The Nigerian Stock Exchange (NSE) yesterday migrated Access Bank Plc, United Bank for Africa Plc, Lafarge Africa Plc and Seplat Petroleum Development Company Plc to its Premium Board Index.
The companies joined Dangote Cement Plc, FBN Holdings Plc, and Zenith International Bank Plc, which migrated to the Premium Board in 2015, bringing the total number of companies on the board to seven.
The migration, according to the Exchange, is sequel to their application and meeting the Exchange’s listing requirements for the board. 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 that are industry leaders in their sectors. Premium Board features companies that adhere to international best practices on corporate governance and meet the Exchange’s highest standards of capitalisation and liquidity.
The board gives a company access to a global pool of investors that are focused on companies managed in conformity to the highest standards in their target markets. Speaking at the migration ceremony, Chief Executive Officer, NSE, Mr. Oscar Onyema, said the migrated firms had passed the Corporate Governance Rating System (CGRS) and have market capitalisation of N347.12 billion, N378.60 billion, N391.37 billion and N374.48 billion respectively.
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.”
“Companies on the Board are already enjoying the highest levels of visibility and appeal to investors looking for large companies with highest standards of corporate governance. From inception to date, the Premium Board Index continues to outperform the benchmark NSE ASI with the Premium Board recording a total return of 84.99 per cent versus the NSE ASI’s 41.79 per cent as at 11 April 2018.
The Premium Board’s performance continues to reinforce the sentiments of both foreign and domestic investors on the importance of corporate governance and sustainability,” he added.
Commenting on the development, Managing Director/ Chief Executive Officer of Access Bank Plc, Mr. Herbert Wigwe, said: “Access Bank is pleased to have attained this status.
We have always adhered to international corporate governance best practices, which is line with theour aspiration to become Africa’s gateway to the World.” On his part, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka, said: “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.
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