Lagos — The Nigerian Stock Exchange (NSE) spent 35.42 per cent of its revenue on wages and salaries last year, a report from the NSE said.
According to the report of the council for the year ended 31 December 2012, the Exchange made gross earnings of N3.944 billion and spent N1.397 billion on wages and salaries during this period.
The NSE reported an increase of N397.713 million translating to 11.21 per cent in its gross earnings in 2012, while its wages and salaries increased by N99.2 million or 7.64 per cent from N1.298 billion it made in 2011.
Consequently, N37.543 million were spent on council members' remuneration as against N40.744 million spent in the previous year.
Speaking at the 52nd annual general meeting of the Exchange in Lagos on Friday, the President of NSE, Alhaji, Aliko Dangote, said the NSE delivered a solid financial performance in 2012.
"The report reflecting the execution of our corporation's strategy and our continued focus on providing service excellence to our customers, is driven by the dedication of the management and staff of the Exchange," Dangote said.
The NSE President attributed the surplus to three factors which include an increase in revenues and other incomes and its continued efforts to cut cost and improve operating efficiency and thirdly, the NSE share of profit from associated companies.
He further explained that the group's accumulated funds stood at N10.5 billion by the end of December, 2012.
He added that issuers successfully raised N195.36 billion from the market during the year, translating into a two-year total of N2 trillion in the value of capital raised on the Exchange, while main board accounted for 99 per cent of the value of trade for the year.
Meanwhile, the NSE reported a 34 per cent reduction in the number of dealing member firms that defaulted in their submission of quarterly renditions in 2012.
"The legal and regulations division of the NSE said in the area of compliance, it achieved 34 per cent reduction in the number of firms that default in their submission of quarterly renditions in 2012 compared to 2011," the report said.
Source: Daily Trust