vanguard markets, september 29, 2014 edition

T THE END OF ITS 53rd Annual General Meeting, the Na-tional Council of the

Nigerian Stock Exchange announced the election of Aigboje Aig-Imoukhuede, CON, as its new president. He replaces Aliko Dangote, GCON. The business mogul informed the Council of his decision to step down a year early due to the demands of his sprawling business em-pire. Under his watch, the ex-change has made great leaps forward driven by the execu-tive talents of its unassuming chief executive, Oscar Ony-ema, ably assisted by Ade Bajomo, executive director, market operations and tech-nology.

A week before the election, the NSE published its long awaited annual report for the 2013 financial year. Across all relevant metrics, its per-formance gave confidence that it is a well-run, efficient entity actively pursuing the diversification of revenues away from its dominant equi-ties business, and actualising

its strategy in a disciplined manner. The bourse migrated from Horizon to X-Gen trad-ing platform in the course of the year.

In its main function as a capital raising venue, com-panies successfully raised N286.76 billion ($1.79 bil-lion). The bulk of this figure came from placing, rights issues, scheme shares, and bonus issues. Only 3 new companies were admitted. On transparency, its X-Compliance reports have heightened transparency ex-pectations among investors. It also propagated its finan-cial literacy program through investor clinics with re-newed zeal.

In September, the Osun State government issued the country’s first sukuk bonds, a Shari’ah compliant fixed in-come product, in the course of the year. Another notewor-thy transaction was the issu-ance of the first supranational bond by the International Finance Corporation.

Will Guinness get its mojo back?

! page VM2

Vanguard Markets | Monday, September 29, 2014 | Issue 012

FIXED INCOME & FOREX

Aig takes the baton

COMPETITION

Source: FMDQ

A

Aigboje Aig-Imoukhuede

Currency Central Rate

SWISS FRANC 163.7140

YEN 1.4227

CFA 0.2909

WAUA 230.5721

RIYAL 41.3879

DANISH KRONA

26.5548

SDR 231.4933

Seni Adetu, CEO, Guinness Nigeria Plc.

MoFr25.00

25.10

25.30

25.20

25.40

Tu We Th Fr

CNY/N

MoFr197.0

198.0

200.0

199.0

201.0197.6798

Tu We Th Fr

Euro/N

MoFr252.0

252.8

254.4

253.6

255.2253.1972

Tu We Th Fr

£/N

MoFr155.0

155.1

155.3

155.2

155.4155.25

Tu We Th Fr

$/N

FOREX RATES

InsideSpotlight shines on Ade Bajomo, ED, Mkt Operations and Tech-nology at the NSE.

! Page VM6

STOCK EXCHANGE

FGN Bonds & TBills FGN BondsTreasury Bills

12/09

150B

120B

90B

60B

30B

017/09 22/09 25/09

NITTY

15/09

12.00

11.60

11.20

10.80

10.40

10.0018/09 23/09 26/09

1M2M

3M6M

9M12M

NIBOR

15/09

15.00

14.00

13.00

12.00

11.00

10.0018/09 23/09 26/09

O/N1M

3M6M

FX ($/N)

15/09

164.5

164.0

163.5

163.0

162.5

162.018/09 23/09 26/09

BidAsk

25.3357

Aigboje Aig-Imoukhuede, the newly elected President of the Council of the Nigerian Stock Exchange, brings a wealth of experience and burning drive to his new role.

NSE vs. Global Peers

10%

20%

30%

40%

50%

0%201302.01.2013 25.09.2014

Source: NSE, MSCI, S&P

2014

Data visualisation by Publican Media

1120.9 1430.6

574.42

717.94

28,501.21

40,819.72

NSE ASI S&P Africa Frontier MSCI FM Africa

! Page VM6

BUSINESSVM2

COMPETITION

VM | Monday, September 29, 2014 | Issue 012


Who could buy who?Let us start with a little

bit of background. A survey of the global beer business throws up 4 possible deals in coming months involving Anheuser-Busch InBev NV, Diageo, Heineken NV, and SABMiller.

The first deal. The news two weeks ago that SABMiller, makers of the Hero brand of beer that has conquered the eastern part of Nigeria, had approached Heineken NV, brewer of Star lager beer, with a takeover offer rattled mar-kets. Market watchers read it as the opening shots in a new round of consolidation for the global alcoholic drinks indus-try. As it turned out, the Hol-land-based company wasted little time issuing a press statement that the offer was ‘non-actionable’ and deserved no further consideration.

Deal number two. Back in July, there were strong market rumours in London that SAB-Miller and Diageo, maker of Guinness, were exploring a merger to create a $163 bil-lion company. At the time, analysts at Barclays wrote that ‘Diageo’s business has stalled over the last year and pressure on management to address investor concerns around slowing top-line growth rates is building. A merger of the world’s number one spirits – Diageo - and number two brewing business – SABMiller - would create a potent new force in the Total Beverage Al-cohol (TBA) category.’

A third possibility. About the same time, analysts at

Citigroup hinted that AB InBev, the world’s biggest brewer, could buy Diageo’s beer business as a fast lane entry into Africa ‘within the next 6 to 18 months.’ This is not such an irrational idea. For years, AB Inbev has been looking to set up in Afri-ca, where it lacks a presence. Diageo solves that problem.

Look at it this way. Diageo increasingly defines itself as a spirits, and not a beer and spirits business. That dis-tinction is not by accident. The company owns six of the world's top 20 spirit brands by retail sales, including Johnnie Walker, the number one spirit brand by value and

Smirnoff, the number one premium spirit brand by vol-ume. This makes Diageo the leading premium spirits busi-ness in the world by volume, net sales and operating profit.

The company also has an im-portant strategic partnership with Moët Hennessy divi-sion, in which it owns a 34% stake in the holding company of the LVMH group’s Wines and Spirits business. In this glittering milieu, one analyst has described sagging beer sales as ‘the culprit in a block-buster portfolio’.

At the right price in the right hands Diageo would not dismiss lightly an offer to buy Guinness. This would free up resources to specialise in its premium spirits business.

Fourth but not the least deal. Of course, there remains the real possibility that AB Inbev will pounce on SABMiller. This

would give the company about 40 per cent market share of the world’s beer supply.

These are four possible scenarios out of several that could play out over the next

year with reverberations across the entire sector, and 5 continents.

It is still early days to know for sure whether this is a phoney start to industry con-solidation or the real thing. One thing is for sure though. Never mind that the SAB-Miller bid was rebuffed, it has not left executives at Diageo’s Nigerian business indifferent. But there are bigger head-aches closer home.

