occupier of a ‘No – smoking area’ would be N100, 000 or six month imprisonment, or other non-custodial punishment that the judge might deem fit.

“It shall be an offence to obstruct a duly authorised officer from carrying out his duties under the provision of this law,” the statement said.

It added that the law further specified that any person who smoked in the presence of a child had committed an offence and would be liable, on conviction, to a fine of N15, 000 or imprisonment for a month or both.

The bill, which was passed Monday, has been sent to the executive arm of the government for the governor’s ascent.

NSE chief says 2014 market projections largely positive

nigeria stock exchange

Oscar Onyema says that he is optimistic that Nigeria will get to the emerging markets index.

Despite concerns about Nigeria’s political, currency and interest rate risks, the Chief Executive Officer of the Nigerian Stock Exchange, NSE, Oscar Onyema, has said the projections for the Nigerian capital market are largely positive for the year.

Speaking on Wednesday to journalists and analysts at the NSE’s yearly review for 2013 and outlook projections for 2014, Mr. Onyema said he is optimistic that Nigeria will get promoted to the emerging markets index.

“We expect Nigeria to be a key beneficiary of the MSCI 2013 annual market classification review, which will see Qatar and UAE (together accounting for 30 per cent), transition from the MSCI Frontier Markets Index
to the MSCI Emerging Markets Index. Cautiously, we will watch for the effects as Nigeria’s weight in the MSCI Frontier Markets Index shifts from the current 13.8 per cent to 19.7 per cent, making it the second largest market
in the index,” he said.

But the NSE Chief said the movement to emerging markets should not be expected this year.

“Our goal is to get promoted to the emerging market Index,” he said.

He pointed out some specific criteria which must be met, to be qualified. One of them, he said is that the exchange would be on the watch list for over one year.

“It is not something that would happen this year,” he said.

On the flipside, he said, emerging markets are more vulnerable to market sentiment than they were five to ten years ago, and Nigeria is not immune to the negative implications of higher yields, globally.

“The decision by the U.S. Federal Reserve to start cutting its monthly bond purchases, initially to $75 billion from $85 billion, is expected to have a residual effect on the Nigerian equity, bond and currency markets later in 2014, affecting foreign portfolio investment (FPI) and the strength of the naira against the dollar,” he said.

On bonds, he said the heightened appetite for sovereign debt is expected to resurface in 2014, as the federal government seeks to reduce its domestic debt, flattening the bond market for states.

However, as Nigerian government bonds have historically offered high yields, this will remain an attraction for investors seeking those high returns.

“Meanwhile, we anticipate that the corporate debt market would continue to struggle as the cost of issuing corporate debt (long term) remains higher than accessing short-term debt from the banks” Mr. Onyema said.

“In line with the federal government’s reforms, we anticipate achieving greater strides in our objective to support development of the real economic sector as a result of our new corporate strategic direction” he said, highlighting NSEs objectives and key initiatives for 2014.

He said NSE’s five strategic objectives for 2014 – 2016, derived from the NSE’s new corporate strategic plan are: increase the number of new listings across five asset classes; increase order flow in the five asset classes; operate a fair and orderly market based on just and equitable principles; champion the development of enabling laws and policies to drive capital market development; and diversify income streams.

“In 2014, the Exchange’s primary focus will be on growing the capital market in preparation for achieving emerging market status. The NSE will facilitate access to and participation in the market; increase our footprint on the continent; and deploy a risk framework to safe-guard the market venue,” he said.

2013 Summary

At the end of year 2013, NSE’s equity market capitalization surpassed the market cap at the peak of the market in 2008 (N13.23 trillion vs. N12.62 trillion). The capitalization of listed equities grew by 47.33% (44.03 per cent in $-terms) from N8.98 trillion ($57.49 billion) to N13.23 trillion ($82.80 billion); the NSE All Share Index (ASI) gained 47.19 per cent; and average daily turnover for equities was N4.17 billion ($26.10 million), up 57.36 per cent (53.83 per cent in $-terms).

