- Nigerian Stock Exchange
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Nigerian Stock Exchange Formation 1960 Purpose/focus Support trading on stocks Headquarters Lagos, Nigeria Official languages English Website http://www.nigerianstockexchange.com The Nigerian Stock Exchange (NSE) was established in 1960. As of March 9, 2007, it has 283 listed companies with a total market capitalisation of about N15 trillion ($125 billion). All listings are included in the only index, the Nigerian Stock Exchange All Shares Index.
Contents
History
The Nigerian Stock Exchange was founded in 1960 as the Lagos Stock Exchange.[1] Akintola Williams played a leading role in establishing the Exchange. He remained actively involved with it into his old age. Attending a stock exchange ceremony in May 2011 at the age of 92, Williams called on operators to protect the market and ensure there was no scandal. He said that, if needed, market operators should not hesitate to seek his advice on resolving any problem.[2]
When the Exchange started operations in 1961 there were just 19 securities listed for trading. In December 1977 the name was changed to the Nigerian Stock Exchange. Branches have been established in the major cities of the Federation, each with their own trading floor: Kaduna (1978), Port Harcourt (1980), Kano (1989), Onitsha (February 1990), Ibadan (August 1990), Abuja (October 1999) and Yola (April 2002). By August 1999 there were 262 listed securities with a total market capitalization of about N287.0 billion.[1]
Operation
The NSE is regulated by the Securities and Exchange Commission, which has the mandate of Surveillance over the exchange to forestall breaches of market rules and to deter and detect unfair manipulations and trading practices.[3] The exchange has an automated trading System. Data on listed companies' performances are published daily, weekly, monthly, quarterly and annually.
Trading days and times on the Lagos Exchange are Monday to Friday, 11:00 to 13:00. Charges include a 3% commission on the traded value of shares and a 1% Securities and Exchange Commission fee. Withholding tax on dividend and interest remains at 10%; corporate income tax is 35%, and capital gains tax stands at 10%.
In order to encourage foreign investment into Nigeria, the government has abolished legislation preventing the flow of foreign capital into the country. This has allowed foreign brokers to enlist as dealers on the Nigerian Stock Exchange, and investors of any nationality are free to invest. Nigerian companies are also allowed multiple and cross border listings on foreign markets.
Associations
The Lagos Exchange is an affiliate member of the World Federation of Exchanges (FIBV). It is also an observer at meetings of International Organization of Securities Commissions (IOSCO), and a foundation member of the African Stock Exchanges Association (ASEA).
Council
On 6 August 2009 the new council members of the NSE were nominated President Alhaji Aliko Dangote, CON 1st Vice President Chief Reginald Abbey-Hart,JP 2nd Vice President Dr Erastus B.O. Akingbola, MON
See also
References
- ^ a b "The Stock Exchange". Nigerian Stock Exchange. http://www.nigerianstockexchange.com/the_exchange.htm. Retrieved 2011-06-08.
- ^ Providence Obuh (2 May 2011). "Akintola Williams Tasks Operators On Capital Market Protection". Vanguard (Nigeria). http://allafrica.com/stories/201105020465.html. Retrieved 2011-06-01.
- ^ "What We Do". SEC Nigeria. http://www.sec.gov.ng/index.php/content/cID/3/page/3. Retrieved 2011-06-08.
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