Nigeria Stock Exchange to launch forecast disclosure regime

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The Nigerian Stock Exchange, NSE, on Thursday said it would launch its forecast disclosure regime before the end of 2017.

Tinuade Awe, General Counsel and Head of Regulation, NSE, made this known at a Sustainability and Corporate governance seminar in Lagos.

Ms. Awe, while speaking on the topic “Corporate Governanc, Growth and Sustainability”, noted that the NSE is working on forecasts and disclosures as it currently receives feedbacks on disclosure regimes from stakeholders in the industry.

“We are going into analysis and we would soon roll it out,” Ms. Awe said.

She, however, added that the exchange is looking into the legal implications, ethics and other issues surrounding forecasts and disclosures, adding that the exchange is perfecting plans to ensure that the regime is robust when eventually launched.

When probed on the timeline proposed for the launch of the regime, the NSE counsel disclosed that it would be launched before the end of 2017.

“We are looking at…before the end of the year,” she said.

“We want to look into the legal issues, the ethics and other important issues like what the Security and Exchange Commisions, SEC, rules stipulate,” she added.

The seminar, tagged “Sustainability and Corporate Governance: Building long term Value”, was organised by the NSE, in conjunction with the Global Reporting Iniative, GRI, and the Ernst and Young, EY.

When PREMIUM TIMES spoke with a cross-section of participants at the programme, they explained that the forecast and disclosure regime, when launched by the NSE, will enhance transparency and accountability in the equity market.

Nornay Awoh, a business analyst, noted that the regime would enable stakeholders and investors measure the successes of the companies in the course of the financial, with reference to its forecast in the beginning of the year.

The forecast disclosures, other stakeholders argued, will enhance corporate governance and aid decision-making among industry players and investors.


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