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179 Claimants Compensated By Investors’ Protection Fund In 2017- Says NSE.

* Says 659 Claims were Verified, As NSE Total Income Appreciate By 86%

L – R: Shows Mr. Aigboje Aig-Imoukhuede, Ex-Officio​, National Council, The Nigerian Stock Exchange (NSE); Mr. Oscar Onyema, CEO NSE; Mr. Abimbola Ogunbanjo, President, National Council, NSE and Mrs Mojisola Adeola, Head, Council Secretariat, NSE, during the 57th Annual General Meeting of the Exchange held on Thursday at the NSE Event Centre in Lagos.

 

 

 

By NKECHI NAECHE—--The Nigerian Stock Exchange (NSE) on Thursday said as at 31, December 2017 a total of 179 claimants out of a total of 885 investors claims it referred to the Investors’ Protection Fund (IPF) were compensated.

The NSE disclosed at its 57th Annual General Meeting (AGM) held at the Stock Exchange House in Lagos, that out of the 885 claims referred to the IPF, 659 claims were successfully verified while 226 claims are yet to be verified.

It added that “A total of 250 claims were designated as abandoned by the board of trustees of the IPF.”

The NSE added that due to certain factors outside the control of the IPF a fewer number of claimants were compensated in 2017 (17 investors with a value of N6.4 million when compared to 2016 were 59 investors had a value of N18.9 million.

The NSE noted that 204 unresolved complaints brought forward from 2016, a total of 129 representing 63 percent were resolved with an outstanding 75 unresolved, bringing the total unresolved complaints as at December 31, 2017 to 154. “It is important to note that the unresolved complaints brought forward from 2017 reduced 29 percent when compared to the number brought forward from 2016.”

On complaints management, the NSE said it confirmed a total of 300 complaints were received in 2017 out which 230 representing 77 percent were successfully resolved.

The NSE further said that 70 complaints are yet to be resolved; out of which 48 were against active dealing member firms, 21 against inactive dealing member firms and one (1) complaint against a non-member firm.

While 64 percent of the unresolved complaints were those against inactive dealing member firms which are still undergoing disciplinary actions at various stages of the Exchange’s disciplinary process.

The NSE also disclosed that the group recorded total income of N8.30billion, representing 86% YoY Growth.

The results show a total income of N8.30billion for the Group and N3.82 billion surplus before tax for the year ended 31 December 2017, representing 86% increase in gross earnings when compared to the N4.46 billion achieved in 2016.

Surplus before tax grew by 5,629% in the same period.

Commenting on the results, Oscar Onyema, said potential as a catalyst of economic growth in Nigeria and the hub for Africa.

Focus on executing our robust “this positive performance, after the significant headwinds witnessed over the past two years, affirms the resilience of our market and its strategy of cost efficiency, products and revenue diversification, as well as innovative and improved operational delivery, underpins this strong performance”.

According to Abimbola Ogunbanjo, President, National Council of NSE “ We have deployed a new four year corporate strategy that will reposition us as a more investor friendly and customer centric exchange hub in Africa.

“With this new strategy, we are poised to deliver superior performance for our multi-faceted stakeholders especially issuers and investors who continue to access our market to raise and save capital respectively”.

Below are the key achievements claimed by the NSE in 2017:

· Market capitalisation at N22,917,906,741,966.20 grew by 41.59% when compared to N16,185,729,639,209.90 in FY 2016

· All Share Index appreciated by 42.30% from 26,874.62 to 38,243.19

· Achieved new listings across diversified product classes – 41 Bonds, 19 equities, 5 ETFs and 15 Memorandum Listings

· Rated 3rd best performing stock exchange in 2017 by CNN, awarded CSR Company of the Year by Lagos Chamber of Commerce & Industry, named Employer of The Year by HR People’s Magazine

· In partnership with the Debt Management Office, launched FGN Savings Bond, Green Bond and Sukuk to promote financial inclusion in Nigeria

· Commissioned Tier 3 designed data centre with cloud computing capabilities

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