By Bamidele Famoofo
The Nigerian Stock Exchange (NSE) has announced an increase of 86 percent in gross earnings for the financial year ended December 31, 2017.
Gross Earnings rose to N8.30billion in the review period compared to N4.46billion recorded in the same period of 2016. Operating surplus or profit before tax grew by 5.6 percent at N3.82billion at the end of the 2017 financial year.
The announcement was made at the 57th Annual General Meeting (AGM) of the NSE held Thursday in Lagos.
Commenting on the results, NSE chief executive officer, Oscar Onyema, said â€œthis 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 performanceâ€.
President, National Council of NSE, Abimbola Ogunbanjo, said the Council and management of the Exchange have mapped out strategies to better improve performance in the years ahead.
â€œWe have deployed a new four year corporate strategy that will reposition us as a more investor friendly 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 respectivelyâ€.
Onyema highlighted achievements of the Exchange in 2017 to include among others, growing market capitalisation by 41.59 percent from about N16.19trillion in December 31, 2016 to about N22.92trillion in December 31, 2017. The All Share Index appreciated by 42.30 percent from 26,874.62 to 38,243.19 in the same period.
At the AGM, members of the Exchange approved the Audited Financial Statement for the year ended 31 December 2017, and the reports of the National Council and the Auditors. Also, the following were re-elected to the National Council: Mr. Abubakar B. Mahmoud, SAN; Erelu Angela Adebayo; Chartwell Securities Limited (represented by Mr. Oluwole Adeosun) and Equity Capital Solutions Limited (represented by Mr. Kamarudeen Oladosu).