Channels Television Closes Nigerian Stock Exchange Trading

Channels Media Group – Closing Gong Ceremony

Nigeria’s leading broadcaster, Channels Television, on Wednesday, closed trading at the Nigerian Stock Exchange.

This was part of a week-long line up of events to celebrate the station’s 21st anniversary.

Channels Television began the daily reportage of the domestic stock market and the entire financial markets in April 1996, just about a year after it started operations.

Over the past two decades, the broadcaster has been an integral part of Nigeria’s market evolution, and development, covering the automation of the stock market, the banking sector, and the ongoing transformation of the entire financial system.

The closing gong was sounded by the Chairman of the Channels Media Group, Mr John Momoh, at 2:30 pm.

Mr John Momoh in his address of  welcome, said, “today is a great day for us. It is a very significant day in the sense that it is serving as a pivot for the celebration of our 21st anniversary”.

Chairman CEO of Channels Television , Mr John Momoh (M), the Vice Chairman, Mrs Sola Momoh and officials of the Nigerian Stock Exchange

According to him, “it is the first time on this stage, not the first time on the floor, I have been here 20 years ago, in 1996.

“It is more like déjà vu for me.”

He went on to assure the Nigerian Stock Exchange of continued partnership in order to realise the kind of economy that the nation envisions.

CEO Nigerian Stock Exchange, Oscar Onyema, also congratulated the management and staff of Channels Television for its efforts over the years and for emerging as the best Television Station for the year, for over 10 years.

NSE Releases 2015 Sustainability Report, Adopts GRI G4 Reporting Guidleines

Nigerian Stock ExchangeThe Nigerian Stock Exchange has released its 2015 Sustainability Report titled “Ushering in a new era of sustainability in the Nigerian market place”.

The report, the second edition, demonstrates how The Exchange showcases the importance of sustainable business practices in delivering value and supporting economic growth.

The report, which is in accordance to the Global Reporting Initiative G4 Guidelines aligns with the Exchange’s Corporate Social Responsibility framework.

The NSE, in a statement on Monday highlights the four key impact areas it has devoted attention and resources:

Market Place

The NSE promotes market-based approach to Environmental, Social and Governance (ESG) imperatives amongst all stakeholders. Our major achievements include:

  • Assessed and rated all companies on the premium board using the Corporate Governance Rating System
  • Executed advanced capital market awareness programme in over 50 Nigerian tertiary institutions


The NSE makes positive contributions to the communities where we live and work. Key progress recorded are:

  • Implemented 172 Financial Literacy programmes across the nation, reaching 15,000 people
  • Launched Adopt-A-School Programme at Oke-Odo High School, Lagos. Under the pilot scheme, 52 teachers were trained on soft skills, information & communication technology and financial intelligence; 250 students participated in career workshop; and a Learning and Development Centre was donated to the school.
  • 50 Federal and State Universities benefitted from a book donation progamme
  • Organised the 2nd edition of the NSE Corporate Challenge with over 500 runners and over 27 million impressions on Twitter
  • Held a Closing Gong ceremony in March 2015 to commemorate International Women’s Day in partnership with SSE Initiative, United Nations Global Compact


As a responsible employer, The NSE fosters engaging and high performing work environment that facilitates diversity, wellbeing and development of our people. During this period,

  • The CSR Champions Network and Employee Volunteering Scheme was launched and 21% of employees signed up for the Employee Volunteering programme
  • Employees at all levels participated in 93 training and development programmes


The NSE is committed to reducing the impact of its operations on the environment. Through an environmental management approach, the Exchange has been able to:

  • Achieve 70% of lighting load reduction and 20% overall energy savings, translating to 1,392,717 kilowatts saved from July to December, 2015
  • Recycle 8% of waste generated at the NSE


Commenting on the report, the Chief Executive Officer of The Nigerian Stock Exchange (NSE), Mr Oscar Onyema, said, “As we strive to create durable wealth for our stakeholders, the NSE continues to highlight the importance of sustainable business practices in delivering value and supporting economic growth.

“In 2015, we continued the holistic implementation and integration of the NSE Corporate Sustainability Strategy into our day-to-day operations, in order to effectively manage risks and business development opportunities.

“While we are pleased to report that we have held ourselves accountable to the highest standards, we are also intensifying our advocacy efforts to support the integration of the Environmental, Social and Governance (ESG) imperatives in the Nigerian capital market.”

