The Nation MD beats closing gong at Stock Exchange

Share prices rise, It was a historic moment yesterday for The Nation at the Nigerian Stock Exchange (NSE) as this newspaper commemorated its 10th anniversary by beating the closing gong at the stock market.

Share prices at the Exchange bucked the downtrend and rallied the market, which had closed with a decline of 0.12 per cent last Friday.

Yesterday, the exchange recorded an average gain of 0.26 per cent, equivalent to net capital gain of N24 billion.

The symbolism was striking and exciting with many stockbrokers asking The Nation to frequent the market. They expressed the wish that the newspaper would consolidate on its gains of the last 10 years.

Managing Director Victor Ifijeh, recounted how at inception in 2006, a particular edition of The Nation was taken to the doorstep of the Exchange by him, accompanied by General Manager Training and Development Soji Omotunde and distributed free to stockbrokers and other stakeholders in recognition of the importance of the market  and to draw awareness to the budding newspaper.

Apart from Mr. Ifijeh and Mr. Omotunde, others senior executives of this newspaper who were with them yesterday are: Executive Director (Finance and Administration), Mr  Ade Odunewu; Editor (online)  Mr. Lekan Otufodunrin; Group Business Editor, Mr. Simeon Ebulu and Advertisement Manager Robinson Osirike.

It was cheers all through as Ifijeh beat the closing gong, a privilege usually reserved for institutions and individuals with resounding achievements to show.

In its 10 years of operations, The Nation has carved a niche for itself as one of Nigeria’s most decorated and widest circulating newspapers.

It is also one of the successfully managed newspapers and the closest to the corporate governance standards set by the Exchange. The Nation has been voted many times as the best news medium in financial reporting by media award institutions. It is the current holder of the banking and finance, money market and capital market awards of the prestigious Nigerian Media Merit Award (NMMA).

Chief executive officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, commended The Nation for standing out in a highly competitive media market noting that newspapers play a very critical role in the stock market that thrives on information dissemination.

According to him, the Exchange cherishes its relationship with The Nation as partners for the development of the capital market, a partnership that should be deepened by exploring other areas of cooperation.

He said the newspaper should widen its support for the market by actively collaborating with the Exchange on its developmental initiatives as an official media partner.

Ifijeh commended the management of the Exchange for the many strides at the stock market, its commitment to market integrity and good corporate governance by listed companies.

He expressed the appreciation of the newspaper to the Exchange for its support over the years.

“This is the beginning of better things to come for The Nation and the Exchange,” Ifijeh assured.

He outlined that over the next 10 years, The Nation plans to grow its business and entrench best practices in line with the corporate governance standards at the Exchange with a view to listing the shares of the newspaper on the Exchange.

“Many years ago, The Daily Times was one of the active companies on the exchange. Who says that the feat cannot be replicated?

“We consider it a great privilege to be given the opportunity to close the stock market. In the next 10 years, we will not only come to ring the closing bell but also to ring the listing bell,” Ifijeh said to the applause of stockbrokers.

Onyema assured that the Exchange would give the newspaper all necessary support to realise its ambition of listing on the Exchange.

“We will work with you every step of the way to see the day you will come for listing of your shares,” Onyema assured.

The Doyen of Shareholders who is the longest-trading stockbroker on the trading floor, Mr Sam Ndata, acknowledgedThe Nation as a toast of the stock market noting that most stockbrokers read the newspaper.

“We are in love with it,” Ndata said, relating his personal experience of how in Port Harcourt, the commercial centre of the South South, the newspaper controls the readership because of what he described a s the newspaper’s “frankness”. He also urged the newspaper to work towards listing its shares on the stock market.