FRCN’s corporate governance suspension won’t affect investment inflows – NSE

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LAGOS, JANUARY 13, 2017 – The Nigerian Stock Exchange, NSE, yesterday, expressed confidence of market rebound, saying the suspension of the Financial Reporting Council of Nigeria, FRCN, corporate governance code by the Federal Government will not affect foreign investment inflow into the capital market and the economy in general.

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It also kicked against the proposed creation of multiple stock exchanges by the Securities and Exchange Commission, SEC, saying the existing stock exchange does not have enough liquidity as at today.

Chief Executive Officer of the NSE, Mr. Oscar Onyema, who stated these during the review of the market performance in 2016 and outlook for 2017, said: “The suspension of the of FRCN’s corporate governance code will not affect foreign investment inflow into the market and the country in general but will rather give them more confidence to invest in the market. There is more work to be done on the code to be able to address the teething problems.”

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