Nigerian Bourse Becomes First Full Regional Member of World Federation of Exchanges

October 28, 2014 Onyedimmakachukwu Advisor Network, Investing, Markets, Stocks & Bonds

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VENTURES AFRICA – The Nigerian Stock Exchange (“the NSE”), announced today that it received a unanimous vote for admission as a full member in the World Federation of Exchanges (the “WFE”), the global trade association for the operators of regulated securities exchanges.
Elected as a Federation member during the 54th General Assembly and Annual Meeting of the WFE Seoul South Korea, the NSE becomes the first West African stock exchange to be granted full Federation membership status.
With 60 members from around the globe and its exchanges exchanges home to over 45,000 listed companies, the WFE develops and promotes standards in
markets, international cooperation, and coordination among regulators.
The WFE’s vote for full membership came through a series of assessments. On September 15-16, the NSE was visited by a WFE inspection team in Lagos. The inspection team consisted of the Federation and member exchanges. The team met with the NSE’s management team and several key stakeholders, specifically the Securities and Exchange Commission (SEC) of Nigeria, the Central Bank of Nigeria (CBN), the Central Securities Clearing System (CSCS), two corporates and other market operators.

Oscar Onyema – CEO Nigerian Stock Exchange

Chief Executive Officer of the Nigerian Stock Exchange, Oscar Onyema described the admission by the WFE as a positive step towards the exchange’s integration with global financial markets. “We are very proud that the NSE has been granted full World Federation of Exchanges membership status… We put in a lot of hard work, and we have cultivated excellence in our day-to-day operations, which has earned us this recognition amongst our peers in this notable global trade association,” he said.
Established in 1960 as the Lagos Stock Exchange, The Nigerian Stock Exchange As of December 31, 2013, has about 200 listed companies with a total market capitalization of about N12.88 trillion ($80.8 billion). Along with Zambia, it was listed among the top 10 markets in the world in 2013, and made the highest returns in any African market, beating other leading African stock markets such as Kenya and South Africa.
Onyema added that the Exchange’s ambition is to become the foremost Stock Exchange in Africa. “WFE membership is an important reference for many international investors. This membership status reflects the exchange’s commitment to implementing the highest standards of international best practices”.
Member of WFE’s Board of Directors and CEO of South Africa’s Johannesburg Stock Exchange (JSE Ltd), Nicky Newton-King, commended the Nigerian Stock Exchange, stating: “This membership has been a long road for the Nigerian exchange. The WFE Review Committee tasked with their application commends them for the attention they have paid to putting in place the regulatory and technological infrastructure necessary, both for the NSE to meet global standards, as well as to position the Nigerian Stock Exchange for future growth. It is this very significant, concerted effort by the team over the last three years that earned them the recommendation. We welcome them on board.”
Ms. Yvonne Emordi, Head of Strategy at the NSE and team leader for the Exchange’s WFE membership project said the “wonderful achievement” sets the tone for the NSE’s upcoming Asia 5-day tour which will start on 1st December. The tour is aimed at introducing the emerging Nigerian market to Asian fund managers with frontier and emerging market investment strategies.