FBNCO Consistently Delivers Superior Returns To Its Shareholders says Oscar

The Nigerian Stock Exchange NSE CEO Mr Oscar Onyema

 From Benjamin a ameh, Lagos

 The Exchange is keen to support you as you embark on achieving even greater success.

The Nigerian Stock Exchange NSE CEO Mr Oscar Onyema, said that since its adoption of the holding structure in compliance with CBN regulatory requirements and the listing of FBN Holdings in 2012, it has consistently delivered superior returns to its shareholders adding that in the twelve-month period ended December 31, 2013, the Gross Earnings increased by 7.0% to N395.9 billion.

Oscar stated this during the facts behind the figures presentation on the floor of The Exchange on Monday in Lagos.

“We commend you for coming forward to provide the market with more information about the exciting developments within your group of companies and also congratulate First Bank for its 120th anniversary and the launch of a new corporate identity,” he added

“It goes without saying that First Bank is one of the pillars of The Nigerian Stock Exchange. It has solidified itself as a brand of fortitude, strength and innovation in the Nigerian financial sector since its inception in 1894. The iconic African elephant has been a symbol of one of the biggest players in the financial services industry in Africa to date.

“FBN Holdings deserves to be commended for being a worthy example of good Corporate Governance and Investor Relations by ensuring on-going compliance with the post-listing requirements of The Nigerian Stock Exchange since First Bank listed on this great Exchange 43 years ago (1971) while noted that it has an indelible compliance record with the Exchange, consistently rendering its accounts and providing information to the market as at when due.


“This Exchange has placed Corporate Governance on the front burner as one of the basic elements for ensuring a sound investment environment and maximizing shareholder returns. I would like to use this opportunity to appeal to all quoted companies to replicate this example by continuing to abide by the post-listing requirements. On its part, the Exchange will continue to innovate to provide a platform that supports a strong investment climate for market participants in a well regulated manner.”

Oscar disclosed that at the Nigerian Stock Exchange, we are aiming to become the African exchange of choice for African issuers and global investors. We continue to execute several key initiatives that are aimed at developing a more transparent, liquid and accessible market, with a modern market structure to support the delivery of a wider range of investment products. By implementing these initiatives, the Nigerian bourse has regained the confidence of investors after the global financial meltdown. The increase in total market capitalization from a low of N9 trillion in 2008 to the current level of over N18 trillion is an attestation to this fact, he affirmed.

NSE CEO stressed that with the fast-changing business environment in Nigeria, the time is now for Financial Services providers to support the real sector of our nation in unlocking its growth potential and we believe that FBN Holdings has the capacity to be a leading light in this regard.

However, the Chairman of the FBNCO Group, Mr Waziri told the capital market community on the floor of Exchange that tougher regulatory environment impacting earnings as macroeconomic environment remains fairly stable while disclosed that banking industry witness the commencement of the CBN’s revised bank charges in April 2013  and the status quo maintained on monetary policy for first half of 2013 but tightened from Q3 with sterilisation of 50% (upward review to 75% in Q1 2014) of eligible local currency public sector deposits as CRR on public deposits (previously 12%), leading to a withdrawal of an estimated N1tn from the banking system as at Dec 2013; Extension of CBN cashless policy to 5 states of the Federation and FCT (Abia , Anambra, Kano, Ogun, Rivers and Abuja) in Q3 2013 and Re-introduction of Retail Dutch Auction System to curb round tripping on the exchange rate.

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