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Stakeholders task new Nigerian Stock Exchange Council on advancement

By BusinessNews Staff on September 30, 2014

Stakeholders in the Nigerian capital market have urged the new President of the Nigerian Stock Exchange (NSE), Mr. Aigboje Aig-Imoukhuede and other members of the council to improve on the growth the past council recorded at the exchange.

The council of the NSE last week appointed Aig-Imoukhuede as the president while Mr. Abimbola Ogunbanjo and Mr. Abubakar Mamoud were appointed first vice-president and second-vice president respectively. They will work along other members of council.

Setting an agenda for the new council led by Aig-Imuokhuede, some stockbrokers and investors urged the new council members to consult widely before taking a decision that affect market stakeholders.
The Chairman of Association of Issuing Houses of Nigeria (AIHN) and immediate past council member, Mr. Victor Ogiemwonyi said Aig-Imuokhuede should ensure the stability and growth of the exchange.

According to him, Aig-Imuokhuede has been part of the team since 2013 and had been an active participant in all the initiatives at the exchange since he came on board.
“My advice is that he continues on the same trajectory and work with the new council and management to ensure the continued stability and growth the exchange already has recorded. He should find ways to carry along the market and have various market associations and their leadership as his lead to buy in for his plans,” Ogiemwonyi said.

Speaking in the same vein, the Chairman, Capital Market Solicitors Association of Nigeria (CMSA), Mr. Uche Val Obi, said the new NSE president should throw his weight behind the management of the exchange especially in the area of advocacy, transformational and growth initiatives.

“He should leverage his experience to attract more large cap and credible companies to list on the exchange. He should lead the exchange to raise and sustain the bar on investor protection measures and sound corporate governance among quoted companies,” he said.

The Managing Director of Highcap Securities Limited, Mr. David Adonri said under Aig-Imoukhuede, the market is expected to perform better than under Dangote.

“Since the secondary market has recovered, Aig-Imoukhuede should devote a lot of efforts to reviving the primary market fully. He should protect the interest of stakeholders equally. The task ahead is enormous and we pray for God to strengthen and guide him,” Adonri said.

The Managing Director of APT Securities and Fund Limited,Mr. Garba Kurfi, who is also an immediate past council member, said the new president should continue with the growth strategies that are in place to make the NSE number capital market in Africa and ensure telecoms, power and upstream oil firms get listed on the NSE.
A shareholder activist and National Coordinator, Pragmatic Shareholders Association of Nigeria (PSAN), Mrs. Bisi Bakare said the new president has been in the system and knows where the shoes are pinching stakeholders in the market.

“The areas I want him to improve upon include manipulation of price. He should ensure that there is no share price manipulation. He should deal with companies not giving returns to investors. He should stop unnecessary punishment of companies and should be fair to all companies and not to be vindictive. He should learn from his predecessor that no condition is permanent. Most of all, he should work harder to make sure that he moves NSE to greater heights,” she said.

[This Day]

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