The chief executive officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has announced the listing of UBA, Access Bank, Lafarge, and Seplat Oil into the newly created premium board after satisfying the corporate governance standard set by the Exchange.
The NSE created the rating to encourage listed firms to operate under high corporate governance values.
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.
It features companies that adhere to international best practices on corporate governance, and also meet its highest standards of capitalisation and liquidity.
Onyema said UBA, Access Bank, Lafarge and Seplat had market capitalisation of N374.48billion, N347.12 billion, N378.60 billion and N391.37 billion adding that the companies on the board were already enjoying the highest levels of visibility, and appealed to investors to embrace them.
He said the new entrants would join the previous three namely Dangote Cement Plc, FBN Holdings Plc, and Zenith International Bank Plc, which migrated to the premium board in 2015.
In his reaction, the chairman of UBA Plc, Mr. Tony Elumelu described the bank’s membership of the elite club as a “deserving recognition.
“The migration of UBA shares to the newly created premium board is a deserving recognition of the size, liquidity and sound corporate governance of the group,” he said.
Similarly, the managing director/chief executive officer of Access Bank Plc, Mr. Herbert Wigwe said the bank’s adherence to international corporate governance best practices, was in line with its aspiration to become Africa’s gateway to the World.
In the same vein, the chairman of Seplat, Dr. A.B.C Orjiako said the company had always adhered to international corporate governance best practice in all areas of its operations.
“Conformity with rules and processes were critical to our historic dual listing on the NSE and London Stock exchange in 2014,” he said.
The NSE’s rating places value on the companies that are managed in conformity with the highest standards in their target markets. It also grants them access to a global pool of investors who are focused.