Dangote Cement, FBN Holdings, others join NSE premium index board

Foremost listed firms, Dangote cement Plc, FBN Holdings Plc and Zenith International Bank Plc  have  joined new Nigerian Stock Exchange (NSE) Premium Board and the associated Premium Board Index.

The firms were cleared based on  market capitalisation of N2.87 trillion, N277.70 billion and N587.434 billion.

NSE explained that  the three firms  scale through the Corporate Governance Rating Standard ( CGRS) for premium board membership.

According to NSE, the  premium board would feature companies that meet the Exchange’s most stringent listing criteria in terms of capitalisation, governance and liquidity.

The premium board index on the other hand, is an equity index designed to provide a benchmark to capture the performance of companies listed on the Premium Board.

The index, according to NSE, would also provide a basis for developing products (such as ETFs and equity index derivatives) that are tradable on the bourse.

The Chief Executive Officer, NSE, Oscar N. Onyema explained that the NSE, as a member of the United Nation’s Sustainable Stock Exchange Initiative, designed to encourage stock exchanges to influence their ecosystem to adopt sustainable ways of doing business around environmental, social, and governance dimensions, introduced the premium board as part of its commitment to place corporate governance at the front burner and as a way to improve the method of doing business in Africa.

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