OPENING REMARKS AT THE INDUCTION CEREMONY FOR RECENTLY QUALIFIED

DEALING CLERKS ON MONDAY, AUGUST 29TH 2016 AT THE STOCK EXCHANGE

BUILDING, MARINA – LAGOS
- Delivered by Oscar N. Onyema, OON

Good afternoon distinguished Ladies and Gentlemen. On behalf of the Council and Management of The
Nigerian Stock Exchange (NSE or the Exchange), it gives me great pleasure to welcome you all to another
induction ceremony of the recently qualified Dealing Clerks of the Exchange. This ceremony is very
important to us as an organization, as it is the official welcome ceremony for the future leaders of the
Nigerian capital market.

Many endeavours have failed because the significance of the human factor was ignored. The capital
market will only be as good as the people working in it. You are here today after undergoing a rigorous
screening process which is essentially aimed at ensuring only the best hands operate in this market.

At the NSE, we are driving a growth strategy based on three strategic objectives which are to increase
listings across five asset classes; increase order-flow across these asset classes; and operate a fair and
orderly market based on just and equitable principles. Our target really is to work with a strong
ecosystem in a seamless manner to introduce to achieve these objectives. Therefore, you are an
important player in the actualization of these lofty objectives. You represent a new breed of leaders
that will strengthen the brokerage community, the core of the capital market eco system.

Recall that we recently launched the Minimum Operating Standards (MOS) and carried out a series of
inspections of our Dealing Members to ensure that they meet the set requirements and standards. This
was essentially to ensure a stronger, more efficient broker-dealer community that is well suited for
doing business in the 21st century. The first of the five Minimum Operating Standards is ‘Manpower’.
As an organization, we recognize the need to ensure that our member firms have the right human
capital to execute on their goals sustainably. We are delighted that a lot of our firms share in this vision,
and have met the MOS standards.

The choice you have made to take the next steps in your careers and get this qualifications has a
multiplier effect on not just your sponsoring firm but the entire capital market. With the right hands on
board, the capital market is sure to achieve its 10-year master plan.

Allow me to congratulate those of you here today for induction into Dealing Clerkship of the Exchange.
Out of 50 candidates who wrote the Chartered Institute of Stockbrokers (CIS) examination and went

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through the mandatory practical Automated Trading System (ATS) training at the Exchange, 39
candidates passed the oral examination. In our finest tradition, this oral examination is designed to test
your understanding of practical aspects of the profession. On behalf of the NSE, I say a big welcome to
this cohort and urge you to maintain internal values of - Professionalism, Integrity, Transparency and
Reliability and outward performance -in Excellent Service to our investing community and to the world.

The robes you will don today represent a commitment to uphold the CIS ethical standards and the NSE
code of conduct for Dealing Members. It represents a pledge to be tall on integrity and spotless in
character. It represents a decision to put the interest of the market first. We sincerely hope that each
and every one of you will abide by the rules and regulations of NSE and CIS. Please note that due to the
level of development in our market, we operate a zero tolerance policy on all infractions.

As an Exchange, we will continue to do our part in ensuring that we provide a competitive platform for
you to participate in the financial market. In addition to the MOS, we have executed several initiatives
to strengthen the operations of our Dealing Members and to make them comparable with their foreign
counterpart. One of these is X-Boss, which automates and enhances the regulatory and oversight
function of the NSE over its Dealing Members in the area of rendition of regulatory filings, analysis of
financial renditions, capital and liquidity monitoring as well as compliance monitoring and reporting in
line with global best practice. We have also provided several platforms to ensure continuous dialogue
with our Dealing Members to aid improvement in all areas.

Furthermore, the Exchange has implemented a strong regulatory environment to protect investors
against infractions while enhancing investor confidence in the market. We have developed and revised
enforceable rules for Dealing Members and Issuers, and signed an MOU with Economic and Financial
Crimes Commission (EFCC) to increase cooperation and communication in the fight against financial
crimes in the capital market.

As a full member of the World Federation of Exchanges (WFE), we are committed to holding the highest
standards for exchanges on the globe. Full membership in the WFE affirms the evolution of our capital
market, and positions Nigeria as a viable and credible investment destination. We encourage you to get
familiar with and to uphold WFE standards. In conclusion, I will like to congratulate you once again on
achieving this great feat and I wish you all the best in your future endeavours in the capital market.

Thank you.

Oscar N. Onyema, OON

Chief Executive Officer

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