Seriously, he needs a drink

These are not the best of times for Seni Adetu. The teetotaller chief executive of Guinness Nigeria does not

hesitate to tell anyone willing to listen about his concerns over everything from con-sumer wallet shrinkage, to yet unconfirmed reports about unethical marketing practices by a major competitor that are artificially stifling con-sumer choice at points of sale.

Running out of excuses?

Unkind tongues are wag-ging that Adetu is running out of excuses. Busybodies go so far as to suggest that his job could be on the line if good news tarries in coming. They say that all the reasons cited for Guinness’ wobbling per-formance are real but insuffi-cient to explain its uninspiring performance in recent years.

Guinness Nigeria has strug-gled to find its footing amid the tectonic shift going on in the industry as drinker cling to their economy beer brands’ tankards. Ironically, the shift to the bottom segment is happening as the economy is growing.

In spite of all these bumps on Diageo’s tarmac, those dis-missing Adetu may yet choke on their drink. The man did not rise to his position by giving lame excuses. This is his fourth managing director position, and all have been at drinks multinationals. In a recent interview, the former managing director of East African Breweries Lim-ited and before that, Guin-ness Ghana proclaimed that ‘I have not gotten to the seat by accident, it is something I have been prepared for.’ Only

the hasty would write him off just yet.

Where did things go so wrong?

Rome was not destroyed in a single day. It is always a combination of factors.

Writing on Guinness’ re-sults for the second quarter, Tochukwu Ezeoke, analyst at Cardinal Stone Part-ners observed that ‘Guinness continues to struggle with distribution challenges, and the company's limited prod-uct offering in the value segment has further inhib-ited its growth as consumers continue to trade down to this segment.’

During its first half results presentation, the company listed three bandit factors adversely affecting its busi-ness. These were the sus-tained contraction of the beer market, increasing growth of the value segment where its scale building efforts are yet to yield results, and soft vol-ume in premium brands due to price increases imposed in 2013 although these were later reversed.

For more than 50 years Guinness and Nigerian Brew-eries, the two biggest players in the industry, have tussled for the crown of Nigeria’s dominant alcoholic drinks’ producer. NB concentrated on volume-driven lean pric-ing to appeal to the masses supported by a deep pen-etration distribution network, while Guinness focused on margins, and the premium segment.

So is the alarm justified?

Guinness Nigeria is not sit-ting down, hoping for a mira-cle. It is actively working to plug the chinks in its armour. Investors should be focused on the future, where the com-pany will become stronger after making big investments in recent years, and not on the past. It is diversifying its portfolio without over-bom-barding customers with new brands because there is always the risk of over-extension.

The last few years as a single frame of financial per-formance are no more than one round in a fifteen round

boxing bout. The ultimate winner cannot be declared at this stage. Second, in the pre-mium spirits shelf, Diageo’s Nigerian business retains its undisputed title by a wide margin.

Though this has been said before it is also critical to sep-arate the business missteps that the company’s leadership could have responded better to, from those factors outside its control, for instance, the fall in discretionary income, and the crisis in the north-eastern parts of the country.

Adetu is the first to admit that Guinness should have done better in a number of respects. Here is a quick run-

down of what the company is doing.

Guinness is attuning its pricing better to attract cus-tomers. In October 2013 the company raised prices in reaction to inflation and higher operating costs. It has done this every year for many years. As a standard, its lead is followed by other brewers according to Sesan Sobow-ale, the corporate relations director. Then something puzzling happened last year. After Guinness raised prices, no other brewer did. When customers voted with their feet, the company reversed its decision. But it took a while for the reversal to trickle down from the wholesalers to retail points. The effect was that customers did not feel it in time to chug the dark stout again and panel beat the dent on its financial results.

Guinness is building pres-ence in the value segment. Traditionally, the company has played in the premium and mainstream segments. In 2012, it launched Dubic Extra Lager to win over drinkers in the value catego-ry. So far, the drink is making inroads but the question re-mains if one drink alone can become the magic wand. The jury is still out on this one.

Guinness is laying the pipes that will extend its distribu-tion network. The company recognizes that in the past its competitors did a better job getting their drinks to the most remote hamlets.

Guinness bottle and cartonSource: Drinksupermarket.com

Guinness Nigeria Plc., Diageo’s operations in the country, is caught in the crosshairs of investor discontent for tepid performance, and a tardy response to changes in the domestic beer market.

The market environment is changing, the competitive environment is changing; our focus now is to strengthen the fundamentals of Guinness Nigeria in a way that we are able to leverage the opportunities that are showing up in the market and address some of the challenges that we are beginning to see in the market.

- Seni Adetu, CEO, Guinness Nigeria

Guinness Stock Price

100%

200%

300%

400%

500%

0%

2012 2013

Source: Nigerian Stock Exchange

2014

Data visualisation by Publican Media

NSE ASI GUINNESS NB INTBREW

95.00

5.357

237.50

188.00

20,730.63

176.00

40,819.72

29.99

03.01.2012 25.09.2014

! Page VM6

LEGEND

15-week trading bar:This bar shows the volume of the company’s shares traded during the 5 most recent weeks. Each alternate colour bar represents a consecutive week. The bar is to be read from left to right. The first bar on the left (light blue) represents the traded volume five weeks ago. The next bar (grey) represents the volume 4 weeks ago. The 5th and last bar (light blue) signifies the volume of shares exchanged last week. The purpose of the Weekly Trading bar is to give readers an instant view of trading volumes as they compare on a week-by-week basis.

2Liquidity Rating: This indicates the level of demand for a company’s shares based on the number of deals rather than volume done over the past week. Stocks are graded accord-ing 5 categories. Blue spheres are used to represent liquidity. • Category 5: This is the highest liquidity rating shown by 5 blue spheres.

Stocks that have traded more than 20 deals per day on at least 4 days in the past week are awarded this score

• Category 4: This is shown by 4 blue spheres. It indicates that the stock has

traded between 12 to 19 deals per day on at least 4 days in the past week• Category 3: Shown with 3 spheres, this liquidity classification represents

those stocks that have traded 8 to 11 deals per day on at least 4 days in the past week

• Category 2: Shown with 2 spheres it identifies those stocks that traded 4 to 7 deals per day on at least 4 days in the past week

• Category 1: This is shown by one blue sphere to represent stocks on which 3 deals and/or below were traded per day on at least 4 days in the week.

