The Nigerian Stock Exchange, NSE, has said that Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc will be migrated to its Premium Board next week.
The companies will join Dangote Cement Plc, FBN Holdings Plc, and Zenith International Bank Plc which were migrated to the Premium Board in 2015, thereby bringing the total number of companies on the Board to seven.
According to the Exchange in a statement, the inclusion of the four companies is sequel to them applying and meeting the listing requirements for the Board.
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. The Board is a platform for showcasing companies who are industry leaders in their sectors. Premium Board features companies that adhere to international best practices on corporate governance and meet the Exchange’s highest standards of capitalization and liquidity.
The Exchange noted that the companies have all passed the Corporate Governance Rating System (CGRS) and have market capitalisation of N347.12 billion, N378.60 billion, N391.37 billion and N374.48 billion respectively.
Commenting on the development, Mr. Oscar Onyema, Chief Executive Officer, NSE, said, “This migration affirms the strides our listed companies are making towards meeting the highest standards of corporate governance and underpins the robustness of our market.
The new companies have consistently demonstrated their inherent values to be globally competitive brands and we congratulate them on the attainment of this migration”.
“Companies on the Board are already enjoying the highest levels of visibility and appeal to investors looking for large companies with highest standards of corporate governance. From inception to date, the Premium Board Index continues to outperform the benchmark NSE All Share Index, ASI with the Premium Board recording a total return of 84.99 percent compared to the NSE ASI’s 41.79 percent as as at 11 April 2018.
The Premium Board’s performance continues to reinforce the sentiments of both foreign and domestic investors on the importance of corporate governance and sustainability,” he added.
