The Nigerian Stock Exchange has inaugurated the first ever issuers’ portal in the capital market.
The portal, called the X-Issuer, is one of the initiatives of the NSE aimed at driving transparency in the market and boosting trade activities.
Speaking during the inauguration at the Exchange on Tuesday, the Chief Executive Officer, NSE, Mr. Oscar Onyema, said the portal was introduced on the understanding that accurate information was imperative in driving a vibrant capital market.
He added that the introduction of the issuers’ portal embodied NSE’s commitment to providing a first rate platform that would enable all stakeholders to build and grow their businesses.
He said, “Undeniable to all present here is the fact that there is a need to bridge the current information gap between listed companies and the capital market, which is information driven, and so, the issuers’ portal, a key regulatory initiative of the NSE, will entrench structure and control in the submission and dissemination of company information.
“It will provide an unparalleled opportunity to significantly reduce information leakage and eliminate delays associated with the discharge of issuers’ post-listings obligations in a cost-effective and efficient manner. X-Issuer will no doubt result in greater market integrity and participation.
“This is because we believe the NSE needs to be well positioned to adapt our business to compete effectively in the global marketplace and continue to work on achieving greater transparency and integrity.”
Onyema added that the Exchange believed that the initiative would encourage accountability and would positively impact activities in issues as international and local investors, and analysts should be better able to evaluate data in an accurate, timely and cost-effective manner.
The Head, Listings Regulation, NSE, Mrs. Josephine Igbinosun, explained that the X-Issuer was a secure on-line portal through which issuers would submit financial and other information to the Exchange and the market from the comfort of their offices.
She said the portal would not only encourage transparency and accountability, but would expedite the discharge of issuers’ post-listings obligations relating to structured and continuous disclosures.
She said, “The portal will offer unique benefits of data capture, form submission validation and other ancillary services such as submission notification mechanisms and tracking of submitted information.
“With this, listed companies no longer need to submit hard copies of information to the Exchange by post, hand delivery or courier.”