The recovery witnessed in the Nigerian stock market last year also impacted positively on the operations of the Nigerian Stock Exchange (NSE) as the exchange ended the 2012 financial year with an operating surplus of N1.2 billion. The surplus showed a jump of 347 per cent above the N258 million recorded in 2011.

Specifically, the NSE recorded a revenue of N3.326 billion in 2011, compared with N3.302 billion in 2011.  However, revenue from other income and cost curtailment strategy boosted its operating surplus for the year to N1.153 billion.

In terms of other income, which included sundry, investment, rental and dividend income, the NSE recorded N617.588 million in 2012, as against N244.313 million in 2011. It reduced personnel expenses to N1.646 billion in 2012, down from N1.767 billion in 2011, while other expenses were reduced from N1.911 billion to N1.74 billion. Consequently, an operating surplus of N1.153 billion was posted by the exchange in 2012.

Speaking at the  52nd annual general meeting of the NSE last Friday, the President of the NSE, Alhaji Aliko Dangote, said  despite the  unfavourable global financial  crisis , which lingered  throughout  the year,  the exchange delivered solid financial  performance in 2012 reflecting the execution of  its corporate strategy and continued focus on providing  service excellence to its customers.
Dangote said over the past year, the NSE made great strides in its commitment to providing a world class capital market experience and to improving  its service excellence.

“We articulated a goal of achieving $1trillion  in market capitalisation across  five products by 2016. To achieve  this goal, the NSE  will continue to  align its objective  with facilitating  the development of  the Nigerian economy, including  driving  capital formation such as we will continue to progress our transformation agenda with  an emphasis on new quality listings, product development/penetration and a transparent  market structure,” he said.

Source: Thisday (By Goddy Egene)