October 29, 2014 – The Nigerian Stock Exchange on Tuesday received full membership of the World Federation of Exchanges ( WFE), the trade association for the operators of regulated financial exchanges.
The NSE according to a press statement was elected as a Federation member dduring the 54th General Assembly and Annual Meeting of the WFE held in Seoul, Korea on 28 October 2014.
“The NSE is the third African stock exchange to be granted full Federation membership status”, the statement said.
Chief Executive Officer of NSE, Mr. Oscar N. Onyema said he is very proud of the development.
“This is a positive step towards our integration with global financial markets and exchanges. 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 trade association.
“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,” he said.
Also speaking on the issue, Chief Executive Officer, Johannesburg Stock Exchange, Ms. Nicky Newton-King and member of the Board of Directors at the WFE, commended the Nigerian Stock Exchange, stating: “This membership has been a long road for the Nigerian exchange. The WFE Review Committee tasked with their application commends them for the attention they have paid to putting in place the regulatory and technological infrastructure necessary, both for the NSE to meet global standards, as well as to position the Nigerian Stock Exchange for future growth. It is this very significant, concerted effort by the team over the last three years that earned them the recommendation. We welcome them on board,” she said.
For Head of Strategy, WFE, Ms. Yvonne Emordi, it is a wonderful achievement. “It sets the tone for the upcoming Asia tour the Nigerian Stock Exchange will kick-off in early December this year, to introduce our market to Asian fund managers with frontier and emerging market investment strategies. The 5-day tour will start in Singapore on December 1, 2014,” she said.
The WFE’s vote for full membership came through a series of assessments. On September 15-16, the NSE was visited by a WFE inspection team in Lagos. The inspection team consisted the Federation and member exchanges. The team met with the NSE’s management team and several key stakeholders, including the Securities and Exchange Commission (SEC) of Nigeria, the Central Bank of Nigeria (CBN), the Central Securities Clearing System (CSCS), two corporates and other market operators.