Stock market manipulation, Nigerian Stock Exchange,Oscar Onyema
Oscar Onyema DG, NSE

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema, has spoken of his organisation’s determination to continuously work towards ensuring sustainable growth in both the domestic and regional capital markets.

He also stated that the NSE is working towards mobilising funds for investments in the economy, particularly in areas such as the small and medium scale enterprises (SMEs) and infrastructure, where special attention is needed.

The NSE boss, who disclosed these to Business Day during an interview, further noted that the bourse will provide capacity building and promote good governance in order to ensure growth, ThisDay reveals.

“We will also provide thought leadership on economic and business issues, build capacity for institutions and communities and promote good governance as the foundation of sustainable and equitable long-term growth and competitiveness.” – ONYEMA

He said the Exchange’s business model is responsible for its success over the years. The business model helps the NSE to overcome cyclical market changes while providing new and innovative opportunities for wealth creation.

Onyema reiterated the key functions of the NSE, which are to “provide a market for the issuance and trading of a range of investment products (including equities, bonds, exchange-traded funds and mutual funds) powered by world-class technologies and robust regulatory framework, for reliable and efficient access to capital formation and value creation.”

Recalled that Onyema last week commented that the demutualisation process initiated by the exchange has reached the final stage of implementation, having gone through the first and second readings as well as a public hearing at the National Assembly.

The NSE is now awaiting the signing of the bill into law, he said. In the meantime, however, they will continue to work on outstanding aspects of the demutualisation process, while “providing clarity on the process through regular engagement with stakeholders.”

He said the NSE is very optimistic about the demutualisation process which they hope “will further catalyse the development of transparent and efficient capital market that is very critical to the country’s economy.”

NSE recently reported an 86% increase in its 2017 income which rose to the tune of ₦8.30 billion, up from ₦4.46 billion recorded in 2016. In the same vein, the NSE reported a surplus before tax of ₦3.82 billion.

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