Vanguard Markets, September 29, 2014 edition by Customs Street Advisors

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

COMPETITION

Will Guinness get its mojo back? ! page VM2 Seni Adetu, CEO, Guinness Nigeria Plc.

STOCK EXCHANGE

Aig takes the baton

Inside

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. T THE END OF ITS 53rd Annual General A Meeting, the National 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 empire. Under his watch, the exchange has made great leaps forward driven by the executive talents of its unassuming chief executive, Oscar Onyema, ably assisted by Ade Bajomo, executive director, market operations and technology. A week before the election, the NSE published its long awaited annual report for the 2013 financial year. Across all relevant metrics, its performance gave confidence that it is a well-run, efficient entity actively pursuing the diversification of revenues away from its dominant equities business, and actualising

its strategy in a disciplined manner. The bourse migrated from Horizon to X-Gen trading platform in the course of the year. In its main function as a capital raising venue, companies successfully raised N286.76 billion ($1.79 billion). The bulk of this figure came from placing, rights issues, scheme shares, and bonus issues. Only 3 new companies were admitted. On transparency, its XCompliance reports have heightened transparency expectations among investors. It also propagated its financial literacy program through investor clinics with renewed zeal. In September, the Osun State government issued the country’s first sukuk bonds, a Shari’ah compliant fixed income product, in the course of the year. Another noteworthy transaction was the issuance of the first supranational bond by the International Finance Corporation.

! Page VM6

Spotlight shines on Ade Bajomo, ED, Mkt Operations and Technology at the NSE.

! Page VM6 FOREX RATES

$/N

155.25

155.4 155.3 155.2 155.1 155.0 Fr

50% 40% 30%

40,819.72

0% Aigboje Aig-Imoukhuede

02.01.2013

S&P Africa Frontier

2013 2014

Source: NSE, MSCI, S&P

Euro/N

197.6798

CNY/N

25.3357

163.7140

YEN

1.4227

CFA

0.2909

717.94

WAUA

230.5721

RIYAL

41.3879

DANISH KRONA

26.5548

SDR

231.4933

Data visualisation by Publican Media

25.40 25.30 25.20 25.10 25.00

1430.6

25.09.2014

201.0 200.0 199.0 198.0 197.0

Central Rate

MSCI FM Africa

253.1972

Currency

10% NSE ASI

255.2 254.4 253.6 252.8 252.0

574.42

20%

SWISS FRANC

28,501.21 1120.9

£/N

NSE vs. Global Peers

FIXED INCOME & FOREX

FGN Bonds & TBills 150B

FGN Bonds Treasury Bills

NITTY

1M 2M

12.00

3M 6M

9M 12M

NIBOR

O/N 1M

15.00

3M 6M

FX ($/N) 164.5

120B

11.60

14.00

164.0

90B

11.20

13.00

163.5

60B

10.80

12.00

163.0

30B

10.40

11.00

162.5

12/09

17/09

22/09

25/09

10.00

15/09

18/09

23/09

26/09

10.00

15/09

18/09

23/09

26/09

Bid Ask

162.0

15/09

18/09

23/09

26/09 Source: FMDQ

VM2

BUSINESS

VM | Monday, September 29, 2014 | Issue 012

COMPETITION

Will Guinness get its mojo back? 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.

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 consolidation or the real thing. One thing is for sure though. Never mind that the SABMiller bid was rebuffed, it has not left executives at Diageo’s Nigerian business indifferent. But there are bigger headaches 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

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’ results for the second quarter, Tochukwu Ezeoke, analyst at Cardinal Stone Partners observed that ‘Guinness continues to struggle with distribution challenges, and the company's limited product offering in the value segment has further inhibited its growth as consumers continue to trade down to this segment.’

Guinness Stock Price 500% 400% 300% 200%

NSE ASI

boxing bout. The ultimate winner cannot be declared at this stage. Second, in the premium 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 separate 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 northeastern 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-

GUINNESS

INTBREW

20,730.63 237.50

29.99

95.00

40,819.72

5.357

176.00

100% 188.00

0% 03.01.2012 Guinness bottle and carton

Source: Drinksupermarket.com

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 markets. Market watchers read it as the opening shots in a new round of consolidation for the global alcoholic drinks industry. As it turned out, the Holland-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 SABMiller and Diageo, maker of Guinness, were exploring a merger to create a $163 billion 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 Alcohol (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 Africa, 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 distinction 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

The company also has an important strategic partnership with Moët Hennessy division, 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 blockbuster 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

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 Smirnoff, the number one premium spirit brand by volume. This makes Diageo the leading premium spirits business in the world by volume, net sales and operating profit.

