Address by Mr. Bisi Onasanya, GMD/CEO, First Bank of Nigeria Plc at the 50thAnniversary Celebrations of The Nigerian Stock...
FirstBank was listed on The Nigerian Stock Exchange in March 1971. The Bank’s exceptionalperformance on the Stock Exchange...
It is important to note that the FirstBank group has also played a crucial role in the developmentof the capital market th...
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GMD Speech at 50th Anniversary Celebrations of Capital Market Operations in Nigeria

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GMD Speech at 50th Anniversary Celebrations of Capital Market Operations in Nigeria

  1. 1. Address by Mr. Bisi Onasanya, GMD/CEO, First Bank of Nigeria Plc at the 50thAnniversary Celebrations of The Nigerian Stock Exchange/Capital Market RegulatoryOperations, June 6, 2011PROTOCOL:On behalf of the Board and Management of First Bank of Nigeria Plc, I am pleased to felicitatewith you on the jubilee anniversary celebrations of capital market regulatory activities in Nigeria.Besides having so much to share as key players in the Nigerian economy, we are closeneighbours who must look out for one another in the typical African tradition. We are, therefore,happy to celebrate with you.(We recall that following the enabling Act of 1961 the Lagos Stock Exchange commencedoperations 50 years ago on June 5, 1961. Its establishment was as a result of the report of theBarback Commission (named after Professor R. H. Barback, first Director of Nigerian Institute ofSocial & Economic Research - NISER) which was published in 1959.In its steady growth and development, The Nigerian Stock Exchange (NSE) later emerged withbranches in various regions of the country, and collaborates with the Securities and ExchangeCommission (SEC) in capital market regulations.)The NSE and SEC have since the 1960s played fundamental roles in fostering economicstability in Nigeria through the nation’s chequered economic history, facilitating the necessaryenabling environment for the formal market to thrive. In this instance, the functional regulatoryactivities of the capital market have created a robust Stock Exchange, attracted several listingson the Exchange as well as ensured the influx of Foreign Direct Investment (FDI) over theyears.As Nigeria’s first and foremost bank, FirstBank, alongside its numerous subsidiaries, has beenthrough the many seasons of financial and monetary system changes, cooperating with theregulatory institutions to ensure a stable national economic growth and development. 1
  2. 2. FirstBank was listed on The Nigerian Stock Exchange in March 1971. The Bank’s exceptionalperformance on the Stock Exchange has earned it the NSE’s Annual President’s Merit Awardfor the best financial report in the banking industry thirteen times. This award that is reserved foroutstanding presentation, quality and depth of annual report and accounts for each financialyear attests to the Banks continuing commitment to strong corporate governance and improveddisclosure levels in the reporting of its financials.In our capital market activities, therefore, FirstBank is highly reputed as a best-fit corporategovernance promoter, which corporate governance practice remains at the industrys leading-edge. Indeed, FirstBank is one of the first two quoted companies in Africa to adopt theInternational Financial Reporting Standard (IFRS). Consistent with its pace-setting goodgovernance principles, the IFRS regime facilitates transparency, understanding, relevance,reliability and comparability of the Banks qualitative financial statements comparable with globalstandards.FirstBank’s Hybrid Offer, popularly called “The Big Offer” set an unprecedented landmark, withthe subscription in excess of 750% and was lauded as the biggest and most successful in thehistory of public offers in Nigeria.FirstBank’s epoch making achievement was again reinforced with our emergence in 2008 as themost capitalised quoted company on the NSE; when the Bank became the first quoted companyin Nigeria to achieve the feat of hitting the trillion naira mark in market capitalization, the clearestevidence of the market’s estimation of its worth. Till date, and despite the downturn in the stockmarket, the Bank remains one of the most capitalized stocks on The Nigerian Stock Exchange.We certainly appreciate the challenges of developing a Stock Exchange in an emerging marketlike ours. To a considerable extent, the stock market reflects the strength of the domesticeconomy. In the same way that recent reforms to the organisation and rules of the NSE andSEC were necessary for an increase in optimizing the activities of the capital market, furtherreforms at the fiscal level would be needed to boost the capacity to deepen the market. Weshould, therefore, be keen on a transition in the composition of stocks on the Exchange awayfrom the current dominance of banking stocks in favour of real sector instruments. 2
  3. 3. It is important to note that the FirstBank group has also played a crucial role in the developmentof the capital market through the activities of its registrarship and investment banking and assetmanagement arms.Your Excellency, ladies and gentlemen. I am pleased to inform you that our Banks prime statusin corporate Nigeria has been reinforced with the recent award of the prestigious ISO/IEC27001:2005 certification, the worlds highest accreditation for information protection and securityfrom the International Organisation for Standardisation (ISO). By this certification, FirstBank hasdistinguished itself as the first organization in Nigeria to achieve ISO 27001, which is anaffirmation that the Bank has adopted and complied with the highest known standards ininformation security globally.At FirstBank, we are happy with our mutually beneficial relationship with the capital marketoperators and our modest contributions to the development of the capital market. We commendthe ongoing reforms in both the NSE and SEC. We will continue to foster the necessarycooperation and collaboration to boost operations of the market.On behalf of the Board and Management of FirstBank, I salute I salute Your Excellency and alloperators in the capital market on this occasion and wish you 50 hearty cheers!Bisi OnasanyaGMD/CEOFirst Bank of Nigeria PlcJune 6, 2011 3

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