Aig-Imokhuede Counts Achievements as NSE Holds AGM Monday
The Nigerian Stock Exchange (NSE) is set to hold its 56th annual general meeting, (AGM) on Monday, September 25, 2017 in Lagos. A new President of the NSE will likely emerge at the meeting to replace Mr. Aigboje Aig-Imokhuede. Currently, Mr. Abimbola Ogunbanjo is the first Vice Present and is the next to take over as new council president.
Also, nine members will be elected into the National Council of the exchange. From this list, it appears the exchange will be electing for the first time two female council members – Mrs. Catherine Nwakaego Echeozo and Erelu Angela Adebayo. The last female to sit on the National Council of the NSE was Mrs. Yemisi Ayeni, who served between 2012 and 2015.
Market operators and stakeholders said this step bodes well for NSE’s quest to improve gender equality on its council. According to the 2016 Sustainability report of the exchange, more than 33 per cent of its staff are female. It appears the NSE is now paying close attention to the composition of its Council to reflect gender balance.
Meanwhile, AigImokhuede has said: “As I conclude my tenure as President of the national Council of the NSE, it is with great sense of humility and fulfilment that I reflect upon the three memorable and fulfilling years of service in this prestigious role.”
According to him, some of his achievements in office are the historic profitability in 2014, strong corporate governance rating systems and robust rules to protect investors among others.
However, analysts have said what will be the most significant achievement of the out-going president is the steering the demutualisation of the NSE to near completion. NSE has for several years attempted to become a demutualised exchange without appreciable progress. But now, the Exchange’s Demutualisation Bill has passed second reading at both legislative chambers of the National Assembly and a public hearing held. It is expected that upon resumption of legislative duties, the report of the public hearing will be presented and the bill will continue its positive trajectory.
Besides, to celebrate the achievements of AigImokhuede’s tenure as president of the National Council of the exchange, a valedictory dinner will be held in his honour on September Lagos. It is at that event that the new president will be unveiled to guests.
The NSE is on its way to record a positive close this year after three consecutive years of decline. Already the NSE Al-Share Index has recorded a growth of 30.9 per cent as at yesterday.