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

2012

2013

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

Running out of excuses? Unkind tongues are wagging 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 performance are real but insufficient to explain its uninspiring performance in recent years. Guinness Nigeria has struggled 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 dismissing 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 Limited and before that, Guinness Ghana proclaimed that ‘I have not gotten to the seat by accident, it is something I have been prepared for.’ Only

2014

25.09.2014

Data visualisation by Publican Media

Source: Nigerian Stock Exchange

During its first half results presentation, the company listed three bandit factors adversely affecting its business. These were the sustained contraction of the beer market, increasing growth of the value segment where its scale building efforts are yet to yield results, and soft volume in premium brands due to price increases imposed in 2013 although these were later reversed. For more than 50 years Guinness and Nigerian Breweries, 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 pricing to appeal to the masses supported by a deep penetration distribution network, while Guinness focused on margins, and the premium segment.

So is the alarm justified? Guinness Nigeria is not sitting down, hoping for a miracle. It is actively working to plug the chinks in its armour. Investors should be focused on the future, where the company will become stronger after making big investments in recent years, and not on the past. It is diversifying its portfolio without over-bombarding customers with new brands because there is always the risk of over-extension. The last few years as a single frame of financial performance are no more than one round in a fifteen round

down of what the company is doing. Guinness is attuning its pricing better to attract customers. 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 Sobowale, 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 presence 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 category. So far, the drink is making inroads but the question remains 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 distribution network. The company recognizes that in the past its competitors did a better job getting their drinks to the most remote hamlets.

! Page VM6

MARKET DATA

VM | Monday, September 29, 2014 | Issue 012

VM3

TRADING UPDATE Declined Unchanged Advanced

SECTOR PRICE CHANGES – SEPTEMBER 22–26, 2014

MARKET REVIEW– SEPTEMBER 22–26, 2014 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 Breweries ↓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 Conglomerates Construction/Real Estate Consumer Goods Financial Services Healthcare ICT Industrial Goods Natural Resources Oil & Gas Services

2 1 2 7 13 2 1 5 0 2 7

1 2 6 10 35 4 10 11 5 4 8

2 2 1 14 9 4 0 5 0 5 3

DASHBOARD Friday Ticker

7UP 147.73 ABCTRANS 0.69 ACCESS 8.99 AGLEVENT 1.52 AIICO 0.80 AIRSERVICE 2.11 ASHAKACEM 32.35 BETAGLAS 19.75 CADBURY 52.65 CAP 39.00 CCNN 14.15 CONOIL 48.00 CONTINSURE 0.96 COURTVILLE 0.53 CUSTODYINS 4.15 CUTIX 1.82 DANGCEM 220.00 DANGFLOUR 6.53 DANGSUGAR 8.38 DIAMONDBNK 6.19 ETERNA 3.67 ETI 18.36 FBNH 13.90 FCMB 4.49 FIDELITYBK 1.98 FIDSON 3.40 FLOURMILL 61.10 FO 223.00 GLAXOSMITH 63.00 GUARANTY 29.46 GUINNESS 188.00 HONYFLOUR 4.00 INTBREW 29.99 JBERGER 63.98 LINKASSURE 0.50 MANSARD 3.00 MAYBAKER 1.91 MOBIL 175.00 MRS 53.20 NAHCO 5.06 NASCON 9.00 NB 176.00 NEIMETH 1.07 NEM 0.80 NESTLE 1,077.90 NIGERINS 0.50 NNFM 23.00 OANDO 25.00 OKOMUOIL 33.96 PAINTCOM 1.52 PORTPAINT 5.32 PRESCO 36.38 PRESTIGE 0.50 PZ 31.85 REDSTAREX 4.40 ROYALEX 0.57 RTBRISCOE 0.93 SEPLAT 647.00 SKYEBANK 2.64 SOVRENINS 0.50 STANBIC 32.48 STERLNBANK 2.15 TOTAL 176.25 TRANSCORP 5.79 UAC-PROP 14.71 UACN 57.28 UBA 6.65 UBCAP 2.05 UBN 9.20 UNILEVER 47.15 UNITYBNK 0.50 VITAFOAM 4.12 WAPCO 129.95 WAPIC 0.72 WEMABANK 0.90 ZENITHBANK 24.00

Change, % 5.00% 2.99% 2.74% 3.40% 0.00% 0.00% 1.41% 0.00% 3.24% -1.27% 1.07% 0.00% -1.03% 0.00% 1.22% 0.00% -1.78% 0.00% 2.20% 0.16% -3.42% 2.00% 0.00% 4.42% 1.02% 4.29% -0.65% -0.45% 0.00% 2.29% 2.73% 0.00% -0.07% 0.05% 9.09% 4.95% -0.57% 0.00% 0.00% 0.00% 0.00% 4.90% 1.27% 0.36% 0.00% -0.32% 0.47% 0.00% 4.93% 0.64% 0.00% -1.24% -0.23% 3.64% 0.00% 0.78% -0.75% 0.00% 3.94% -0.46% -0.42% -0.17% 2.51% -0.37% -2.06% 0.99% 3.60% -2.18% 0.00% 0.73% 2.72% -1.37% 1.12% -0.21%