SECTOR PRICE CHANGES – SEPTEMBER 22–26, 2014MARKET REVIEW– SEPTEMBER 22–26, 2014

TRADING UPDATE

DASHBOARD

TickerFriday 5-day 4-Week

5-Week trading1

52-Week price rangeYtD PE EPS Liquidity

Rating2Close Change, % Volume Open Week Hi Week Lo Change,

% Volume Open Change, % Volume Low Close ( ) High

7UP 147.73 5.00% 4,289 140.70 147.73 140.70 5.00% 7,144 139.31 6.04% 16,024 66.00 147.73 106.82% 33.12 4.46 ABCTRANS 0.69 2.99% 9,016 0.69 0.70 0.67 0.00% 46,368 0.70 -1.43% 187,688 0.65 0.97 -11.74% 3.19 0.21

ACCESS 8.99 2.74% 635,679 9.59 9.59 8.60 -6.26% 1,108,764 9.90 -9.19% 3,809,513 7.22 10.70 -6.35% 5.66 1.57 AGLEVENT 1.52 3.40% 3,598 1.32 1.54 1.28 15.15% 16,260 1.47 3.40% 34,964 1.25 1.86 -6.75% 6.84 0.23

AIICO 0.80 0.00% 10,100 0.85 0.85 0.80 -5.88% 858,765 0.80 0.00% 1,932,513 0.74 1.00 -13.04% 5.39 0.15 AIRSERVICE 2.11 0.00% 20 2.00 2.11 1.97 5.50% 6,535 2.09 0.96% 16,127 1.97 4.02 -37.01% 4.02 0.50ASHAKACEM 32.35 1.41% 1,160 32.40 33.06 31.56 -0.15% 22,731 33.50 -3.43% 13,245,303 13.87 34.20 47.85% 41.25 0.80 BETAGLAS 19.75 0.00% 41 18.40 19.75 18.00 7.34% 1,632 19.00 3.95% 10,295 10.70 22.10 36.87% 5.58 3.38CADBURY 52.65 3.24% 559 52.50 55.00 51.00 0.29% 12,107 57.55 -8.51% 53,277 49.90 110.00 -45.82% 33.44 1.57

CAP 39.00 -1.27% 6,470 38.21 40.94 38.21 2.07% 15,438 39.02 -0.05% 37,495 35.96 51.66 -18.72% 23.30 1.67 CCNN 14.15 1.07% 2,533 14.01 14.45 13.78 1.00% 14,602 14.31 -1.12% 76,543 8.00 15.98 18.02% 12.63 1.12

CONOIL 48.00 0.00% 787 47.01 48.00 46.09 2.11% 6,950 65.01 -26.17% 33,368 25.92 79.80 -21.72% 14.09 3.34 CONTINSURE 0.96 -1.03% 5,552 0.96 0.98 0.94 0.00% 66,100 1.00 -4.00% 194,289 0.93 1.29 -20.00% 6.00 0.16 COURTVILLE 0.53 0.00% 3,007 0.53 0.55 0.51 0.00% 24,189 0.55 -3.64% 57,870 0.50 0.89 -18.46% 4.82 0.11 CUSTODYINS 4.15 1.22% 1,477 3.95 4.30 3.95 5.06% 20,017 3.95 5.06% 137,914 1.40 4.30 90.37% 17.92 0.24

CUTIX 1.82 0.00% 1,272 1.84 1.84 1.74 -1.09% 7,427 1.83 -0.55% 33,790 1.59 2.27 -6.67% 9.58 0.19DANGCEM 220.00 -1.78% 9,903 224.00 230.00 217.00 -1.79% 190,569 225.00 -2.22% 395,291 185.00 250.02 1.78% 18.65 11.80

DANGFLOUR 6.53 0.00% 992 6.89 6.90 6.53 -5.22% 5,624 7.00 -6.71% 38,450 6.32 10.76 -36.17% DANGSUGAR 8.38 2.20% 20,931 8.10 8.49 8.00 3.46% 56,838 8.74 -4.12% 486,531 8.00 12.49 -25.84% 10.15 0.81 DIAMONDBNK 6.19 0.16% 19,644 6.20 6.46 6.04 -0.16% 433,736 6.10 1.48% 4,268,035 5.86 8.20 -17.47% 3.74 1.65

ETERNA 3.67 -3.42% 2,008 3.79 3.90 3.61 -3.17% 32,242 3.71 -1.08% 548,556 2.48 5.73 -22.41% 6.23 0.61 ETI 18.36 2.00% 11,774 19.00 19.19 17.88 -3.37% 329,164 16.90 8.64% 39,356,432 12.40 20.28 12.02% 4.95 3.67

FBNH 13.90 0.00% 170,241 14.22 14.48 13.55 -2.25% 1,205,014 15.19 -8.49% 2,964,027 11.50 17.29 -14.72% 6.44 2.16 FCMB 4.49 4.42% 77,436 4.14 4.49 4.02 8.45% 326,059 4.25 5.65% 1,046,223 3.01 4.59 16.93% 5.06 0.88

FIDELITYBK 1.98 1.02% 46,149 1.96 1.99 1.95 1.02% 306,801 1.98 0.00% 3,244,552 1.85 2.95 -26.67% 2.91 0.68 FIDSON 3.40 4.29% 7,371 3.53 3.72 3.25 -3.68% 73,576 3.33 2.10% 156,167 1.90 3.72 23.64% 14.17 0.24

FLOURMILL 61.10 -0.65% 6,306 59.94 63.95 59.94 1.94% 30,818 66.66 -8.34% 68,069 58.10 83.64 -25.32% 18.05 3.38 FO 223.00 -0.45% 1,281 223.99 227.00 215.00 -0.44% 8,382 226.55 -1.57% 60,454 36.53 259.94 140.12% 48.14 4.63

GLAXOSMITH 63.00 0.00% 3,998 62.52 65.00 60.00 0.77% 21,795 64.80 -2.78% 63,711 60.00 74.97 -10.00% 21.54 3.00 GUARANTY 29.46 2.29% 97,404 28.95 29.49 27.53 1.76% 673,364 29.90 -1.47% 2,845,361 22.67 31.80 6.16% 9.00 3.27 GUINNESS 188.00 2.73% 10,127 175.50 190.00 173.99 7.12% 30,338 181.99 3.30% 80,373 162.00 266.70 -20.34% 24.11 7.88

HONYFLOUR 4.00 0.00% 3,511 4.04 4.18 4.00 -0.99% 46,426 4.17 -4.08% 220,841 2.80 4.50 3.90% 11.77 0.34 INTBREW 29.99 -0.07% 362 29.00 30.02 28.08 3.41% 383,887 28.00 7.11% 578,142 19.00 31.50 5.90% 47.62 0.63 JBERGER 63.98 0.05% 420 67.00 70.00 63.85 -4.51% 6,848 63.00 1.56% 33,003 59.18 76.45 1.44% 9.97 6.74

