The Nigerian Stock Exchange (NSE) has assured stakeholders in the capital market of their commitments towards demutualization of the exchange in 2016. The President of Council Mr Aigboje Aig-Imoukhuede disclosed this at the exchange 55th Annual General Meeting in Lagos.
According to him “in 2016 we will focus on demutualization of the Exchange for maximum efficiency in our operations and decision making processes, increase in our quoted asset classes to include exchange traded derivatives and monetization of our market services suite, as we explore untapped business opportunities to diversify and grow our income streams”.
The NSE President explained that some of the benefits of demutualization include delivering greater returns to members, greater flexibility and access to global markets, a more flexibly governance structure fostering decisive actions in response to the rapid changes in the business environment, enhanced synergies with other stock exchanges, and increased access to resources for capital investments raised by way of equity offering or private investments.
While soliciting the supports of members on the planned demutualization, he assured that the National Council is committed to delivering all these benefits.
Pointing out that “We are acutely aware of our role in the local and global community and will continue to proactively collaborate with the federal and state governments, regulators, businesses and investors to develop solutions to challenges central to our market and national economy”.
Meanwhile, the NSE financial highlights shows that revenue dropped by 32.95 percent, other incomes was up by 44.82 percent, total income was down by 16.84 percent while operating surplus before tax was down by 52.95 percent.