NSE generated N7.6bn revenue in 2018: Oscar Onyema reviews performance of the NSE

The Nigerian Stock Exchange (NSE) had a challenging year in 2018, according to the CEO Oscar Onyema. In a recent interview with CNBC Africa, Onyema discussed the performance of the exchange, highlighting the revenue of 7.6 billion Naira and a profit after tax of 2.7 billion Naira. Despite the difficulties faced in the operating environment, Onyema rated the performance as 'okay.' He commended the nation on its 59th anniversary, emphasizing the importance of unity and growth for Nigeria to achieve its full potential as an emerging market. Onyema expressed the NSE's commitment to engaging with various companies to foster growth and attract new issuers to the market. One key aspect of the NSE's strategy is demutualization, which has seen significant progress in recent years. The Demutualization Act was passed in 2018, providing the legal framework for the process. The NSE has submitted documentation to the Securities and Exchange Commission for approval, with plans to finalize the demutualization by securing the necessary votes and registrations. Onyema also addressed the issue of VAT waivers, highlighting the importance of extending the program to maintain a competitive edge in the capital markets. Looking ahead to 2019, Onyema acknowledged the challenges posed by the economic landscape and geopolitical factors. Despite the uncertainties, the NSE remains focused on navigating the market and providing a conducive environment for investors. With half of the market activity driven by foreign investors, external influences play a significant role in shaping the NSE's performance. Overall, Onyema's review of the NSE's performance in 2018 reflects a mix of achievements and challenges. As the exchange continues to pursue its growth objectives and engage with stakeholders, the focus remains on enhancing market integrity, attracting new issuers, and fostering a competitive environment for investors.