Dangote, Aig-Imoukhuede bow out of NSE Council

Aliko Dangote

Former Managing Director of Access Bank, Aigboje Aig-Imoukhuede, on Monday bowed out as the President, National Council of the Nigerian Stock Exchange (NSE) after serving for three years.

President of Dangote Group, Aluko Dangote, and Interim Head of Council, Malam Ballama Manu, are among outgoing council members.

Mr Aig-Imoukhuede officially announced his retirement at the NSE 56th Annual General Meeting (AGM) in Lagos for the financial year ended December 31, 2016.

He commended the dealing member community for supporting its demutualisation efforts.

He assured members that the national council and the management of the exchange would remain committed to the demutualisation exercise.

Aig-Imoukhuede said that he was also grateful for the support of the dealing members and the NSE throughout his tenure at the exchange.

He said the council members contributed immensely to the growth of the capital market and the economy in general and charged the new council members to toe the same line.

Chief Executive Officer of NSE, Oscar Onyema, said the exchange demonstrated resilience through the economic and market downturn as investors reacted to prolonged macroeconomic uncertainty.

Mr Onyema said that the exchange total assets base during the period stood at N22.79 billion with approximately N9.73 billion, representing 43 percent, held in liquid assets and an accumulated fund of N19.31 billion.

He added that the NSE closed the year in a sound liquidity position and strong balance sheet.

“The exchange has delivered strong and broad-based results which strengthen our foundation for long-term prosperity and will drive growth in the near-term.

“We will continue to adapt to stakeholder needs in the evolving business climate.

“We will continue to develop innovative and diverse products that perform well in different market conditions while maintaining a regulatory framework that engenders confident investors,” Onyema said.

Mr Abimbola Ogunbanjo, who was re-elected at the meeting as a member of the National Council, would likely emerge as the next NSE president going by exchange’s tradition.