The achievements of The Nigerian Stock Exchange are not lost on key local and international observers.

The Exchange received four awards in 2015 in recognition of its game changing initiatives in promoting ESG and transparency and they are:

African Regulator of the Year Award

Award for promoting best practice reporting and corporate disclosure

Financial Institution of the Year

Best Corporate Social Responsibility Award

The 2016 Sustainability Report can be downloaded from the Exchange’s website on

PENCOM DG, 2 Others Appointed Members of LSE Africa Advisory Group

PENCOM DGThe Director-General of the National Pension Commission (PENCOM), Mrs. Chinelo Anohu-Amazu, has been appointed pioneer member of the London Stock Exchange Africa Advisory Group.

Mrs. Anohu-Amazu is one of the high-level financial experts from the African continent appointed by the respected London Stock Exchange to provide advisory services on how best to deepen the African Financial markets.

The Group was unveiled at the just-concluded inaugural meeting of the advisory body hosted by the London Stock Exchange in London.

Also appointed were members drawn from the three largest stock exchanges in Sub-Saharan Africa, namely the Johannesburg Stock Exchange, Nigerian Stock Exchange and Nairobi Securities Exchange.

Among them are the Chief Executive Officer of the Nigerian Stock Exchange, Mr. Oscar Onyema and the Chairman of Seplat Petroleum Development Company, Dr. Ambrose Bryant Chukwueloka Ojiako.

The Johannesburg Stock Exchange, Nigerian Stock Exchange, and Nairobi Securities Exchange account for approximately 80 percent of the market capitalization of public securities in Africa.

However, the development of other stock exchanges, including the top three exchanges, in Sub-Sahara Africa have remained stunted by several factors impacting capital markets, such as low financial depth, high cost of raising capital, patchy liquidity, high market risk, and mutual status.

The PENCOM DG and other members of the Advisory Group are, therefore, expected to continually examine these issues and proffer advise that would hopefully change the narrative for the African capital markets for the better.

Integrated West African Capital Market By 2016 Is Feasible – Ndanusa

capital marketThe Chairman of the Securities and Exchange Commission, Dr Suleiman Ndanusa, has said that the realisation of an integrated capital market within the West African region by 2016 is feasible.

Speaking at a meeting in Abuja, Ndanusa said that recent economic realities at the international market should be seen as an opportunity by countries in the region to boost activities in the capital market through the adoption of policies that are in the interest of the sector.

He said harmonisation of market processes and financial literacy remains key to achieving its objective of capital market integration.

Representatives of capital market institutions in the West Africa sub region gathered at a meeting to fast track the development of the market through the adoption of regional protocols.

Besides the decreasing prices of oil at the international market, security threat and differences in currencies among countries in the sub region appear to be a challenge to the attainment of the 2016 deadline.

However, many experts at the gathering highlighted great economic potential for the region through the capital market.

The Chairman of the Securities and Exchange Commission outlined some of the benefits of the creation of an integrated capital market which he said would serve as a catalyst to the growth of other sectors.

The Director-General, West African Monetary Institute, Dr Abwaku Englama, as well as the Chairman/C.E.O, Nigeria Stock Exchange, Oscar Onyema, also took turns to give their analyses of the economic potentials and how the dream would be realised in the days ahead.

Review Of The World Economic Forum

Davos Panel 2Davos is one of the oldest and most fashionable resort towns in Switzerland with a reputation for excellent skiing, freezing temperatures and as a playground for Europe’s elite.

Davos has always been the meeting point for global leaders, business and political elites and members of the 4th estate.

For almost half a century, except in 2002 when the annual meeting was held in New York as a gesture of solidarity with the United States following the 9/11 terrorist attacks, the annual World Economic Forum meeting has always been held in Davos with the World Economic Forum Executive Chairman, Professor Klaus Schwab.

The World Economic Forum annual meeting consists of some 250 sessions designed to reshape the world.

With over 2,500 delegates at this year’s annual meeting, Nigeria’s strong delegation led by President Goodluck Jonathan is a scene to behold especially with the finely woven mufflers, distinctively announcing the rich colors of the oil rich nation with loads of economic potentials to showcase.

At one of the sessions titled “Africa’s Next Billion”, panelists agreed that Africa needs to create an enabling environment for domestic and foreign investment so that the continent can realize its full potential.

