Nigerian Stock Exchange

Exchange entity Nigerian Stock Exchange (NSE)
Conducts business in Nigeria
Number of listed companies (dec./16, WFE) 170
Domestic market capitalization (in millions USD, dec./16, WFE) 28,901
Has signed the SSE Commitment Letter? Yes
Has prepared SSE Communication to Stakeholders? Yes
Requires ESG reporting as a listing rule? No; Currently in planning stages (Source - NSE)
Offers written guidance on ESG reporting? No, but has committed to publishing a guidance.
Offers ESG related training? Yes;
Provides sustainability-related indices? No
Additional Information
Organizational model of stock exchange
  • Not For profit, limited by guarantee with no shareholding structure. (In discussions to demutualize)
Regulatory bodies
Regulatory model
  • Limited Exchange Self-Regulatory Organization (SRO) Model Pursuant to the Investment and Securities Act 2007, the Securities and Exchange Commission of Nigeria (SEC) engages in registration, inspection, surveillance, investigation, enforcement and rulemaking activities. The Investment and Securities Act 2007, the SEC Consolidated Rules and Regulations 2013, and the license issued to The Nigerian Stock Exchange (“The Exchange”) by the SEC empowers The Exchange to engage in registration, inspection, surveillance, enforcement and rule making activities in respect of its dealing members and listed companies. The rules of The Exchange however need to be approved by the SEC before they can become operational.
About the stock exchange
  • Location: Lagos, Nigeria The Nigerian Stock Exchange (NSE or the Exchange) was founded in 1960 and today services the second largest financial center in sub-Saharan Africa. The NSE is licensed under the Investments and Securities Act (ISA), and is registered and regulated by the Securities and Exchange Commission (SEC) of Nigeria. The Exchange is a founding member and executive committee member of the African Securities Exchanges Association (ASEA), a member of the Intermarket Surveillance Group (ISG), an affiliate member of the World Federation of Exchanges (WFE), and an affiliate member of the International Organization of Securities Commissions (IOSCO).The NSE continues to evolve to meet the needs of its valued customers, and to achieve the highest level of competitiveness. Along with securities listing and trading services, the Exchange offers market data dissemination services, market indices, ancillary technology services and much more. The Nigerian Stock Exchange also offers electronic clearing, settlement and delivery (CSD) services through Central Securities Clearing Systems Plc (CSCS), an associate company of the NSE. With over 250 listed securities and 223 active brokers, the Exchange operates a fair, orderly and transparent market that brings together the best of African enterprises, and the local and global investor communities. The Nigerian Stock Exchange is poised to champion the acceleration of Africa's economic development, and to become “the Gateway to African Markets”. Source
Ownership of Exchange (Shares >4% only) Share
The Nigerian Stock Exchange (NSE) is owned by certain Dealing Member firms’ and ordinary members’ i.e. Stockbroking firms, institutions and individuals.