LINKASSURE 0.50 0 0.50 0.50 0.50 0.00% 443 0.50 0.00% 1,811 0.50 0.50 0.00% 12.57 0.04MANSARD 3.00 9.09% 210,567 2.60 3.00 2.56 15.38% 225,617 2.50 20.00% 247,135 1.96 3.00 20.00% 19.62 0.15 MAYBAKER 1.91 4.95% 45,179 1.44 2.00 1.44 32.64% 73,384 1.43 33.57% 134,255 1.33 2.64 -25.10% 21.22 0.09

MOBIL 175.00 -0.57% 1,476 174.00 179.95 174.00 0.57% 2,900 177.00 -1.13% 9,808 107.00 182.00 50.86% 16.86 10.44 MRS 53.20 0.00% 58 53.20 53.20 50.54 0.00% 439 57.85 -8.04% 5,662 32.63 70.00 2.86% 53.85 1.04

NAHCO 5.06 0.00% 2,597 5.05 5.08 5.01 0.20% 40,098 4.94 2.43% 230,518 4.56 6.46 -20.31% 15.55 0.32 NASCON 9.00 0.00% 3,723 8.85 9.62 8.85 1.69% 44,112 9.80 -8.16% 126,231 8.85 15.10 -39.39% 8.49 1.05

NB 176.00 0.00% 4,310 179.00 180.00 173.58 -1.68% 149,798 178.00 -1.12% 320,466 140.00 189.00 6.66% 33.61 5.24 NEIMETH 1.07 4.90% 3,353 1.05 1.07 1.02 1.90% 15,226 1.09 -1.83% 67,929 0.79 2.08 -2.73%

NEM 0.80 1.27% 25,255 0.79 0.85 0.79 1.27% 403,044 0.81 -1.23% 899,072 0.55 0.97 -1.23% NESTLE 1,077.90 0.36% 209 1,050.00 1,100.00 1,010.00 2.66% 8,731 1,026.00 5.06% 27,263 945.00 1,250.01 -8.81% 36.60 28.82

NIGERINS 0.50 0.00% 200 0.50 0.50 0.50 0.00% 29,891 0.50 0.00% 35,614 0.50 0.54 0.00% 25.00 0.02NNFM 23.00 0 21.90 23.00 21.90 5.02% 69 20.94 9.84% 8,028 18.00 25.57 4.50%OANDO 25.00 -0.32% 123,834 24.00 26.12 23.05 4.17% 529,612 27.40 -8.76% 1,394,953 10.35 36.89 -6.47% 22.42 1.11

OKOMUOIL 33.96 0.47% 2,303 33.21 34.50 33.21 2.26% 14,008 34.08 -0.35% 69,929 32.15 46.00 -24.25% 14.85 2.29 PAINTCOM 1.52 0.00% 627 1.52 1.52 1.52 0.00% 737 1.60 -5.00% 2,159 1.33 2.30 -22.05% 4.57 0.35PORTPAINT 5.32 4.93% 1,590 5.08 5.39 5.07 4.72% 12,697 5.35 -0.56% 63,503 4.00 6.25 1.33% 8.89 0.60

PRESCO 36.38 0.64% 102 39.37 39.37 36.15 -7.59% 2,561 36.30 0.22% 28,338 32.00 49.00 -6.72% 4.48 8.38 PRESTIGE 0.50 0.00% 8 0.50 0.50 0.50 0.00% 939 0.50 0.00% 4,017 0.50 0.81 -20.63% 1.99 0.25

PZ 31.85 -1.24% 1,933 34.00 35.05 31.85 -6.32% 24,002 33.25 -4.21% 80,457 30.08 41.46 -13.91% 24.07 1.34 REDSTAREX 4.40 -0.23% 1,019 4.53 4.59 4.30 -2.87% 26,330 4.56 -3.51% 197,915 4.01 5.35 3.53% 7.51 0.61ROYALEX 0.57 3.64% 2,596 0.52 0.57 0.50 9.62% 20,250 0.60 -5.00% 106,549 0.50 0.69 5.56% 5.49 0.10

RTBRISCOE 0.93 0.00% 0 0.94 0.98 0.93 -1.06% 1,616 0.87 6.90% 58,037 0.84 1.49 -34.04%SEPLAT 647.00 0.78% 501 640.00 667.00 640.00 1.09% 70,774 690.00 -6.23% 84,265 590.00 735.00 6.98%

SKYEBANK 2.64 -0.75% 44,614 2.65 2.88 2.57 -0.38% 442,768 2.90 -8.97% 1,761,996 2.57 4.67 -41.46% 3.15 0.84 SOVRENINS 0.50 0.00% 0 0.50 0.50 0.50 0.00% 4,016 0.50 0.00% 4,332 0.50 0.50 0.00% 3.36 0.15STANBIC 32.48 3.94% 10,499 30.02 32.48 30.02 8.19% 32,405 30.00 8.27% 200,962 19.00 32.48 45.39% 16.65 1.92

STERLNBANK 2.15 -0.46% 40,368 2.17 2.20 2.11 -0.92% 170,783 2.26 -4.87% 1,871,499 2.09 2.74 -14.00% 3.41 0.63 TOTAL 176.25 -0.42% 74 172.53 179.98 171.00 2.16% 917 180.00 -2.08% 18,383 146.26 195.50 1.70% 13.87 12.91

TRANSCORP 5.79 -0.17% 135,804 5.87 5.95 5.66 -1.36% 1,553,098 6.10 -5.08% 6,271,817 1.49 7.08 33.41% 65.99 0.09 UAC-PROP 14.71 2.51% 4,392 14.50 15.20 14.15 1.45% 10,558 15.16 -2.97% 39,321 12.52 21.31 -4.33% 6.59 2.20

UACN 57.28 -0.37% 471 57.49 57.50 56.15 -0.37% 15,800 59.00 -2.92% 382,218 42.58 67.85 2.30% 26.84 2.14 UBA 6.65 -2.06% 87,240 6.92 7.05 6.50 -3.90% 623,289 7.44 -10.62% 2,275,332 6.50 9.60 -27.32% 3.94 1.70

UBCAP 2.05 0.99% 126,110 2.05 2.18 2.00 0.00% 1,741,983 2.24 -8.48% 7,907,588 1.24 3.04 -9.69% 7.07 0.29 UBN 9.20 3.60% 4,184 9.70 9.80 8.43 -5.15% 20,566 8.10 13.58% 229,740 8.00 10.89 -4.27% 48.68 0.19

