The Chief Executive Officer (NSE) of The Nigerian Stock Exchange (NSE), Mr. Oscar Onyema has disclosed that the Bourse engaged in corporate restructuring last year, leading to efficiency and innovation with the establishment of several new departments.
In a press conference organized by The NSE to review activities in the market and economy in 2018, and expectations of market performance in 2019. Onyema said the Exchange made a lot of achievements in its strategic execution plan adding that 37 new roles were established and 13 of the positions were filled.
During the year under review, the CEO said The Exchange launched the enterprise innovation hub to leverage emerging technologies to create smart products and services. On demutualization, he said the Bill was signed into law and assented to by the president, stressing that the exchange is currently working on the final stages of the demutualization process.
Onyema also revealed that The NSE has completed the required technological enhancements for the launch of the derivatives products, as Rule book has been created and is currently undergoing approval process alongside onboarding of dealing members.
Others includes business development, as the NSE website was revamped to enhance analytics and ease of navigation, Market development: with the implementation of new equity market structure to dampen volatility and enable pricing efficiency during the open and close auctions as well as sustainability with the signing of memorandum of Understanding (MoU) with Recycle Points limited .
Moreover, Investor Protection Fund (IPF) approved 62 claims valued at N15.42million thus bringing it to a total of N6558million paid out to beneficiaries within three years.
However, Onyema predicted volatility in the equities markets as the first half of the year will be driven by uncertainty in Oil prices as well as the 2019 general elections in the country.
But noted that with swift approval and implementation of the 2019 Budget, it may have a positive impact on companies’ earnings as well as consumer spending. Therefore, we anticipate a return of listings during the year, with an uptick in market activity during the second half of 2019.