The Nigerian Stock Exchange (NSE) has increased its total assets to N29.07 billion in its 2018, against N26.69 billion recorded in the corresponding period in 2017.
Specifically, the Exchanges financial performance for the year ended, December 31, 2018, showed that total assets grew from N26.69 billion in 2017 to N29.07 billion during the year under review.
However, the year 2018 ended with an eight per cent decline in group revenues to N7.67 billion.
Speaking at the 58th Annual General Meeting (AGM), in Lagos, the Chief Executive Officer of the NSE, Oscar Onyema, attributed the decline to uncertainty, as investors sought towards more guaranteed investment asset classes.
Onyema added that the listing revenue stream was the most impacted with a drop of 21 per cent to N1.4 billion during the period in review.
He said transaction fees influenced by the capital market trends within the period, declined to N3 .3 billion during the period under review.
According to him, the Exchange witnessed a 47.6 per cent increase in foreign outflows of N642.65 billion compared with N435.31 billion in the corresponding period of 2017.
He attributed the development to flight to quality by foreign investors to higher-yielding assets with lower risks in developed countries.
Onyema noted that this was intensified by the political risks associated with the Nigerian presidential elections, noting that the Federal Government during the period borrowed N1.2 trillion to finance fiscal and infrastructure deficits.
Onyema added that state governments and other corporates also raised a total of N157 billion from NSE during the period under review.
“We believe this level of activity validates our position as a competitive capital-raising platform for both business and government issuers to finance various economic activities.
