New Market Structure: NSE, Quoted Companies meet 171011



October 17, 2011 5:04 PM / MBC


Lagos, Nigeria (MBC News) - The administration of Oscar Onyema at the Nigerian Stock Exchange will today meet with the Chief Executive Officers of all quoted companies in Lagos. The dinner event is expected to focus on the final draft of the new Market Structure and Segmentation of the NSE that was unveiled in August. Quoted companies were invited by the NSE to submit their recommendations for the restructuring of the trading board, streaminlining the current 32 sub-sectors of the board to about 16 only, focusing on new key economic areas to attract new listings and capital raising.


This will be a major market structure reform exercise of the Oscar Onyema's administration that took office in April. In his first media address on May 19 this year, Oscar Onyema said "there are some issues which we need to face headlong in order to move the market forward." He added that that his team will "exhibit a sense of urgency to see The Exchange become the gateway to African frontier markets." Onyema said he has identified integrity, durable wealth creation and business development as the pillars upon which to build a new Nigerian Stock Exchange.


Interactions between the new NSE management and the various stakeholders have been ongoing in the past few months. Sources told MBC News Corp that the annual Quoted Companies CEO Dinner is being finetuned to cover various industry segments and run on a quarterly basis to facilitate better working relationship.


Oscar Onyema returned from South Africa over the weekend with his team that attended an economic conference in Johannesburg.




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