With Africa’s population expected to rise to 2 billion by 2050, the forum noted that the foundation for sustainable and inclusive growth must be laid immediately.

President/CEO Dangote Group and co-chair of the meeting, Aliko Dangote, pointed out that most people underestimate what Africa can be.

Dangote maintained that foreign investors will only be attracted to the Nigerian economy if domestic investors take the lead.

Nigeria is projected to rank among the top 20 economies by 2050 and the driver may just be in this sentiment echoed by other members of the Nigerian delegation

Coupled with the policies, most believe economic growth should be championed by the private sector.

The Minister of Agriculture, Dr Akinwumi Adeshina noted that agriculture used to be the bedrock of Nigeria’s economy before the discovery of oil, adding that the more farmers are empowered, the faster wealth will be created and a more attractive economy will be in place.

Group Managing Director/Chief Executive Officer, First Bank of Nigeria Plc, Mr Bisi Onasanya and the Chief Executive Officer, of the Nigeria Stock Exchange, Mr Oscar Onyema noted that with investments expected to rise, the capital market’s ability to absorb financial shocks are also investors’ concern. This includes monetary policy decisions that affect key sectors.

As the world converges at the Federal Capital Territory, Abuja, for the World Economic Forum Africa in May, the event provides an opportunity for economic diplomacy for Nigeria as the successful hosting of the event according to economic watchers will further boost the appreciation of Nigeria.

It will also enable Nigeria the opportunity to attract new investment and strengthen efforts to diversify the country’s production base, generate employment and attain the goal of inclusive growth.

Over two hundred international and local journalists will be in Nigeria for the World Economic Forum Africa in May, 2014.

Court of Appeal returns Dangote as President of Stock Exchange

Africa’s richest man, Alhaji Aliko Dangote, will on Tuesday return back to the office of the President of the Nigerian Stock Exchange (NSE), following last Friday’s ruling by the Court of Appeal in Lagos upholding his three appeals against cases that led to the nullification of his election as president of the exchange in March 2010.

Dangote was elected the 17th president of the NSE in August 2009 based on a unanimous acclamation by the council members immediately after the conclusion of its 48th Annual General Meeting.

However, his election was nullified by the Federal High Court in Lagos in March 2010 following the application made to the court by some shareholders of African Petroleum Plc (now Forte Oil Plc), who had sued him, Nova Finance and Securities Limited, NSE and others, over alleged manipulation of AP shares.

But the business mogul challenged the suit and filed appeals which were upheld by the Appeal Court presided over by Justice Helen Ogunwumiju last Friday.

Delivering judgement on the appeal filed against the August 4, 2009 order, the court set aside the judgement of Justice Mohamad Liman, saying a ‘status order’ is like an injunction and the conditions for granting an injunction must exist.

The court emphasised that there was no identifiable reason or urgency to warrant the order of status quo to be made.

The second ruling was on the challenge to the Justice Lambo Akanbi ruling of March 12, 2010 nullifying the election. The court relied on its earlier judgement to set aside the order on the grounds that since the status quo order allegedly breached should not have been made, there was no question of it being breached.

The third judgement was on the appeal challenging the contempt proceedings and the bench warrant issued against Dangote on July 22, 2010. The whole proceeding was also set aside as having been conducted in error on the grounds that the very order leading to the contempt proceeding was invalid.

Reacting to the judgement, Dangote in an interview stated that he was very happy with the ruling, as it had vindicated his position all along that he should not have been removed as president of the stock exchange’s council.

He said his first priority would be to continue with the reforms started by the present NSE director-general, Oscar Onyema, to improve governance and transparency, and restore confidence in the market.

“You know the Securities and Exchange Commission (SEC) had been running the NSE like it was an agency of government. But the stock exchange is a private exchange limited by guaranty.

“So, I will be meeting the SEC appointees on the council of the stock exchange on Tuesday and taking over that day,” he said.

He added that a new council for the stock exchange with him as its president would be reconstituted next week and that the slots allotted to stockbroker members on the council would be increased from four to six.

Alhaji Dangote, will now be taking over from Mallam Ballama Manu, who has been the interim president of the council since August 5, 2010 when SEC intervened in the running of exchange.

Prior to his election in 2009, Dangote was the council’s first vice-president. He joined the council in February 2008, as the chairman, Kaduna/Kano/Yola Zonal Council.