Lagos – Access Bank and United Bank for Africa yesterday joined the elitist Premium Board Index of the Nigerian Stock Exchange (NSE) after meeting stringent requirements set by the Exchange which place more emphasis on ethical issues and strong corporate governance.
The two banks were among the four companies that were received into the Premium Board Index by the management of the Exchange led by its chief executive, Oscar Onyema.
Access Bank, United Bank for Africa, Lafarge Africa and Seplat Petroleum Development Company have all passed the Corporate Governance Rating System (CGRS). United Bank for Africa has market capitalisation of N374.48 billion, Access Bank has N347.12 billion, Lafarge Africa is N378.60 billion while Seplat Petroleum Development Company Plc has N391.37 billion.
They have joined Dangote Cement, FBN Holdings, and Zenith International Bank who were migrated to the Premium Board in 2015, bringing the total number of companies on the Board to seven.
The Premium Board is the listing segment for the elite group of issuers that meet the Exchange’s most stringent corporate governance and listing standards. The board is a platform for showcasing companies who are industry leaders in their sectors.
Speaking at the event, Chief Executive Officer, NSE, Oscar Onyema, said: “This migration affirms the strides our listed companies are making towards meeting the highest standards of corporate governance and underpins the robustness of our market. The new companies have consistently demonstrated their inherent values to be globally competitive brands and we congratulate them on the attainment of this migration”.
Commenting on the development, Mr. Herbert Wigwe, Managing Director/Chief Executive Officer of Access Bank , said: “Access Bank is pleased to have attained this status. We have always adhered to international corporate governance best practices, which is line with our aspiration to become Africa’s gateway to the World.”
In his comment, Kennedy Uzoka, the Group Managing Director/CEO, UBA Plc, noted that; “the migration of UBA shares to the Premium Board of the Nigerian Stock Exchange (NSE) is well deserved. It is instructive to bring back memories of our pioneer Initial Public Offer (IPO) in the Nigerian banking sector, following our listing on the NSE in 1970. Since then, we have remained committed to the development of the NSE and the broader capital market, through our equity and debt listings as well as strategic partnerships with the leaderships of the Nigerian capital market.
“More so, this premium listing of UBA shares is a further attestation of our size and the liquidity of the stock on the Exchange. It is also reinforcing of our continuously evolving sound corporate governance, which is a pre-requisite for companies to be listed on the Premium Board of the NSE.
“In expectation that this premium listing will further enhance the visibility of our stock on the Nigerian Bourse, we believe our decision to migrate UBA shares to this new Board will deepen value creation for our shareholders. It is pertinent to reiterate our commitment to sustainable and superior wealth creation for all shareholders, as we duly appreciate and place significant premium on everyone’s investment in UBA Group, Kennedy added”.
The post NSE Migrates Access Bank, UBA To Premium Board appeared first on Independent Newspapers Nigeria.
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Author: Bamidele Ogunwusi