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Dangote chairs Stock Exchange National Council Meeting

By on June 21, 2012

The National Council of The Nigerian Stock Exchange (“The Council”) met on Tuesday, 19 June 2012. Alhaji Aliko Dangote, whose presidency of The Exchange was recently confirmed by the Court of Appeal, sitting in Lagos chaired the meeting.  Noting the recent reforms at The Exchange, Alhaji Dangote expressed his appreciation to all Council members for their contributions to the work of The Exchange.  He also expressed his gratitude for the warm reception he received from Council members.

Among the issues considered at the meeting were the recent directives issued by the Board of the Securities and Exchange Commission of Nigeria that the individuals nominated by the Commission to the Council of The Exchange in the public interest should disengage from Council in an orderly manner.

The Council was of the view that the disengagement process for these public interest members must be done in such a way that will enhance market confidence and ensure continued stability of The Exchange and the capital market. Thus, Council decided that the President, Alhaji Dangote should consult with stakeholders of The Exchange in order to assist Council to come to an informed decision on timing and manner of the disengagement, as well as reconstitution of the Council.

The Council will continue to work to protect the interests of The Exchange and the capital market.