NSE revenue drops 31 percent in 2016

The Nigerian Stock Exchange (NSE) has disclosed that its activities for the year ended December 31, 2016 reflected a 31 percent drop in revenue to ₦4.46 billion.

This was disclosed to dealing members and financial journalist at the 56th, Annual General meeting in Lagos, by the President of the National Council of the NSE, Mr. Aigboje Aig Imoukhuede who explained that “despite the economic headwinds in 2016, the Group level of the NSE remained profitable with an operating surplus of ₦27.45 million”.

Aig-Imoukhuede who was conducting his last AGM as council President used the opportunity to commend the Council and Management of the Exchange for their cost containment efforts and their diligent approach to budgeting which saw total expenses decline by 12 percent year on year without affecting The Exchange’s high operating standards and service quality.

Parts of the key highlights of the meeting was the presentation of nine new members that joined the council and the re-election of Mr Abimbola Ogunbanjo who retired by rotation, as a member of the National Council.

The elected members includes Chartwell Securities Limited represented by Mr. Oluwole Adeosun; Equity Capital Solutions Limited represented by Mr. Kamarudeen Oladosu; Fortress Capital Limited represented by Mr. Yomi Adeyemi; Pilot Securities Limited represented by Mr. Seyi Osunkeye.

Others are Planet Capital Limited represented by Mr. Chidi Agbapu; Woodland Capital Markets Plc represented by Mr. Patrick Ajayi; Katsina State Investment & Property Development Co. Limited represented by Mrs. Fatimah Bintah Bello–Ismail; Mrs. Catherine Nwakaego Echeozo and Erelu Angela Adebayo as members of the National Council.

On his part the Chief Executive Officer of NSE, Mr. Oscar Onyema, said the NSE demonstrated resilience through the economic and market downturn as investors reacted to prolonged macro-economic uncertainty.

According to him “As at December 31 2016, the NSE’s total assets stood at ₦22.79 billion, with approximately ₦9.73 billion, 43% held in liquid assets and an accumulated fund of ₦19.31 billion, to close the year with a sound liquidity position and strong balance sheet”.

Adding that “The Exchange has delivered strong and broad-based results which strengthen our foundation for long-term prosperity, and will drive growth in the near-term.

We will continue to adapt to stakeholder needs in the evolving business climate, developing innovative and diverse products that perform well in different market conditions, while maintaining a regulatory framework that engenders confident investors”.

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