5-day Volume 4,289 9,016 635,679 3,598 10,100 20 1,160 41 559 6,470 2,533 787 5,552 3,007 1,477 1,272 9,903 992 20,931 19,644 2,008 11,774 170,241 77,436 46,149 7,371 6,306 1,281 3,998 97,404 10,127 3,511 362 420 0 210,567 45,179 1,476 58 2,597 3,723 4,310 3,353 25,255 209 200 0 123,834 2,303 627 1,590 102 8 1,933 1,019 2,596 0 501 44,614 0 10,499 40,368 74 135,804 4,392 471 87,240 126,110 4,184 2,863 60,674 1,156 4,073 34,114 8,658 41,017

Change, Open Week Hi Week Lo % 140.70 147.73 140.70 5.00% 0.69 0.70 0.67 0.00% 9.59 9.59 8.60 -6.26% 1.32 1.54 1.28 15.15% 0.85 0.85 0.80 -5.88% 2.00 2.11 1.97 5.50% 32.40 33.06 31.56 -0.15% 18.40 19.75 18.00 7.34% 52.50 55.00 51.00 0.29% 38.21 40.94 38.21 2.07% 14.01 14.45 13.78 1.00% 47.01 48.00 46.09 2.11% 0.96 0.98 0.94 0.00% 0.53 0.55 0.51 0.00% 3.95 4.30 3.95 5.06% 1.84 1.84 1.74 -1.09% 224.00 230.00 217.00 -1.79% 6.89 6.90 6.53 -5.22% 8.10 8.49 8.00 3.46% 6.20 6.46 6.04 -0.16% 3.79 3.90 3.61 -3.17% 19.00 19.19 17.88 -3.37% 14.22 14.48 13.55 -2.25% 4.14 4.49 4.02 8.45% 1.96 1.99 1.95 1.02% 3.53 3.72 3.25 -3.68% 59.94 63.95 59.94 1.94% 223.99 227.00 215.00 -0.44% 62.52 65.00 60.00 0.77% 28.95 29.49 27.53 1.76% 175.50 190.00 173.99 7.12% 4.04 4.18 4.00 -0.99% 29.00 30.02 28.08 3.41% 67.00 70.00 63.85 -4.51% 0.50 0.50 0.50 0.00% 2.60 3.00 2.56 15.38% 1.44 2.00 1.44 32.64% 174.00 179.95 174.00 0.57% 53.20 53.20 50.54 0.00% 5.05 5.08 5.01 0.20% 8.85 9.62 8.85 1.69% 179.00 180.00 173.58 -1.68% 1.05 1.07 1.02 1.90% 0.79 0.85 0.79 1.27% 1,050.00 1,100.00 1,010.00 2.66% 0.50 0.50 0.50 0.00% 21.90 23.00 21.90 5.02% 24.00 26.12 23.05 4.17% 33.21 34.50 33.21 2.26% 1.52 1.52 1.52 0.00% 5.08 5.39 5.07 4.72% 39.37 39.37 36.15 -7.59% 0.50 0.50 0.50 0.00% 34.00 35.05 31.85 -6.32% 4.53 4.59 4.30 -2.87% 0.52 0.57 0.50 9.62% 0.94 0.98 0.93 -1.06% 640.00 667.00 640.00 1.09% 2.65 2.88 2.57 -0.38% 0.50 0.50 0.50 0.00% 30.02 32.48 30.02 8.19% 2.17 2.20 2.11 -0.92% 172.53 179.98 171.00 2.16% 5.87 5.95 5.66 -1.36% 14.50 15.20 14.15 1.45% 57.49 57.50 56.15 -0.37% 6.92 7.05 6.50 -3.90% 2.05 2.18 2.00 0.00% 9.70 9.80 8.43 -5.15% 50.00 50.00 47.11 -5.70% 0.50 0.50 0.50 0.00% 4.06 4.30 4.03 1.48% 127.90 131.32 124.00 1.60% 0.72 0.79 0.72 0.00% 0.91 0.92 0.85 -1.10% 24.65 24.89 23.80 -2.64%

