Access Bank, UBA, Lafarge, Seplat meet NSE’s rating on corporate governance
•Join premium board
Seplat Oil, Access Bank, United Bank for Africa (UBA), Lafarge and Splat Oil, have satisfied the corporate governance standard set by the Nigerian Stock Exchange (NSE).The NSE created the rating to encourage listed firms to operate under high corporate governance values.
As part of the benefits, the exchange yesterday migrated them to its 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.
It features companies that adhere to international best practices on corporate governance, and also meet its highest standards of capitalisation and liquidity.
According to the Chief Executive Officer of NSE, Oscar Onyema, the four listed firms have been admitted into the elite list.
He added that UBA, Access Bank, Lafarge and Seplat had market capitalisation of N374.48billion, N347.12billion, N378.60billion and N391.37billion.Onyema said companies on the board are already enjoying the highest levels of visibility, and appealed to investors to embrace them.
The four newly listed companies would join the previous three: Dangote Cement Plc, FBN Holdings Plc, and Zenith International Bank Plc, which migrated to the premium board in 2015.
The Chairman of Seplat, Dr. A.B.C Orjiako said the company had always adhered to international corporate governance best practice in all areas of its operations.
He said: “Conformity with rules and processes were critical to our historic dual listing on the NSE and London Stock exchange in 2014.
Also, the Chairman of UBA Plc, Tony Elumelu said: “The migration of UBA shares to the newly created premium board is a deserving recognition of the size, liquidity and sound corporate governance of the group.
The Managing Director/Chief Executive Officer of Access Bank Plc, Herbert Wigwe added that Access Bank’s adherence to international corporate governance best practices, was in line with its aspiration to become Africa’s gateway to the World.
The NSE’s rating places value on the companies that are managed in conformity with the highest standards in their target markets.It also grants them access to a global pool of investors who are focused.