1. Address by Mr. Bisi Onasanya, GMD/CEO, First Bank of Nigeria Plc at the 50th
Anniversary Celebrations of The Nigerian Stock Exchange/Capital Market Regulatory
Operations, June 6, 2011
PROTOCOL:
On behalf of the Board and Management of First Bank of Nigeria Plc, I am pleased to felicitate
with 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 close
neighbours 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 commenced
operations 50 years ago on June 5, 1961. Its establishment was as a result of the report of the
Barback Commission (named after Professor R. H. Barback, first Director of Nigerian Institute of
Social & Economic Research - NISER) which was published in 1959.
In its steady growth and development, The Nigerian Stock Exchange (NSE) later emerged with
branches in various regions of the country, and collaborates with the Securities and Exchange
Commission (SEC) in capital market regulations.)
The NSE and SEC have since the 1960s played fundamental roles in fostering economic
stability in Nigeria through the nation’s chequered economic history, facilitating the necessary
enabling environment for the formal market to thrive. In this instance, the functional regulatory
activities of the capital market have created a robust Stock Exchange, attracted several listings
on the Exchange as well as ensured the influx of Foreign Direct Investment (FDI) over the
years.
As Nigeria’s first and foremost bank, FirstBank, alongside its numerous subsidiaries, has been
through the many seasons of financial and monetary system changes, cooperating with the
regulatory institutions to ensure a stable national economic growth and development.
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2. FirstBank was listed on The Nigerian Stock Exchange in March 1971. The Bank’s exceptional
performance on the Stock Exchange has earned it the NSE’s Annual President’s Merit Award
for the best financial report in the banking industry thirteen times. This award that is reserved for
outstanding presentation, quality and depth of annual report and accounts for each financial
year attests to the Bank's continuing commitment to strong corporate governance and improved
disclosure levels in the reporting of its financials.
In our capital market activities, therefore, FirstBank is highly reputed as a best-fit corporate
governance promoter, which corporate governance practice remains at the industry's leading-
edge. Indeed, FirstBank is one of the first two quoted companies in Africa to adopt the
International Financial Reporting Standard (IFRS). Consistent with its pace-setting good
governance principles, the IFRS regime facilitates transparency, understanding, relevance,
reliability and comparability of the Bank's qualitative financial statements comparable with global
standards.
FirstBank’s Hybrid Offer, popularly called “The Big Offer” set an unprecedented landmark, with
the subscription in excess of 750% and was lauded as the biggest and most successful in the
history of public offers in Nigeria.
FirstBank’s epoch making achievement was again reinforced with our emergence in 2008 as the
most capitalised quoted company on the NSE; when the Bank became the first quoted company
in Nigeria to achieve the feat of hitting the trillion naira mark in market capitalization, the clearest
evidence of the market’s estimation of its worth. Till date, and despite the downturn in the stock
market, 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 market
like ours. To a considerable extent, the stock market reflects the strength of the domestic
economy. In the same way that recent reforms to the organisation and rules of the NSE and
SEC were necessary for an increase in optimizing the activities of the capital market, further
reforms at the fiscal level would be needed to boost the capacity to deepen the market. We
should, therefore, be keen on a transition in the composition of stocks on the Exchange away
from the current dominance of banking stocks in favour of real sector instruments.
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3. It is important to note that the FirstBank group has also played a crucial role in the development
of the capital market through the activities of its registrarship and investment banking and asset
management arms.
Your Excellency, ladies and gentlemen. I am pleased to inform you that our Bank's prime status
in corporate Nigeria has been reinforced with the recent award of the prestigious ISO/IEC
27001:2005 certification, the world's highest accreditation for information protection and security
from the International Organisation for Standardisation (ISO). By this certification, FirstBank has
distinguished itself as the first organization in Nigeria to achieve ISO 27001, which is an
affirmation that the Bank has adopted and complied with the highest known standards in
information security globally.
At FirstBank, we are happy with our mutually beneficial relationship with the capital market
operators and our modest contributions to the development of the capital market. We commend
the ongoing reforms in both the NSE and SEC. We will continue to foster the necessary
cooperation and collaboration to boost operations of the market.
On behalf of the Board and Management of FirstBank, I salute I salute Your Excellency and all
operators in the capital market on this occasion and wish you 50 hearty cheers!
Bisi Onasanya
GMD/CEO
First Bank of Nigeria Plc
June 6, 2011
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