UNILEVER 47.15 -2.18% 2,863 50.00 50.00 47.11 -5.70% 11,731 48.10 -1.98% 113,079 42.50 64.00 -11.04% 35.90 1.37 UNITYBNK 0.50 0.00% 60,674 0.50 0.50 0.50 0.00% 260,701 0.50 0.00% 832,408 0.50 0.69 0.00% 4.65 0.11VITAFOAM 4.12 0.73% 1,156 4.06 4.30 4.03 1.48% 8,215 4.15 -0.72% 62,263 3.87 5.70 -14.35% 6.04 0.71

WAPCO 129.95 2.72% 4,073 127.90 131.32 124.00 1.60% 24,052 117.01 11.06% 130,550 91.50 136.73 13.00% WAPIC 0.72 -1.37% 34,114 0.72 0.79 0.72 0.00% 810,133 0.79 -8.86% 1,393,223 0.66 1.48 -36.28% 10.29 0.07

WEMABANK 0.90 1.12% 8,658 0.91 0.92 0.85 -1.10% 49,637 0.95 -5.26% 280,813 0.85 1.40 -29.69% ZENITHBANK 24.00 -0.21% 41,017 24.65 24.89 23.80 -2.64% 729,138 24.60 -2.44% 2,514,850 19.50 27.40 -4.00% 6.93 3.46

At the end of last week the All-Share Index ↓0.56%: ↓1.23% had slid into negative territory. It was joined by the Banking index ↓2.00%: ↓6.15% and the Industrial Index ↓0.28%: ↑7.91%. Good news came from the Insurance index ↑3.18%: ↓2.43%, Consumer Goods index ↑0.07%: ↓8.12%, and the Oil & Gas index ↑1.61%: ↑32.92%. In total, investors made 22,238 deals ↓0.58% were closed for 1,586,179,802 shares 3,752,130,802 shares ↓57.73% at N26,920,679,011.10 ↓56.67%. At the top of the gainers’ table last week stood May & Baker ↑36.43%: ↓22.04%, A.G. Leventis (Nig.) ↑16.67%: ↓9.41%, Mansard Insurance ↑16.28%: ↑22.45%, 7-UP Bottling Company ↑10.25%: ↑106.90%, Custodian and Allied ↑8.86%: ↑106.73%, Guinness Nigeria ↑8.57%: ↓19.49%, Vono Products ↑8.33%: ↓18.32%, Royal Exchange Assurance ↑7.84%: ↑3.77%, Champion Breweries ↑7.78%: ↓42.64%, and FCMB Group ↑7.49%: ↑20.60%. Companies that declined in price by the end of the week were Ikeja Hotel ↓29.30%: ↑94.87%, Transnationwide Express ↓17.18%: ↑15.38%, Jos International Brewer-ies ↓13.82%: ↓53.91%, Learn Africa ↓12.50%: ↓28.93%, Premier Breweries ↓9.57%: ↑501.30%, Avon Crowncaps & Containers ↓9.14%: ↓7.02%, Access Bank ↓7.19%: ↓7.29%, Union Bank ↓6.19%: ↓5.50%, Cutix ↓5.21: ↑2.25%, and P.Z. Industries ↓5.15%: ↓12.84%.

Legend: The figure before the colon ( : ) signifies the stock’s performance last week. The value behind the : symbol represents its year-to-date performance.