4-Week Change, Volume Open Volume % 7,144 139.31 6.04% 16,024 46,368 0.70 -1.43% 187,688 1,108,764 9.90 -9.19% 3,809,513 16,260 1.47 3.40% 34,964 858,765 0.80 0.00% 1,932,513 6,535 2.09 0.96% 16,127 22,731 33.50 -3.43% 13,245,303 1,632 19.00 3.95% 10,295 12,107 57.55 -8.51% 53,277 15,438 39.02 -0.05% 37,495 14,602 14.31 -1.12% 76,543 6,950 65.01 -26.17% 33,368 66,100 1.00 -4.00% 194,289 24,189 0.55 -3.64% 57,870 20,017 3.95 5.06% 137,914 7,427 1.83 -0.55% 33,790 190,569 225.00 -2.22% 395,291 5,624 7.00 -6.71% 38,450 56,838 8.74 -4.12% 486,531 433,736 6.10 1.48% 4,268,035 32,242 3.71 -1.08% 548,556 329,164 16.90 8.64% 39,356,432 1,205,014 15.19 -8.49% 2,964,027 326,059 4.25 5.65% 1,046,223 306,801 1.98 0.00% 3,244,552 73,576 3.33 2.10% 156,167 30,818 66.66 -8.34% 68,069 8,382 226.55 -1.57% 60,454 21,795 64.80 -2.78% 63,711 673,364 29.90 -1.47% 2,845,361 30,338 181.99 3.30% 80,373 46,426 4.17 -4.08% 220,841 383,887 28.00 7.11% 578,142 6,848 63.00 1.56% 33,003 443 0.50 0.00% 1,811 225,617 2.50 20.00% 247,135 73,384 1.43 33.57% 134,255 2,900 177.00 -1.13% 9,808 439 57.85 -8.04% 5,662 40,098 4.94 2.43% 230,518 44,112 9.80 -8.16% 126,231 149,798 178.00 -1.12% 320,466 15,226 1.09 -1.83% 67,929 403,044 0.81 -1.23% 899,072 8,731 1,026.00 5.06% 27,263 29,891 0.50 0.00% 35,614 69 20.94 9.84% 8,028 529,612 27.40 -8.76% 1,394,953 14,008 34.08 -0.35% 69,929 737 1.60 -5.00% 2,159 12,697 5.35 -0.56% 63,503 2,561 36.30 0.22% 28,338 939 0.50 0.00% 4,017 24,002 33.25 -4.21% 80,457 26,330 4.56 -3.51% 197,915 20,250 0.60 -5.00% 106,549 1,616 0.87 6.90% 58,037 70,774 690.00 -6.23% 84,265 442,768 2.90 -8.97% 1,761,996 4,016 0.50 0.00% 4,332 32,405 30.00 8.27% 200,962 170,783 2.26 -4.87% 1,871,499 917 180.00 -2.08% 18,383 1,553,098 6.10 -5.08% 6,271,817 10,558 15.16 -2.97% 39,321 15,800 59.00 -2.92% 382,218 623,289 7.44 -10.62% 2,275,332 1,741,983 2.24 -8.48% 7,907,588 20,566 8.10 13.58% 229,740 11,731 48.10 -1.98% 113,079 260,701 0.50 0.00% 832,408 8,215 4.15 -0.72% 62,263 24,052 117.01 11.06% 130,550 810,133 0.79 -8.86% 1,393,223 49,637 0.95 -5.26% 280,813 729,138 24.60 -2.44% 2,514,850

5-Week trading1

52-Week price range Low 66.00 0.65 7.22 1.25 0.74 1.97 13.87 10.70 49.90 35.96 8.00 25.92 0.93 0.50 1.40 1.59 185.00 6.32 8.00 5.86 2.48 12.40 11.50 3.01 1.85 1.90 58.10 36.53 60.00 22.67 162.00 2.80 19.00 59.18 0.50 1.96 1.33 107.00 32.63 4.56 8.85 140.00 0.79 0.55 945.00 0.50 18.00 10.35 32.15 1.33 4.00 32.00 0.50 30.08 4.01 0.50 0.84 590.00 2.57 0.50 19.00 2.09 146.26 1.49 12.52 42.58 6.50 1.24 8.00 42.50 0.50 3.87 91.50 0.66 0.85 19.50

Close ( )

High

YtD

147.73 106.82% 0.97 -11.74% 10.70 -6.35% 1.86 -6.75% 1.00 -13.04% 4.02 -37.01% 34.20 47.85% 22.10 36.87% 110.00 -45.82% 51.66 -18.72% 15.98 18.02% 79.80 -21.72% 1.29 -20.00% 0.89 -18.46% 4.30 90.37% 2.27 -6.67% 250.02 1.78% 10.76 -36.17% 12.49 -25.84% 8.20 -17.47% 5.73 -22.41% 20.28 12.02% 17.29 -14.72% 4.59 16.93% 2.95 -26.67% 3.72 23.64% 83.64 -25.32% 259.94 140.12% 74.97 -10.00% 31.80 6.16% 266.70 -20.34% 4.50 3.90% 31.50 5.90% 76.45 1.44% 0.50 0.00% 3.00 20.00% 2.64 -25.10% 182.00 50.86% 70.00 2.86% 6.46 -20.31% 15.10 -39.39% 189.00 6.66% 2.08 -2.73% 0.97 -1.23% 1,250.01 -8.81% 0.54 0.00% 25.57 4.50% 36.89 -6.47% 46.00 -24.25% 2.30 -22.05% 6.25 1.33% 49.00 -6.72% 0.81 -20.63% 41.46 -13.91% 5.35 3.53% 0.69 5.56% 1.49 -34.04% 735.00 6.98% 4.67 -41.46% 0.50 0.00% 32.48 45.39% 2.74 -14.00% 195.50 1.70% 7.08 33.41% 21.31 -4.33% 67.85 2.30% 9.60 -27.32% 3.04 -9.69% 10.89 -4.27% 64.00 -11.04% 0.69 0.00% 5.70 -14.35% 136.73 13.00% 1.48 -36.28% 1.40 -29.69% 27.40 -4.00%

