In 1960, The Nigerian Stock Exchange (NSE) was formed and known as the Lagos Stock Exchange. In December 1977 it came to be called The Nigerian Stock Exchange. Currently, The Nigerian Stock Exchange (NSE) consists of six branches and the Head Office is Lagos. The Trading System on the NSE is fully automatic.
History and Origin of the Nigeria Stock Exchange
The Head Office of The Nigerian Stock Exchange is Lagos. At present, an office was launched in Abuja. In 1961, The Nigerian Stock Exchange commenced operations with 19 securities enrolled for trading but at present, the numbers of enrolled securities are 282.
The Lagos branch was launched in 1961; Kaduna, 1978; Port Harcourt, 1980; Kano, 1989; Onitsha, February 1990; and Ibadan August 1990; Abuja, October 1999 and Yola, April 2002.
In 1988, The Nigerian Stock Exchange management protested to the government about a report on the reform of Nigeria’s capital market.
All listings are incorporated in the only index, the Nigerian Stock Exchange. All Shares Index were invented on 3rd January 1984. Trading days and times on the Lagos Exchange are Monday to Friday, 9:30 to 12:30. Charges include a 1% commission on the traded value of shares. Withholding tax on dividend and interest remains at 10%; corporate income tax, 30%, capital gains tax, 10%. Charges on shares transactions have been gradually reduced over the years
As of March 09, 2007, Nigeria Stock Exchange has 283 listed companies with a total market capitalization of about N15 trillion ($125 billion).
Major Companies listed in Nigeria Stock Exchange
A.A.A. Stockbrokers Limited
AIL Securities Limited
Alliance Capital Management Company Limited
BFCL Assets & Securities Limited,
BGL Securities Limited,
Calyx Securities Limited
Capital Assets Limited
Dakal Services Limited
Davandy Finance & Securities Limited
EMI Capital Resources Limited
Allbond Investments Limited
Altrade Securities Limited,
Amyn Investments Limited
BSD Securities Limited
Capital Express Securities Limited
Delords Securities Limited
Denham Management Limited
Dependable Securities Limited
Epic Investment Trust Limited
Equator Finance & Securities Limited Securities Limited
On the 6th of August 2009 the new council members of the Nigerian Stock Exchange were nominated President Alhaji Aliko Dangote, CON 1st Vice President Chief Reginald Abbey-Hart,JP 2nd Vice President Dr Erastus B.O. Akingbola, MON.