The Nigerian Stock Exchange, NSE, revealed that its revenue dropped by a staggering 31 percent in 2016.
Also, as at December 31, 2016, the NSE’s total assets stood at N22.79 billion, with approximately N9.73 billion (43 percent) held in liquid assets and an accumulated fund of N19.31 billion, to close the year with a sound liquidity position and strong balance sheet.
This information was revealed on Monday, September 25, 2017, at the 56th Annual General Meeting (AGM) of the NSE, which took place at the NSE Event Centre, Lagos.
According to the outgoing President of the National Council of the NSE, Mr Aigboje Aig-Imoukhuede, “Despite the economic headwinds in 2016, the group level of the NSE remained profitable with an operating surplus of N27.45 million.
“The Exchange generated revenues of N4.46 billion, down 31 percent from the previous year, reflecting bearish sentiments prevalent in the market in 2016.”
The former Access Bank chief executive commended the management of the NSE for its cost containment efforts and the diligent approach to budgeting which saw total expenses decline by 12 percent year-on-year without affecting NSE’s high operating standards and service quality.
According to the Chief Executive Officer of NSE, Mr Oscar Onyema, the NSE demonstrated resilience through the economic and market downturn as investors reacted to prolonged macro-economic uncertainty.
“As at December 31, 2016, the NSE’s total assets stood at N22.79 billion, with approximately N9.73 billion (43 percent) held in liquid assets and an accumulated fund of N19.31 billion, to close the year with a sound liquidity position and strong balance sheet.”
“The Exchange has delivered strong and broad-based results which strengthen our foundation for long-term prosperity, and will drive growth in the near-term.
“We will continue to adapt to stakeholder needs in the evolving business climate, developing innovative and diverse products that perform well in different market conditions, while maintaining a regulatory framework that engenders confident investors,” Mr Onyema said at the AGM.
