Finance Access Bank, Lafarge, Seplat, UBA join industry leaders on NSE Premium Board

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NSE said Access Bank, Lafarge, Seplat and UBA passed the Corporate Governance Rating System and have the market capitalisation of N347.12bn, N378.60bn, N391.37bn and N374.48bn respectively.

Access Bank, Lafarge, Seplat, UBA join industry leaders on NSE Premium Board play

The board and management of Access Bank, Lafarge Africa, SEPLAT Petroleum and UBA Group on your successful migration to NSE Premium Board on Monday, April 16, 2018 in Lagos

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The Nigerian Stock Exchange (NSE) has migrated Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its Premium Board.

The migration took place on the floor of the Nigerian Stock Exchange in Lagos, Monday, April 16, 2018, after the four companies applied and met the Exchange’s listing requirements for the board.

Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc will be joining Dangote Cement Plc, FBN Holdings Plc, and Zenith International Bank Plc who were migrated to the Premium Board in 2015, bringing the total number of companies on the Board to seven.

NSE in a statement said Access Bank, Lafarge, Seplat and UBA passed the Corporate Governance Rating System (CGRS) and have the market capitalisation of N347.12bn, N378.60bn, N391.37bn and N374.48bn respectively.

 

Oscar N. Onyema, Chief Executive Officer, NSE, while commenting 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 ASI with the Premium Board recording a total return of 84.99% versus the NSE ASI’s 41.79% 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.

 

What is NSE Premium 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 practises on corporate governance and meet the Exchange’s highest standards of capitalisation and liquidity.

The Board gives a company access to a global pool of investors who are focused on companies managed in conformity to the highest standards in their target markets.

Requirements for joining NSE Premium Board

To be listed on the Premium Board of The NSE, the aspiring companies must attain a minimum market capitalisation of N200bn as at the date of application.

A minimum score of 70% on the Corporate Governance Rating System (CGRS), and maintain a minimum free float of 20% of their issued share capital or a free float value equal to or above N40 billion, as well as meet other standard listing criteria.

Recall the NSE Premium Board and the associated Premium Board Index were launched on Tuesday, August 25, 2015.

From inception to date, the NSE Premium Board Index continues to outperform the benchmark NSE ASI with the Premium Board recording a total return of 84.99% versus the NSE ASI’s 41.79%.