March 26, 2013/NSE
It gives me great pleasure to welcome you to this historic event. Today marks another milestone in the rebirth, growth and transformation of the Nigerian capital market as we launch the first Issuers’ Portal (X-Issuer) in the Nigerian Capital Market. This is yet another of the many steps we are charting to bring to fruition our vision of becoming the gateway to African markets.
The launch of X-Issuer is more than just a mere passion for 21st century technology strategies; it is the understanding that accurate information is imperative in driving a vibrant capital market. The introduction of the Issuers’ Portal embodies The Nigerian Stock Exchange’s unwavering commitment to providing a first rate platform that will enable all stakeholders build and grow their businesses.
Undeniable to all present here is the fact that there is a need to bridge the current information gap between listed companies and the capital market, which is information driven. It is also time to look beyond the submission of information to the Exchange by post, hand delivery or courier. Let us jointly create a world of information repository in the capital market that will facilitate quick and easy access to information by investors and other interested parties globally.
The Issuers’ Portal, a key regulatory initiative of The NSE, will entrench structure and control in the submission and dissemination of company information. It will provide an unparalleled opportunity to significantly reduce information leakage and eliminate delays associated with the discharge of issuers’ post-listings obligations in a cost effective and efficient manner. X-Issuer will no doubt result in greater market integrity and participation.
At The Exchange, we believe that we need to be well positioned to adapt our business to compete effectively in the global marketplace and continue to work on achieving greater transparency and integrity. Whilst we are positive that this initiative will encourage accountability, we also believe that it will positively impact activities in your issues as international and local investors, and analysts shall be better able to evaluate your data in an accurate, timely and cost effective manner.
Being aware of the reality that knowledge transfer is a key success factor in the launch of the Issuers’ Portal, The NSE has over the last month organized User Acceptance Tests (UAT) with a substantial number of listed companies –providing training and having the listed companies test the portal and provide valuable feedback aimed at enhancing the overall user experience. I thank all those that participated in these tests. Your efforts have contributed in the rollout of a more robust product.
I congratulate everyone involved in the project, especially our issuer focus group, vendors and NSE staff that made today a reality. I also thank our portfolio investors who challenged the NSE to provide better quality financial information from our issuers in an internationally acceptable format that is easily accessible. I believe we have met that challenge today. We are confident that X-Issuer has ushered in a new dawn in the Nigerian capital market.
Distinguished Ladies and Gentlemen, I thank you all for your time and presence here today.
Chief Executive Officer