EPS

33.12 3.19 5.66 6.84 5.39 4.02 41.25 5.58 33.44 23.30 12.63 14.09 6.00 4.82 17.92 9.58 18.65

4.46 0.21 1.57 0.23 0.15 0.50 0.80 3.38 1.57 1.67 1.12 3.34 0.16 0.11 0.24 0.19 11.80

10.15 3.74 6.23 4.95 6.44 5.06 2.91 14.17 18.05 48.14 21.54 9.00 24.11 11.77 47.62 9.97 12.57 19.62 21.22 16.86 53.85 15.55 8.49 33.61

0.81 1.65 0.61 3.67 2.16 0.88 0.68 0.24 3.38 4.63 3.00 3.27 7.88 0.34 0.63 6.74 0.04 0.15 0.09 10.44 1.04 0.32 1.05 5.24

36.60 25.00

28.82 0.02

22.42 14.85 4.57 8.89 4.48 1.99 24.07 7.51 5.49

1.11 2.29 0.35 0.60 8.38 0.25 1.34 0.61 0.10

3.15 3.36 16.65 3.41 13.87 65.99 6.59 26.84 3.94 7.07 48.68 35.90 4.65 6.04

0.84 0.15 1.92 0.63 12.91 0.09 2.20 2.14 1.70 0.29 0.19 1.37 0.11 0.71

10.29

0.07

6.93

3.46

Liquidity Rating2

LEGEND 5-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. 1

Liquidity 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 according 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 2

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.

VM4

MARKET DATA

VM | Monday, September 29, 2014 | Issue 012

MARKET SNAPSHOT 3-MONTH PRICE TREND OF BELLWETHER STOCKS

ACCESS

8.99 0.60

7.22

PE 5.66

10.70 -0.61 -6.35%

July

August

YtD

-0.62 -6.45%

-0.60 -6.26%

22/09

June

CONTINSURE 0.93 YtD

Sept.

-0.24 -20.00%

PE 6.00

July

August

0.00 0.00%

22/09

June

FCMB

Sept.

0.65 16.93%

July

August

0.35 8.45%

22/09

June

GUARANTY 22.67 YtD

Sept.

1.71 6.16%

July

August

MANSARD

PE 9.00

0.46 1.59%

0.51 1.76%

Sept.

0.50 20.00%

July

August

0.50 20.00%

0.40 15.38%

22/09

June

OANDO

Sept.

-1.73 -6.47%

July

August

-2.43 -8.86%

1.00 4.17%

22/09

June

STANBIC

Sept.

PE 16.65

32.48 10.14 45.39%

July

August

7.45 29.76%

22/09

June

UBA

Sept.

2.46 8.19%

PE 3.94

9.60 -2.50 -27.32%

-1.26 -15.93%

August

-0.27 -3.90%

-0.05 -0.15%

22/09

June

DANGCEM

250.02 3.84 1.78%

-15.00 -6.38%

-4.00 -1.79%

22/09

June

July

August

FIDELITYBK 1.85 YtD

Sept.

-0.72 -26.67%

July

August

GUINNESS

PE 2.91

-0.05 -2.46%

0.02 1.02%

Sept.

266.70 -48.01 -20.34%

July

August

-1.21 -0.64%

12.50 7.12%

22/09

June

MOBIL

Sept.

182.00 59.00 50.86%

July

August

43.66 33.24%

1.00 0.57%

22/09

June

OKOMUOIL 32.15 YtD

Sept.

-10.87 -24.25%

July

August

TOTAL

PE 14.85

1.29 3.95%

0.75 2.26%

YtD

Sept.

195.50 3M

4.75 2.77%

3.72 2.16%

22/09

June

July

August

UNILEVER

Sept.

-5.85 -11.04%

PE 35.90

64.00 3M

-3.85 -7.55%

August

-2.85 -5.70%

PE 33.44 0.15 0.29%

22/09

June

DIAMONDBNK 5.86 YtD

Sept.

-1.31 -17.47%

PE 3.74

July

August

-0.01 -0.16%

22/09

June

FLOURMILL 58.10 YtD

Sept.

PE 18.05

July

August

1.16 1.94%

22/09

June

HONYFLOUR 2.80

Sept.

0.15 3.90%

PE 11.77 -0.04 -0.99%

22/09

June

July

August

NASCON

Sept.

-5.85 -39.39%

July

August

-2.28 -20.21%

0.15 1.69%

22/09

June

PRESCO

Sept.

-2.62 -6.72%

July

August

0.38 1.06%

-2.99 -7.59%

22/09

June

UACN

Sept.

-4.02 -6.56%

22/09

June

July

August

WAPCO

Sept.

