NSE Launches X-Bot to Enhance Market Participation
Lagos, Nigeria (December 31, 2018) – Following the launch of the Corporate Governance Index of The Nigerian Stock Exchange (NSE CG Index) during the inaugural Corporate Governance Rating System (CGRS) certification ceremony held in Lagos on Thursday, 22 February 2018, The Nigerian Stock Exchange (The Exchange) wishes to inform the investing public that three (3) companies namely: NEM Insurance Plc (NEM Insurance), Continental Reinsurance Plc and Diamond Bank Plc (Diamond Bank), have been removed from the NSE CG Index with effect from 01 January 2019.
The Index Governance Committee of The Exchange (the Index Committee) resolved to remove NEM Insurance from the NSE CG Index following the suspension of the CGRS rating of the company by the Steering Board of the CGRS on Monday, 19 November 2018
Additionally, in view of the recent governance issues with Diamond Bank, the Index Committee has decided to remove the Bank from the NSE CG Index.
The Index Committee also decided to remove Continental Reinsurance Plc from the NSE CG Index following the company's application to The Exchange to delist from the Daily Official List of The Exchange.
About the NSE CG Index
The NSE CG Index tracks the performance of CGRS rated companies using their market capitalization, free float and corporate governance rating scores. The Index is reviewed on a bi-annual basis at which point other companies that have become CGRS rated in the interim may be added to the Index or companies that have had their ratings suspended or withdrawn may be removed. The Index is expected to be an important tool for investors keen on investing in well governed companies as well as corporates eager to distinguish themselves on the ground of governance.