The NSE hosts annual general meeting

The Nigerian Stock Exchange held its 54th Annual General Meeting (AGM) today, at the NSE Event Centre, Stock Exchange House, Lagos. The Report of the National Council, the Financial Statements of The Exchange as at 31 December 2014, and the Report of the Auditors were presented to the Members as part of the Ordinary Business of the day.

Speaking at the Annual General Meeting, the President of Council of The NSE, Mr. Aigboje Aig-Imoukhuede, CON said, "2014 was another year of stellar performance for The NSE, notwithstanding a high level of volatility in the equities market throughout the year. We achieved record revenues, thanks to a focused business model and the completion of several strategic initiatives. These initiatives have strengthened and improved the functioning of our market, leading to significant gains in profitability and efficiency”.

“Total assets of The NSE grew by over 30%, while net assets grew by 29%, year-on-year.  The growth in net assets was driven by a consistent rise in trading revenue and other income. The results were achieved in spite of thinning operating margins and a fourth quarter slowdown in market activity. We recorded an operating surplus of N3.95 billion, representing a significant increase of 21% from 2013, and closed the year with accumulated funds of N17.49 billion. I commend the management team for maintaining an efficient cost-to-income ratio during the period under review, and urge that this trend is maintained,” he added.

According to the CEO of The NSE, Mr. Oscar N. Onyema, OON, the Exchange had a record year in 2014. “We closed the year with our strongest growth in 6 years, with total income at N8.1 billion, 47% up from N5.4 billion in 2013, and an operating profit margin of 50%. Transaction fees were our largest revenue item, growing 32% year-on-year, and accounting for 52% of total revenues. We are positioning the Exchange to be a key player in the sub-Saharan region, as well as to be agile to seize new opportunities, and capitalize on our strategic investments”.

At the AGM, Members of the Exchange re-elected Mr. Abimbola Ogunbanjo as the 1st Vice President; Mr. Abubakar Mahmoud, SAN, OON as the 2nd Vice President and Prof. Herbert Onye Orji, OON as members of the National Council.