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World Federation Membership excites NSE Council

By BusinessNews Staff on November 6, 2014

The Council of the Nigerian Stock Exchange (NSE) yesterday expressed joy over the recently admission of the exchange as a full member of the World Federation of Exchanges (WFE), saying it was well deserved.
Speaking on behalf of the Council members, President of the NSE, Mr. Aigboje Aig-Imoukhuede, said for 14 years, the exchange had strived to become a full member of WFE, the global trade association for the operators of regulated securities exchanges.
The NSE was elected as a federation member during the 54th General Assembly and Annual Meeting of the WFE held in the capital city of Korea, Seoul, making the NSE the first West African stock exchange to be granted full federation membership status last week.
And Aig-Imoukhuede said the election of the NSE was as a result of efforts put in place by the management and council of the exchange to meet the requirements of the federation which facilitated the admission.
The NSE full membership of the WFE validates the transformation programme that has been pursued by the management of NSE. It revalidates the leadership of Nigerian government as relates to operating environment and supporting environment for the private sector to drive. For being a full member of the WFE, there are some benefits to us. It confers on the NSE, the quality of high international standards that can attract foreign investments. They demand a stronger regulatory environment. This leads us to best practices.

It bestows on us high level of credibility and give us access to international portfolio flows that WFE members enjoy,” he said.
He congratulated other members of the council and commended the management led by Oscar Onyema for the feat, which is the first to be achieved by any exchange in the West Africa sub-region.
Onyema had last week said they were proud that the exchange had been granted full WFE status.
“This is a positive step towards our integration with global financial markets. We put in a lot of hard work, and we have cultivated excellence in our day-to-day operations, which has earned us this recognition amongst our peers in this notable global trade association.”
According to him, WFE membership is an important reference for many international investors.
“This membership status reflects the exchange’s commitment to implementing the highest standards of international best practices. Our ambition is to become the foremost stock exchange in Africa, and today is an important step in that journey,” Onyema said.

[This Day]

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