The NSE closed the year with two new equity listings on the Main Board, while the Bond market recorded 19 new listings with a slight uptick in the value of new issues. The NSE successfully launched its new trading platform, X-Gen, which supports trading of cash equities, bonds, and ETFs, and the first-ever issuer reporting portal in Nigeria, X-Issuer. The bourse also re-launched its Alternative Securities Market, ASeM, for small and medium companies, and introduced a new market structure for trading equities, along with fixed-income market making.

Total market cap rose by 28.92 per cent (26.03 per cent in $-terms), from N14.80 trillion ($94.74 billion) at the start of the year, to N19.08 trillion ($119.41 billion) on the last trading day of 2013. Equities market capitalization ended the year at N13.23 trillion ($82.80 billion), a significant milestone in the Nigerian capital market’s recovery from the 2008 ‘bust’.

Similarly, May 30, 2013 marked the first time since May 2008, that equity market capitalization rose above N12 trillion ($75.09 billion), and the NSE ASI crossed 38,000 points, closing at 38,016.80; and, for the first time in the history of the Exchange, the share price of a listed company crossed the N1,000 mark. June 01, 2013, also recorded the largest single transaction on the NSE trading floor valued at N45.75 billion ($286.31 million).

“Key contributors to the upward movement of share prices include: strong corporate earnings by blue chip companies, such as banks and manufacturers of fast moving consumer goods (FMCG), increased capital inflow and portfolio investments, and tight regulatory oversight, aided by stronger enforcement by the Securities and Exchange
Commission (SEC) and the NSE,” the exchange boss said.

He said on-going reforms in various sectors of the Nigerian economy also yielded positive results and despite certain national and market-specific challenges, almost all NSE indices topped their performance pre-global financial meltdown.

Compared to other global indices, the NSE ASI gained 47.19 per cent in 2013.

More impressively, the NSE Oil/Gas Index soared 122.26 per cent, the newly-introduced NSE Industrial Index grew 81.43 per cent, and the NSE Lotus Islamic Index rose 61.84 per cent. The NSE 30 Index appreciated 42.75 per cent, the NSE Banking Index added 31.86 per cent to its 2012 value, and the NSE Consumer Goods and NSE Insurance Indices both expanded by 31.14 per cent and 29.01 per cent, respectively. The NSE ASeM Index was the only index to buck the trend, shaving 0.24 per cent off its 2012 value.

The number of listed companies and the number of listed equities at the end of 2013 were 190 and 198, respectively. The market for initial public offerings (IPOs) and new equity listings was flat with no IPOs recorded, and only two (2) new listings on the Main Board, while six companies were delisted in 2013.

Small-cap stocks experienced the greatest growth, recording a 56.34 per cent increase, followed by mid-cap stocks which were up 53.67 per cent and large-cap stocks, 31.61 per cent. The Exchange recorded an increase in the value of shares traded (turnover) in 2013 – up 58.66 per cent to N1.04 trillion ($6.51 billion), and significantly higher than the 3.67 per cent reported for 2012. Average daily turnover was up 57.36 per cent, and as at November 2013, 49.06 per cent of all market activity was by local investors.

The bond market was, however, stagnant in terms of market capitalization at N5.85 trillion ($36.61 billion) with four new state and municipal bond issues, one corporate bond issue, one supra-national bond issue and one government bond issue.

Mr. Onyema said as countries in developed markets emerge from their economic troubles, the Nigerian capital market, and indeed the nation’s business, will be impacted by shifts in investor demand.

“Achieving competitiveness and enhancing the NSE”s value proposition are important to our success in 2014, however safe-guarding against potential shocks, both local and international, and maintaining a high level of attractiveness with a strong regulatory framework, are equally critical to the Nigerian Stock Exchange”.

“While the NSE’s focus from 2011 to 2013 has been on restructuring, improving technology, product development, and advocacy for changes to policy, in 2014, we will shift gear to drive innovations centred on increasing global visibility into the Nigerian capital market, developing a larger footprint on the continent, and ultimately,
targeting emerging market status. We believe that these steps are critical to NSE becoming the foremost securities exchange on the continent,” he said.