18.95 17.07%

August

PE -2.05 1.60%

0.79 2.07%

22/09

June

ETI 1.97 12.02%

July

August

2.26 14.04%

-0.64 -3.37%

22/09

June

Sept.

259.94 130.13 140.12%

-2.64 -1.17%

-0.99 -0.44%

22/09

June

July

August

INTBREW

Sept.

1.67 5.90%

3.88 14.86%

0.99 3.41%

22/09

June

July

August

Sept.

189.00 10.99 6.66%

4.00 2.33%

-3.00 -1.68%

22/09

June

July

August

Sept.

-5.15 -13.91%

July

August

-3.25 -9.26%

22/09

June

Sept.

PE 6.59

21.31 -0.67 -4.33%

July

August

ZENITHBANK 19.50

-2.86 -16.28%

Sept.

0.21 1.45%

26/09

M T W T

24.00 0.65 PE 6.94

27.40 -1.00 -4.00%

26/09

M T W T

22/09

YtD

-2.15 -6.32%

14.71 0.21

12.52

June

2.55 21.98%

July

August

Sept.

FBNH YtD

22/09

August

Sept.

26/09

M T W T

22/09

June

July

August

Sept.

26/09

M T W T

22/09

June

July

August

Sept.

-0.99 -3.96%

26/09

M T W T

22/09

June

July

26/09

M T W T

PE 6.44

17.29 -2.40 -14.72%

-1.70 -10.90%

July

August

-0.32 -2.25%

22/09

June

Sept.

GLAXOSMITH 3M

-1.10 -1.72%

July

August

0.48 0.77%

22/09

June

Sept.

JBERGER

-10.50 -14.10%

-3.02 -4.51%

22/09

June

July

August

NESTLE

Sept.

26/09

M T W T

1250.01 -104.10 -8.81%

32.15 3.07%

July

August

PE 36.61 27.90 2.66%

22/09

June

SEPLAT

Sept.

26/09

M T W T

PE --

735.00 42.20 6.98%

-28.00 -4.15%

7.00 1.09%

22/09

June

July

647.00 7.00

590.00 YtD

1077.90 27.90

945.00 YtD

PE 9.97

76.45 0.91 1.44%

26/09

M T W T

63.98 3.02

59.18 YtD

PE 21.54

74.97 -7.00 -10.00%

26/09

M T W T

63.00 0.48

60.00 YtD

13.90 0.32

11.50

August

Sept.

26/09

M T W T

-0.65 -2.64%

1. 52-week low price 2. Year low price 3. Current price 4. Year high price 5. 52-week high price 6. Current price 7. 5-day price change 8. PE ratio 9. 1-year price change 10. 3-months price change 11. 1-week price change 12. Daily price movement over 3 months. 13. 30-day moving average 14. Daily price movement over last week

1 2 TICKER

19.23 1YtD

25.23 0.018

August

Sept.

26/09

M T W T

PE 7.29

27.406 0.23 0.92%

2.90 12.99%

7 0.01

0.04%

July

0.14 1.00%

22/09

June

PE 12.63

LEGEND

UAC-PROP YtD

PE 24.07

41.46

26/09

M T W T

31.85 2.15

30.08 YtD

PE 33.61

2.16 18.02%

26/09

M T W T

176.00 3.00

140.00 YtD

PE 47.62

31.50

YtD

15.98

26/09

M T W T

29.99 0.99

19.00 YtD

PE 48.14

14.15 0.14

8.00

26/09

M T W T

223.00 0.99

36.53 YtD

PE 4.95

20.28

CCNN

26/09

M T W T

18.36 0.64

12.40 YtD

Sept.

26/09

M T W T

136.73 14.95 13.00%

-0.21 -0.37%

129.95 2.05

91.50 YtD

PE 26.84

67.85 1.29 2.30%

July

0.48 1.25%

26/09

M T W T

57.28 0.21

42.58 YtD

PE 4.48

49.00

26/09

M T W T

36.38 2.99

32.00 YtD

PE 8.49

15.10

-8.98 -18.72%

26/09

M T W T

9.00 0.15

8.85 YtD

4.00 0.04 -0.02 -0.50%

YtD

PE 23.30

51.66

26/09

M T W T

4.50

YtD

61.10 1.16 -8.90 -12.71%

39.00 0.79

35.96

26/09

M T W T

83.64 -20.72 -25.32%

6.19 0.01 -0.16 -2.52%

CAP

26/09

M T W T

8.20

26/09

M T W T

47.15 2.85

42.50 YtD

PE 13.87

July

-26.15 -33.19%

26/09

M T W T

176.25 3.72

146.26 2.95 1.70%

33.96 0.75 46.00

26/09

M T W T

22/09

June

PE 16.86

-44.53 -45.82%

26/09

M T W T

175.00 1.00

107.00 YtD

PE 24.11

YtD

110.00

26/09

M T W T

188.00 12.50

162.00 YtD

1.98 0.02 2.95

52.65 0.15

49.90

26/09

M T W T

22/09

June

PE 18.65

CADBURY

26/09

M T W T

220.00 4.00

185.00 YtD

Sept.

