Ac­cess Bank, UBA, La­farge, Se­plat meet NSE’S rat­ing on cor­po­rate gov­er­nance

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The Guardian (Nigeria) - - NEWS - By He­len Oji

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 en­joy- ing 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.

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