Agriculture 2 1 2Conglomerates 1 2 2

Construction/Real Estate 2 6 1Consumer Goods 7 10 14

Financial Services 13 35 9Healthcare 2 4 4

ICT 1 10 0Industrial Goods 5 11 5

Natural Resources 0 5 0Oil & Gas 2 4 5Services 7 8 3

MARKET DATA VM3VM | Monday, September 29, 2014 | Issue 012

Declined Unchanged Advanced

MARKET SNAPSHOT

3-MONTH PRICE TREND OF BELLWETHER STOCKS

LEGEND

ACCESS 8.9910.707.22

YtD -0.61-6.35%

-0.62-6.45%

-0.60-6.26%3M 1W

PE 5.660.60

JulyJune August Sept.22/09

M T W T F

26/09

ASHAKACEM 32.3534.2013.87

YtD 10.4747.85%

3.4812.05%

-0.05-0.15%3M 1W

PE 41.250.05


M T W T F

26/09

CADBURY 52.65110.0049.90

YtD -44.53-45.82%

-26.15-33.19%

0.150.29%3M 1W

PE 33.440.15


M T W T F

26/09

CAP 39.0051.6635.96

YtD -8.98-18.72%

0.481.25%

0.792.07%3M 1W

PE 23.300.79


M T W T F

26/09

CCNN 14.1515.988.00

YtD 2.1618.02%

2.5521.98%

0.141.00%3M 1W

PE 12.630.14


M T W T F

26/09

CONTINSURE 0.961.290.93

YtD -0.24-20.00%

-0.11-10.28%

0.000.00%3M 1W

PE 6.000.00


M T W T F

26/09

FCMB 4.494.593.01

YtD 0.6516.93%

0.358.45%

0.358.45%3M 1W

PE 5.060.35


M T W T F

26/09

GUARANTY 29.4631.8022.67

YtD 1.716.16%

0.461.59%

0.511.76%3M 1W

PE 9.000.51


M T W T F

26/09

MANSARD 3.003.001.96

YtD 0.5020.00%

0.5020.00%

0.4015.38%3M 1W

PE 19.620.40


M T W T F

26/09

OANDO 25.0036.8910.35

YtD -1.73-6.47%

-2.43-8.86%

1.004.17%3M 1W

PE 22.421.00


M T W T F

26/09

STANBIC 32.4832.4819.00

YtD 10.1445.39%

7.4529.76%

2.468.19%3M 1W

PE 16.652.46


M T W T F

26/09

UBA 6.659.606.50

YtD -2.50-27.32%

-1.26-15.93%

-0.27-3.90%3M 1W

PE 3.940.27


M T W T F

26/09

DANGCEM 220.00250.02185.00

YtD 3.841.78%

-15.00-6.38%

-4.00-1.79%3M 1W

PE 18.654.00


M T W T F

26/09

FIDELITYBK 1.982.951.85

YtD -0.72-26.67%

-0.05-2.46%

0.021.02%3M 1W

PE 2.910.02


M T W T F

26/09

GUINNESS 188.00266.70162.00

YtD -48.01-20.34%

-1.21-0.64%

12.507.12%3M 1W

PE 24.1112.50


M T W T F

26/09

MOBIL 175.00182.00107.00

YtD 59.0050.86%

43.6633.24%

1.000.57%3M 1W

PE 16.861.00


M T W T F

26/09

OKOMUOIL 33.9646.0032.15

YtD -10.87-24.25%

1.293.95%

0.752.26%3M 1W

PE 14.850.75


M T W T F

26/09

TOTAL 176.25195.50146.26

YtD 2.951.70%

4.752.77%

3.722.16%3M 1W

PE 13.873.72


M T W T F

26/09

UNILEVER 47.1564.0042.50

YtD -5.85-11.04%

-3.85-7.55%

-2.85-5.70%3M 1W

PE 35.902.85


M T W T F

26/09

DIAMONDBNK 6.198.205.86

YtD -1.31-17.47%

-0.16-2.52%

-0.01-0.16%3M 1W

PE 3.740.01


M T W T F

26/09

FLOURMILL 61.1083.6458.10

YtD -20.72-25.32%

-8.90-12.71%

1.161.94%3M 1W

PE 18.051.16


M T W T F

26/09

HONYFLOUR 4.004.502.80

YtD 0.153.90%

-0.02-0.50%

-0.04-0.99%3M 1W

PE 11.770.04


M T W T F

26/09

NASCON 9.0015.108.85

YtD -5.85-39.39%

-2.28-20.21%

0.151.69%3M 1W

PE 8.490.15


M T W T F

26/09

PRESCO 36.3849.0032.00

YtD -2.62-6.72%

0.381.06%

-2.99-7.59%3M 1W

PE 4.482.99


M T W T F

26/09

UACN 57.2867.8542.58

YtD 1.292.30%

-4.02-6.56%

-0.21-0.37%3M 1W

PE 26.840.21


M T W T F

26/09

WAPCO 129.95136.7391.50

YtD 14.9513.00%

18.9517.07%

2.051.60%3M 1W

PE --2.05


M T W T F

26/09

ETI 18.3620.2812.40

YtD 1.9712.02%

2.2614.04%

-0.64-3.37%3M 1W

PE 4.950.64


M T W T F

26/09

FO 223.00259.9436.53

YtD 130.13140.12%

-2.64-1.17%

-0.99-0.44%3M 1W

PE 48.140.99


M T W T F

26/09

INTBREW 29.9931.5019.00

YtD 1.675.90%

3.8814.86%

0.993.41%3M 1W

PE 47.620.99


M T W T F

26/09

NB 176.00189.00140.00

YtD 10.996.66%

4.002.33%

-3.00-1.68%3M 1W

PE 33.613.00


M T W T F

26/09

PZ 31.8541.4630.08

YtD -5.15-13.91%

-3.25-9.26%

-2.15-6.32%3M 1W

PE 24.072.15


M T W T F

26/09

UAC-PROP 14.7121.3112.52

YtD -0.67-4.33%

-2.86-16.28%

0.211.45%3M 1W

PE 6.590.21


M T W T F

26/09

ZENITHBANK 24.0027.4019.50

YtD -1.00-4.00%

-0.99-3.96%

-0.65-2.64%3M 1W

PE 6.940.65


M T W T F

26/09

TICKER 25.2327.4019.23

1YtD 0.230.92%

2.9012.99%

0.010.04%3M 1W

PE 7.290.01

May June July21/07

M T W T F

25/07

FBNH 13.9017.2911.50

YtD -2.40-14.72%

-1.70-10.90%

-0.32-2.25%3M 1W

PE 6.440.32


M T W T F

26/09

GLAXOSMITH 63.0074.9760.00

YtD -7.00-10.00%

-1.10-1.72%

0.480.77%3M 1W

PE 21.540.48


M T W T F

26/09

JBERGER 63.9876.4559.18

YtD 0.911.44%

-10.50-14.10%

-3.02-4.51%3M 1W

PE 9.973.02


M T W T F

26/09

NESTLE 1077.901250.01945.00

YtD -104.10-8.81%

32.153.07%

27.902.66%3M 1W

PE 36.6127.90


M T W T F

26/09

SEPLAT 647.00735.00590.00

YtD 42.206.98%

-28.00-4.15%

7.001.09%3M 1W

PE --7.00


M T W T F

26/09

3 4 5

9

13

10 11

12

6

8

14

7

21

1. 52-week low price2. Year low price3. Current price4. Year high price5. 52-week high price6. Current price7. 5-day price change8. PE ratio9. 1-year price change10. 3-months price change11. 1-week price change12. Daily price movement over 3 months.13. 30-day moving average14. Daily price movement over last week