26/09

M T W T

6.65 0.27

6.50 YtD

PE 41.25

26/09

M T W T

32.48 2.46

19.00 YtD

PE 22.42

36.89

July

3.48 12.05%

26/09

M T W T

25.00 1.00

10.35 YtD

PE 19.62

3.00

26/09

M T W T

3.00 0.40

1.96 YtD

29.46 0.51 31.80

10.47 47.85%

26/09

M T W T

22/09

June

PE 5.06

4.59

YtD

32.35 0.05 34.20

26/09

M T W T

4.49 0.35

3.01 YtD

0.96 0.00 -0.11 -10.28%

13.87

26/09

M T W T

1.29

ASHAKACEM

11 14

13 May

21/07

June

July

25/07

M T W T

MARKET DATA

VM | Monday, September 29, 2014 | Issue 012

VM5

MARKET SNAPSHOT +150% SLIPPING +140%

LEADING 11

Bubble size = Market Cap

+130% +120% +110%

YEAR-TO-DATE RETURN

+100%

# 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

+90%

7 WAPCO

1.60 13.00

+80%

8 STANBIC

8.19 45.39

9 ETI

-3.37 12.02

+70% +60% +50%

29 8

+40% 12

+30% +20%

+10%

-10%

-20%

-40%

-50% LAGGING -10%

-5%

Indices ASI NSE30

-0.68% 0.21%

NSEBNK

-2.00% 0.91%

NSEINS

3.65% 2.42%

NSECNSMRGDS

0.07% 0.71%

10 21

YtD, % -0.56% 0.10%

38 36 37 32 17

-30%

31 40

WtD, %

10% 15% WEEK-TO-DATE RETURN TRADING BREAKDOWN BY SECTOR

DtD, %

Sector -1.23%

-2.39%

Financial Services

70 \ 91

Conglomerates

10 \ 3

Consumer Goods

6\1

Others

14 \ 5

-6.15%

FGN Bond Index 3040

-2.43%

-8.12%

1.61%

NSEOILGAS 0.28%

32.92%

-0.16%

NSELOTUSISLM -0.28%

-5.49%

-0.28%

NSEINDUSTR -0.39%

13.7

Market Value YTD Return

3030

13.4

3020

13.1

3010

12.8

7.91%

-9%

3000 12.5 05/09 09/09 11/09

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

20%

IMPROVING 30% 35%

25%

GLOBAL INTEREST RATES & INFLATION TARGETS Central Last Date % Inflation Rate Bank Change Change Target China 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 -0.50 8.25% 05.12.2013 India 8.00% 28.01.2014 +0.25 Indonesia 7.50% 12.11.2013 +0.25 4.5% +/-1.0% Malaysia 3.25% 10.06.2014 +0.25 Mexico 3.00% 06.06.2014 -0.50 3.00% +/-1.0% Morocco 3.00% 28.03.2012 -0.25 Nigeria 12.00% 10.10.2011 +2.75 6.00% - 9.00% Qatar 4.50% 10.08.2011 -0.50 Russia 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

10 GUINNESS

7.12 -20.34

11 FO

-0.44 140.12

12 TRANSCORP

-1.36 33.41

13 OANDO

4.17

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

21 DANGSUGAR

3.46 -25.84

22 CADBURY

0.29 -45.82

23 INTBREW

3.41

24 7UP

5.00 106.82

25 DIAMONDBNK

-0.16 -17.47

26 FCMB

8.45 16.93

27 JBERGER

-4.51

28 ASHAKACEM

-0.15 47.85

29 MOBIL

0.57 50.86

30 GLAXOSMITH

0.77 -10.00

31 TOTAL

2.16

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

Date

Deals

Turnover Value

Traded Stocks

Declined Stocks

Unchanged Stocks

All Shares Index Value

22.09.14

4,663

344,982,738

4,139,567,232.31

123 \ 116

29 \ 22

23 \ 31

71 \ 63

40,984.12

23.09.14

5,097

294,390,180

3,492,310,890.00

123 \ 106

17 \ 24

40 \ 27

66 \ 55

40,537.20

24.09.14

4,342

427,766,436

11,902,464,577.57

111 \ 109

21 \ 29

31 \ 30

59 \ 50

40,809.32

25.09.14

4,330

273,113,598

4,617,638,265.77

117 \ 112

29 \ 26

22 \ 25

66 \ 61

40,780.00

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.

