Dangote Cement, FBN Holdings, and Zenith Bank were listed yesterday on the Nigerian Stock Exchange (NSE)’s new Premium Board.
The NSE has launched a new listing platform, Premium Board, and the associated Premium Board Index in keeping with its commitment to promoting Africa’s biggest companies as well as influencing the economic growth and development of Nigeria.
The board will feature companies that meet the exchange’s most stringent listing criteria of capitalisation, governance and liquidity.
It aims to provide a platform for greater global visibility for eligible African corporates to make it easier for them to attract global capital flows and reduce the cost of funding.
Commenting on the new listing board, the chief executive officer, NSE, Mr Oscar Onyema, said, “The Premium Board is one result of our commitment to place corporate governance at the front and centre as a way to improve the climate for doing business in Africa.”
According to Onyema, the Premium Board Index would serve as a benchmark for investors looking to track the performance of large firms with excellent corporate governance and sustainable business models.
He pointed out that “the NSE Premium Board Index had a four-year average return of 17.65 per cent versus the All Share Index return of 11.31 per cent over the same period.”
Also speaking on this development, the executive director, Business Development, NSE, Mr Haruna Jalo-Waziri, stated that the Premium Board is for issuers with a minimum market capitalisation of N200 billion and highest corporate governance standards.
Source : Leadership