MARKET DATAVM4 VM | Monday, September 29, 2014 | Issue 012

MARKET DATA VM5VM | Monday, September 29, 2014 | Issue 012

MARKET SNAPSHOT

# TICKER WTD YTD

1 DANGCEM -1.79 1.78

2 NB -1.68 6.66

3 GUARANTY 1.76 6.16

4 NESTLE 2.66 -8.81

5 ZENITHBANK -2.64 -4.00

6 FBNH -2.25 -14.72

7 WAPCO 1.60 13.00

8 STANBIC 8.19 45.39

9 ETI -3.37 12.02

10 GUINNESS 7.12 -20.34

11 FO -0.44 140.12

12 TRANSCORP -1.36 33.41

13 OANDO 4.17 -6.47

14 UBA -3.90 -27.32

15 ACCESS -6.26 -6.35

16 UNILEVER -5.70 -11.04

17 FLOURMILL 1.94 -25.32

18 UBN -5.15 -4.27

19 PZ -6.32 -13.91

20 UACN -0.37 2.30

21 DANGSUGAR 3.46 -25.84

22 CADBURY 0.29 -45.82

23 INTBREW 3.41 5.90

24 7UP 5.00 106.82

25 DIAMONDBNK -0.16 -17.47

26 FCMB 8.45 16.93

27 JBERGER -4.51 1.44

28 ASHAKACEM -0.15 47.85

29 MOBIL 0.57 50.86

30 GLAXOSMITH 0.77 -10.00

31 TOTAL 2.16 1.70

32 FIDELITYBK 1.02 -26.67

33 STERLNBANK -0.92 -14.00

34 PRESCO -7.59 -6.72

35 SKYEBANK -0.38 -41.46

36 CONOIL 2.11 -21.72

37 OKOMUOIL 2.26 -24.25

38 CAP 2.07 -18.72

39 MAYBAKER 32.64 -25.10

40 NEIMETH 1.90 -2.73

WEEK-TO-DATE RETURN-10%

-50%

-20%

-30%

-40%

-10%

0%

+10%

+20%

+30%

+40%

+50%

+60%

+70%

+80%

+100%

+90%

+120%

+140%

+130%

+110%

+150%

0%-5% 5% 10% 15% 20% 25% 30% 35%

YEA

R-TO

-DAT

E RE

TURN

LAGGING

SLIPPING LEADING

IMPROVING

1

2 3

45

6

7

8

9

10

11

12

13

14

1516

17

18

19

20

21

22

23

24

25

26

27

2829

30

31

32

33

34

35

363738

39

40

Bubble size = Market Cap

TRADING BREAKDOWN BY SECTOR

Sector %

Financial Services 70 \ 91

Conglomerates 10 \ 3

Consumer Goods 6 \ 1

Others 14 \ 5

05/09 11/0909/0912.5

12.8

13.1

13.4

13.7

3000

3010

3020

3030

3040

FGN Bond Index Market Value YTD Return

INDEX PERFORMANCE

Index Week Opening

Week Close Change WtD MtD QtD YtD

1 All Shares Index 41,049.28 40,819.72 -229.56 -0.56 -1.72 -3.91 -1.23

2 NSE 30 Index 1,874.36 1,861.61 -12.75 -0.68 -1.53 -3.63 -2.39

3 NSE Banking Index 428.87 420.30 -8.57 -2 -1.95 -2.9 -6.15

4 NSE Insurance Index 143.91 149.16 5.25 3.65 3.18 1.59 -2.43

5 NSE Consumer Goods Index 1,010.18 1,010.92 0.74 0.07 -1.65 -4.47 -8.12

6 NSE Oil/Gas Index 444.6 451.76 7.16 1.61 -5.98 -3.52 32.92

7 NSE Lotus Islamic Index 2,710.23 2,705.81 -4.42 -0.16 -0.73 -5.87 -5.49

8 NSE Industrial Index 2,755.63 2,748.03 -7.6 -0.28 2.56 3.05 7.91

MARKET SNAPSHOT

Date Deals Turnover Volume Turnover Value Traded Stocks Advanced

StocksDeclined Stocks

Unchanged Stocks

All Shares Index Value

1 22.09.14 4,663 344,982,738 4,139,567,232.31 123 \ 116 29 \ 22 23 \ 31 71 \ 63 40,984.12

2 23.09.14 5,097 294,390,180 3,492,310,890.00 123 \ 106 17 \ 24 40 \ 27 66 \ 55 40,537.20

3 24.09.14 4,342 427,766,436 11,902,464,577.57 111 \ 109 21 \ 29 31 \ 30 59 \ 50 40,809.32

4 25.09.14 4,330 273,113,598 4,617,638,265.77 117 \ 112 29 \ 26 22 \ 25 66 \ 61 40,780.00

5 26.09.14 3,806 245,926,850 2,768,698,045.45 117 \ 111 30 \ 31 16 \ 24 71 \ 56 40,819.72

The \ arrow signifies week-on-week change in value. This week’s value is shown on the left of the \ sign, and last week’s value on the right.

GLOBAL INTEREST RATES & INFLATION TARGETSCentral Bank Rate Last Date

Change%

Change Inflation

TargetChina 6.00% 05.07.2012 -0.31 4.00%Japan 0-0.10% 05.10.2010 -0.20 2.00%

UK 0.50% 05.03.2009 -0.50 2.00%USA 0-0.25% 16.12.2008 -0.1 2.00%

Eurozone 0.05% 04.09.2014 -0.10 <2.00%Brazil 11.00% 02.04.201 +0.25 4.5% +/-2.0%Canada 1.00% 20.07.2010 +0.25 2.0% +/-1.0%Egypt 8.25% 05.12.2013 -0.50

India 8.00% 28.01.2014 +0.25Indonesia 7.50% 12.11.2013 +0.25 4.5% +/-1.0%Malaysia 3.25% 10.06.2014 +0.25Mexico 3.00% 06.06.2014 -0.50 3.00% +/-1.0%Morocco 3.00% 28.03.2012 -0.25Nigeria 12.00% 10.10.2011 +2.75 6.00% - 9.00%Qatar 4.50% 10.08.2011 -0.50Russia 8.00% 28.07.2014 +0.50 5%*

Thailand 2.00% 12.03.2014 -0.25 0.5% - 3.0%Turkey 8.75% 24.06.2014 -0.75 5.00%

* +/- 1.5 pct point uncertainty band

Indices

ASI

NSE30

NSEBNK

NSEINS

NSECNSMRGDS

NSEOILGAS

NSELOTUSISLM

NSEINDUSTR

-0.56%0.10%

-0.68%0.21%

-2.00%0.91%

3.65%2.42%

0.07%0.71%

1.61%0.28%

-0.16%-0.28%

-0.28%-0.39%

-1.23%

YtD, % WtD, % DtD, %

-2.39%

-6.15%

-2.43%

-8.12%

32.92%

-5.49%

7.91%

-9% -4%-6% -2% 0% 4% 6% 8%2%

FrTh49,40

50,00

51,20

50,60

51,8049,663.64

Mo Tu Th Fr

JSE FTSE

FrTh6,620

6,680

6,800

6,740

6,8606,649.39

Tu We Th Fr

FTSE 100

MoFr40,50

40,65

40,95

40,80

41,1040,819.72

Tu We Th Fr

NSEASI

MoFr1,960

1,975

2,005

1,990

2,0201,982.85

Tu We Th Fr

S&P 500

This was not as a result of negligence. The segments in which the company played determined its distribution strategy. Distribution costs money, and companies must prioritize. In Lagos, Guin-ness has a market share of about 40 percent. Outside

the metropolis, its average market share is only 26 per cent. As a mean number, what this translates to is that in many places it is lower than this.

Guinness’ finance charg-es have taken their toll on profitability. In 2010, under Devlin M. Hainsworth, Adetu’s predecessor, the

company announced a N52 billion investment project that was financed by loans and bonds. Servicing those loans have eaten into its prof-its since.

Beer running dryThree questions will be

keeping some at Guinness Nigeria awake. For how

much longer will Diageo be willing to support its beer business through the trough versus selling the brand to a stronger global operator like AB Inbev? Is the shift to value beer brands in Ni-geria a temporary situation or a secular, irreversible trend? Would Seni Adetu be around to enjoy the hard

work he has put in to setting the company? One head has rolled so far. Austin Ufom-ba, erstwhile innovation and marketing director at the company has been shunted to the tame sounding posi-tion of trade development director after two years on the job. Gavin Pike, global brand director for Johnnie

Walker, was announced as his replacement.

