Corporate Governance: NSE Unveils Six Committees
The Council of the Nigerian Stock Exchange (NSE) Tuesday unveiled six committees to oversee its affairs, in adherence to corporate governance and promotion of full disclosure and transparency in the nation’s stock market. The names of members of the committees were published on its website for public knowledge.
The Committees include: Audit; Demutualisation; Finance and General Purpose; Rules and Adjudication; Technology/Risk Management and Disciplinary. The Audit Committee has Mr. Nsa Harrison as chairman, while other members are: Mr. Reginald Abbey-Hart; Mr. Hassan Usman and WSTC Financial Services Limited.
Demutualisation Committee has Mrs. Yemisi Ayeni as chairperson, while ICON Stockbrokers, Stanbic IBTC Stockbrokers Limited, Mr. Abubakar Mahmoud, Mr. Oscar Onyema and Mr. Bimbo Ogunbanjo are members.
The former Interim Administrator of the NSE, Mr. Emmanuel Ikazoboh is the Chairman of the Financial & General Purpose Committee.
Other members of the Committee are: Katsina State Investments & Property Development Company Limited, Reward Investments & Services Limited, Onyema and Mr. Bismarck Rewane.
The Rules and the Rules and Adjudication Committee has Mrs. Dorothy Ufot as Chairperson, while City-Code Trusts and Investments Limited, Alhaji Bello Maccido, Partnership Investment Company Limited and Onyema are members.
UNEX Capital Limited is the chairman of Technology & Risk Management Committee to be supported by APT Funds & Securities Limited, WSTC Financial Services Limited; Stanbic IBTC Stockbrokers Limited; Onyema and Mr. Ade Bajomo.
The sixth committee, the Disciplinary Committee is headed by ICON Stockbrokers Limited while UNEX Capital Limited; Partnership Investment Company Limited, Reward Investment & Services Limited; APT Funds & Securities Limited and City-Code Trust and Investment Limited are members. Chief Executive Officer of NSE, Mr. Oscar Onyema, had in his maiden press briefing last May, disclosed the council’s approval of the committees that would oversee the various affairs of the Exchange.
He had said the Exchange saw corporate governance as a very strong competitive tool for any organisation that wanted to be reckoned with. “Although (NSE) not a listed company, we have adopted a new corporate governance posture, which is mostly compliant with the Nigerian Security and Exchange Commission’s recently released guidance for listed companies,” he had said.
Meanwhile, the Nigerian equities closed 1.03 per cent higher Tuesday as the bulls regained control of the market. The NSE All-Share Index closed at 22,792.06 while the market capitalisation of equities added N74.5 billion to be at N7.29 trillion. A total of 26 stocks appreciated in value led by Dangote Cement Plc with a gain of N4 to be at N117 per share.
Conversely, Guinness Nigeria led the per cent the 16 price losers with N2.00 to close at N218 per share.
By Goddy Egene
This day17 Aug 2011