Index

Week Opening

Week Close

Change

WtD

MtD

QtD

YtD

All Shares Index

41,049.28

40,819.72

-229.56

-0.56

-1.72

-3.91

-1.23

NSE 30 Index

1,874.36

1,861.61

-12.75

-0.68

-1.53

-3.63

-2.39

NSE Banking Index

428.87

420.30

-8.57

-2

-1.95

-2.9

-6.15

NSE Insurance Index

143.91

149.16

5.25

3.65

3.18

1.59

-2.43

NSE Consumer Goods Index

1,010.18

1,010.92

0.74

0.07

-1.65

-4.47

-8.12

NSE Oil/Gas Index

444.6

451.76

7.16

1.61

-5.98

-3.52

32.92

NSE Lotus Islamic Index

2,710.23

2,705.81

-4.42

-0.16

-0.73

-5.87

-5.49

NSE Industrial Index

2,755.63

2,748.03

-7.6

-0.28

2.56

3.05

7.91

1.44

1.70

2.07 -18.72 32.64 -25.10

40 NEIMETH

1.90

NSEASI

40,819.72

-2.73

41,10 40,95 40,80 40,65 40,50 Mo

S&P 500

1,982.85

2,020 2,005 1,990 1,975 1,960 Fr

FTSE 100

INDEX PERFORMANCE

5.90

39 MAYBAKER

Fr Advanced Stocks

2.30

38 CAP

MARKET SNAPSHOT Turnover Volume

-6.47

6,649.39

6,860 6,800 6,740 6,680 6,620 Th

JSE FTSE

49,663.64

51,80 51,20 50,60 50,00 49,40 Th

VM6

BUSINESS

VM | Monday, September 29, 2014 | Issue 012

STOCK EXCHANGE

Aig takes the baton at the NSE W Continued from Page VM1 One area of big interest with significant upside potential is market data. Without breaking out the numbers in fine detail, the report revealed that data sales were up 300 per cent in 2013. The overall message is that the NSE is on track. Therefore, the new leader’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 Samuel Asabia, OFR, and Chief M.K.O. Abiola. Once rumoured 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 transition from its Transformation

NSE Trading Revenues

N3.13B 2013

+67% N1.87B 2012

Data visualisation by Publican Media Source: Nigerian Stock Exchange

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 Access Bank will stand him in good stead leading the NSE in coming years. Those who know him attest to the fact that behind the boyish grin of the lawyerturned-banker is a non-nonsense 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 Federal Government College, Kaduna, where he was a student. 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, wiping 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 capital raising destination, the new helmsman looks ready to bring his A-game on. ;

work he has put in to setting the company? One head has rolled so far. Austin Ufomba, erstwhile innovation and marketing director at the company has been shunted to the tame sounding position 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 expectation 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? ;

COMPETITION

Will Guinness get its mojo back? W Continued from Page VM2 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, Guinness 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 charges 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 profits since.

Beer running dry Three 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 Nigeria a temporary situation or a secular, irreversible trend? Would Seni Adetu be around to enjoy the hard

SPOTLIGHT

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

Adeolu Bajomo

T DOES NOT REquire a tortuous stretch of the imagination to see the soft-spoken Adeolu Bajomo, executive director of market operations and technology at the Nigerian Stock Exchange as a teacher in another incarnation. The ex-head of replatforming programmes for Africa and the Indian Ocean region at Barclays Bank fits the pedagogic mould. In

doubt? Visit one of his presentations. 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 unmistakable blend of British charm is an added bonus. Despite his insane schedule he is unfailingly courteous. His personality is a book quickly judged by its cover sans regret. For want of a better description, Bajomo carries about him a decency that is almost quaint in the sharpelbowed playing fields of financial markets. An engineering graduate of the University of Ife, now Obafemi Awolowo University, Bajomo passed out with a distinction in the MSc. course on information systems from South Bank University, London. He also completed an executive MBA program at the City University (CASS)

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

‘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 garnered senior level experience in banking, capital markets, asset management, and insurance. Since Bajomo joined the NSE in 2011, he has been the primary driving force behind the revolutionary transformation on the technology side. Having a chief executive in the person of Oscar Onyema, who shares a background in technology has aided his task greatly.

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

CONTENT DIRECTION: OBIORA TABANSI ONYEASO DESIGN & ILLUSTRATION: PUBLICAN MEDIA

to market structure, product development, service automation and mobile trading technologies. Not long after his resumption, a senior market operator quipped that attracting a professional of his calibre to join the NSE at that critical 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 financial services sector, his core area of expertise, and the Europe, Middle East, and Africa (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 Transformation he explained why the NSE has invested heavily in upgrading its trading technology, and rationale behind its migration to the X-Gen platform last year. He resisted the temptation to trash the old platform as most are wont to do when convincing others on the benefits of new technology. Indeed, he conceded that it had not collapsed. Rather it had become obsolete and could not offer

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the quality of experience that traders have come to expect. This experiential angle was a determining factor in the exchange’s selection of X-Gen because it is user-centric. His words: ‘if we change technology without changing the experience of doing business in the market then we have failed. It is just technology for technology sake. Our goal is to have technology driving our business purpose to become the leading stock exchange in the African region for capital formation, driven by transparency, innovation, efficiency and liquidity.’ His mission is to get the NSE technology to that point where it becomes the facilitator 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?’ ;

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