DG NSE reiterates fundamentals at NSE Essay 08


-Defends Market Meltdown



Proshare NI

November 24 2008 at 17:38 GMT


Professor (Mrs.) Ndi Okereke-Onyiuke, Director General/Chief Executive Officer (DG/CEO) of the Nigerian Stock Exchange (NSE) has reiterated that most quoted companies on the NSE have good fundamentals.


She made this affirmation today in Lagos Nigeria at the NSE 9th Annual National Essay Competition Awards Ceremony for Secondary Schools and Tertiary Institutions in the country.


“The Stock Exchange makes people rich and most of the companies that are quoted on it have good fundamentals” she said.


Okereke-Onyiuke affirmed that most of the richest people in the world had invested in one time or the other on Stocks.


However, she defended the current Market Meltdown; affirming that it is something that must happen at one point or the other. “There are bound to be crisis in anything we do at one point or another” she said.


Okereke-Onyiuke further advised Nigerian investors to have faith in the Nation’s Stock Exchange; because it would turnaround owing to the good fundamentals of the companies listed on it.


Okereke-Onyiuke had earlier confirmed this to Proshare NI in a Chief Executive Officer Question and Answer session (CEO Q & A) addressing investors concern on the current meltdown in the Nigerian Capital Market published on November 22, 2008 on the Proshare’s website.


“Most of our quoted companies, about 90 percent (90%) of them are doing well. They have not really been affected by the global meltdown” she said.


This is coming on the heels of the global financial crisis that has affected most Stock Exchanges of the world, from America to Europe, Asia to Africa and so on.


In the same vein, National Winners of the Secondary School Categories of the Essay Competition, from first position to third position won Access Bank of Nigeria shares worth N120, 000, N100, 000 and N80, 000 respectively.


While National Winners in the Tertiary level won Zenith Bank Plc shares worth N150,000, N120,000 and N100,000 for first, second and third positions respectively.


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