L – R shows Ms. Tinuade Awe, Executive Director, Regulation Division, The Nigerian Stock Exchange (NSE); Mr. Michel Puchercos, Group Managing Director/CEO, Lafarge Africa Plc; Mr. Mobolaji Oludamilola Balogun, Chairman, Lafarge Africa Plc; Mrs. Mosun Belo-Olusoga, Chairperson, Access Bank Plc; Herbert Wigwe, Group Managing Director/CEO, Access Bank Plc; Oscar N. Onyema OON, Chief Executive Officer, NSE; Mr. Tony Elumelu, Chairman, United Bank for Africa (UBA); Kenedy Uzoka, Group Managing Director, UBA; Mr. Austin Avuru, Chief Executive Officer, Seplat Petroleum Plc and Mr. A.B.C. Orjiako, Chairman, Seplat Petroleum Plc during the presentation of certificates to the companies migrated to NSE Premium Board at The Exchange today.
PRESS RELEASE—–The Nigerian Stock Exchange (NSE) on Monday announced it has migrated Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its Premium Board on Monday, April 16, 2018 sequel to them applying and meeting the Exchange’s listing requirements for the board.
The Premium Board is the listing segment for the elite group of issuers that meet the Exchange’s most stringent corporate governance and listing standards.
L – R shows Ms. Tinuade Awe, Executive Director, Regulation Division, The Nigerian Stock Exchange (NSE); Mr. Michel Puchercos, Group Managing Director/CEO, Lafarge Africa Plc; Oscar N. Onyema OON, Chief Executive Officer, NSE; Mr. Tony Elumelu, Chairman, United Bank for Africa (UBA) Plc; Mr. A.B.C. Orjiako, Chairman, Seplat Petroleum Plc; Mrs. Mosun Belo-Olusoga, Chairperson, Access Bank Plc; Mr. Mobolaji Oludamilola Balogun, Chairman, Lafarge Africa Plc; Herbert Wigwe, Group Managing Director/CEO, Access Bank Plc; Mr. Austin Avuru, Chief Executive Officer, Seplat Petroleum Plc; Kenedy Uzoka, Group Managing Director, UBA Plc during the Closing Gong Ceremony in commemoration of NSE Premium Board migration at The Exchange today.
The Board is a platform for showcasing companies who are industry leaders in their sectors. Premium Board features companies that adhere to international best practices on corporate governance and meet the Exchange’s highest standards of capitalization and liquidity.
The Board gives a company access to a global pool of investors who are focused on companies managed in conformity to the highest standards in their target markets.
Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc have all passed the Corporate Governance Rating System (CGRS) and have market capitalisation of N347.12bn, N378.60bn, N391.37bn and N374.48bn respectively.
They have joined Dangote Cement Plc, FBN Holdings Plc, and Zenith International Bank Plc who were migrated to the Premium Board in 2015, bringing the total number of companies on the Board to seven. Commenting on the development, Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON said,
“This migration affirms the strides our listed companies are making towards meeting the highest standards of corporate governance and underpins the robustness of our market.
The new companies have consistently demonstrated their inherent values to be globally competitive brands and we congratulate them on the attainment of this migration”.
“Companies on the Board are already enjoying the highest levels of visibility and appeal to investors looking for large companies with highest standards of corporate governance.
From inception to date, the Premium Board Index continues to outperform the benchmark NSE ASI with the Premium Board recording a total return of 84.99% versus the NSE ASI’s 41.79% as at 11 April 2018.
The Premium Board’s performance continues to reinforce the sentiments of both foreign and domestic investors on the importance of corporate governance and sustainability”, he added.
To be listed on the Premium Board of The NSE, the aspiring companies must attain a minimum market capitalization of N200bn as at the date of application, a minimum score of 70% on the Corporate Governance Rating System (CGRS), and maintain a minimum free float of 20% of their issued share capital or a free float value equal to or above N40 billion, as well as meet other standard listing criteria. Recall the NSE Premium Board and the associated Premium Board Index were launched on Tuesday, August 25, 2015.
