Home Business NSE Lagos/Ibadan branch transactions drop by 46.88% in 2014

NSE Lagos/Ibadan branch transactions drop by 46.88% in 2014


Lagos (Lagos State)  – The Nigerian Stock Exchange (NSE), on Monday said that its Lagos/Ibadan Zonal Office recorded 46.88 per cent slide in the value of trading activities in 2014.

Mr Oscar Onyema, the Chief Executive Officer of the Nigerian Stock Exchange (NSE), stated this at the yearly general meeting of the zonal office in Lagos.

Onyema said that transaction in the zone dropped to N17 billion in 2014, from N32billion recorded in the corresponding period.

He attributed the decrease to inactivity in some of the branch trading floors, which was mostly due to non-completion of the implementation of the “x-gen’’ across some of the branches.

Onyema said that the branch participated in the interactive sessions of many trade groups and state governments across the country to reach out to existing and potential market participants.

He added that the Exchange, during the year under review, initiated strategic partnership with some state governments and the organised private sector outside Lagos state.

According to him, the exchange will continue to give its branch offices priority in order to enhance efficiency.

Onyema added that work was completed on the plan for the branch approval of the national council.

The primary objective of the transformation initiative, he said, was to strategically turn the outpost into a revenue generating unit.
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The programme, which he described as a reversal of the age-long cost centre status, would ensure that all NSE branch offices were cited in the Central Business District across the country.

“The office is appropriately staffed with requisite manpower and supported with technology to deliver exchange business in their catchment areas.” (NAN)

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