In Adetu’s own words, ‘Guinness has been around for over 50 years and my ex-pectation is that in fifty years’ time it will be stronger than it is today.’ Fine words but can the denizens of Oba Akran Avenue show the world that they are #madeofmore? ;

STOCK EXCHANGE

EDITOR: MIDENO BAYAGBON

GROUP BUSINESS EDITOR: OMOH GABRIEL

CONTENT DIRECTION: OBIORA TABANSI ONYEASO

DESIGN & ILLUSTRATION: PUBLICAN MEDIA

Vanguard Markets features unbiased, in-depth coverage of corporate and market developments across a wide range of business sectors.Every week, Vanguard Markets delivers essential business analysis and commentary on Nigerian companies, regional economies, and global markets. Vanguard Markets is published by Vanguard Media Limited in associa-tion with Customs Street Advisors Limited, a specialist communications consultancy.

Vanguard Media Limited, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa.

Website: www.vanguardngr.com

ISSN 0794-652X

Published by

In Association With

BUSINESSVM6 VM | Monday, September 29, 2014 | Issue 012

T DOES NOT RE-quire a tortuous stretch of the imagi-

nation to see the soft-spoken Adeolu Bajomo, executive director of market opera-tions and technology at the Nigerian Stock Exchange as a teacher in another incar-nation. The ex-head of re-platforming programmes for Africa and the Indian Ocean region at Barclays Bank fits the pedagogic mould. In

doubt? Visit one of his pres-entations. The way he breaks down complex subjects into digestible chunks for the lay public never fails to impress.

That Bajomo is a perfect gentleman oozing an un-mistakable blend of British charm is an added bonus. De-spite his insane schedule he is unfailingly courteous. His personality is a book quickly judged by its cover sans re-gret. For want of a better description, Bajomo carries about him a decency that is almost quaint in the sharp-elbowed playing fields of fi-nancial markets.

An engineering graduate of the University of Ife, now Obafemi Awolowo Universi-ty, Bajomo passed out with a distinction in the MSc. course on information systems from South Bank University, Lon-don. He also completed an executive MBA program at the City University (CASS)

Business School, London re-nowned for the rigour of its finance faculty. In a career spanning 25 years, he has

garnered senior level experi-ence in banking, capital mar-kets, asset management, and insurance.

Since Bajomo joined the NSE in 2011, he has been the primary driving force behind the revolutionary transfor-mation on the technology side. Having a chief execu-tive in the person of Oscar Onyema, who shares a background in technology has aided his task greatly.

On a day-to-day basis, the dapper executive is charged with the oversight and in-troduction of enhancements

to market structure, product development, service auto-mation and mobile trading technologies.

Not long after his resump-tion, a senior market opera-tor quipped that attracting a professional of his calibre to join the NSE at that criti-cal phase was one of the achievements of Emmanuel Ikazoboh, the former interim administrator. He was not making polite chatter. Bajo-

mo’s résumé reeks of steady achievements. In the finan-cial services sector, his core area of expertise, and the Europe, Middle East, and Af-rica (EMEA) region, where he built his career with roots in London, he has championed several multi-million dollar technology-based business transformation programmes, product development and business growth initiatives.

At a presentation he gave on Business-led Transforma-tion he explained why the NSE has invested heavily in upgrading its trading tech-nology, and rationale behind its migration to the X-Gen platform last year. He re-sisted the temptation to trash the old platform as most are wont to do when convinc-ing others on the benefits of new technology. Indeed, he conceded that it had not col-lapsed. Rather it had become obsolete and could not offer

the quality of experience that traders have come to expect. This experiential angle was a determining factor in the ex-change’s selection of X-Gen because it is user-centric.

His words: ‘if we change technology without changing the experience of doing busi-ness in the market then we have failed. It is just technol-ogy for technology sake. Our goal is to have technology driving our business purpose to become the leading stock exchange in the African re-gion for capital formation, driven by transparency, inno-vation, efficiency and liquid-ity.’ His mission is to get the NSE technology to that point where it becomes the facili-tator for mass participation on the bourse. At that stage ‘a man on the street should quite easily answer the question ‘how do you trade stocks?’ as he can ‘how do you open a bank account?’ ;

SPOTLIGHT

COMPETITION

Adeolu Bajomo, ED, Mkt Operations & Tech., NSE

I

Adeolu Bajomo

‘A man on the street should quite easily answer the question ‘how do you trade stocks?’ as he can ‘how do you open a bank account?’

- Adeolu Bajomo

One area of big interest with significant upside poten-tial is market data. Without breaking out the numbers in fine detail, the report re-vealed that data sales were up 300 per cent in 2013.

The overall message is that the NSE is on track.

Therefore, the new lead-er’s job is not to reinvent the wheel. His task is to make its engine more fuel efficient, and hum quieter. In this he has big shoes to fill. He comes as the latest in a long line of distinguished names that include Sir Odumeg-

wu Ojukwu, OBE, Sir Mobolaji Bank Anthony, CON, MBE, Chief Adeola Odutola, CON, Chief Sam-uel Asabia, OFR, and Chief M.K.O. Abiola. Once ru-moured to be on the shortlist of nominees for the post of Central Bank of Nigeria governor Aig-Imoukhuede must know that as president of the Council he carries a flaming torch that has passed far more famous hands than the dour digits of Nigeria’s mostly forgotten and, to be honest, forgettable apex bankers.

It is in midst of the transi-tion from its Transformation

Agenda to the take-off of its McKinsey-validated NSE 2019 Corporate Strategic Plan that the new president is stepping in. He is no stran-

ger to the NSE. He served as first Vice President of the Council of the NSE from May 2013 till his election. A long career in banking culminat-

ing as chief executive of Ac-cess Bank will stand him in good stead leading the NSE in coming years.

Those who know him at-test to the fact that behind the boyish grin of the lawyer-turned-banker is a non-non-sense manager who does not suffer fools gladly.

There is an anecdote from his schooldays that tells of his drive to win. At the end of school term in 1976, the young Aig-Imoukuede was returning home from Fed-eral Government College, Kaduna, where he was a stu-dent. The limited availability of flights meant that only a

few students got seats on the single-propeller flight when it arrived. The lanky 10-year old student was not among the lucky few with a boarding pass. There and then, wip-ing away his tears, the future winner of the Ernst & Young West Africa Entrepreneur of the Year Award (2011) vowed that ‘I would never, ever, be left on the tarmac again. It defines my life. I play to win.’ In the competition to attract more companies to the NSE, and increase its pull as a capi-tal raising destination, the new helmsman looks ready to bring his A-game on. ;

Aig takes the baton at the NSE


W Continued from Page VM1

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NSE Trading Revenues

Source: Nigerian Stock ExchangeData visualisation by Publican Media

N3.13B2013

+67%N1.87B2012

vanguard markets, september 29, 2014 edition

Documents

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financial year

new president

ade bajomo

nigerian stock exchange

business mogul