Stakeholders Task NSE Council On Capital Market Growth

Capital market stakeholders have tasked the new council of Nigerian Stock Exchange (NSE) led by Mr Aigboje Aig- Imoukhuede on capital market growth.

The council of NSE is the governing body that directs the business and financial affairs, strategy, structures and policies; monitors the exercise of any delegated authority; and deals with challenges and issues relating to corporate governance, corporate social responsibility and corporate ethics.

The council is made up of a president, CEO, five ordinary members and seven dealing members.

The stakeholders called on the new council members to embark on improved governance, market transparency, and restore confidence in the market.

Welcoming the new council member on board, the CEO of NSE, Oscar Onyema said, “Mr. Aigboye Aig- Imoukhuede, having held the post of the first vice president of the Exchange and in his capacity as the chairperson of the Governance and Remuneration Committee, and Technical Committee as well as his membership of the Quotation Committee of National Council, has worked on a number of initiatives on the NSE.”

According to him, I can attest to the quality he has brought to almost all facets of our work at the Exchange. He has challenged us to benchmark against the best Exchanges in the world, and has worked assiduously in providing guidance on such initiatives as our Governance framework, CSR framework, Graduate Trainee Program, Risk Management framework, Employee policies, and Financial management to name a few.

Onyema said, “As we start a new journey under his presidency, I know that the returning and incoming Council members will uphold his tradition of excellence, hard work and competitiveness as we finalise work on our growth strategy. With the support of this new Council, the management team stands ready to execute on achieving the highest level of competitiveness in delivering service excellence and a first rate capital market experience.”

He urged the new council to keep up the good works of their immediate predecessors and gallantly take up the challenges and opportunities that the capital market is presented with at this unique time in the nation’s history.

The chief relationship officer/stockbroker of TFS Securities & Investment Limited, Mr. Charles Fakrogha said that with Aig- Imoukhuede being aware of NSE transformation plan that will end in 2016, he should ensure that the agenda is continued and actualised.

He urged the new council management to ensure that some of the companies operating in the telecoms, oil & gas sectors as well as recently privatised power generation and distribution companies, are listed on the stock market.

He pointed out that the stockbroking community are ready to support the council to ensure that all the policies that will be put in place will work and benefit all the capital market stakeholders.

The managing director of Dependable Securities and Funds Limited, Mr. Chinenyem Anyanwu added that under the leadership of Aig-Imoukhuede and with the support of members of the Council, they should continue to work to further the interest of the exchange and protect the capital market.

He noted that expectations from the council member are high as stockbrokers expect to continue from where their predecessors stopped, saying that Aig-Imoukhuede should bring his wealth of experience in turning around the fortune of the Exchange and attract local and foreign investors into the market to boost the performance of the market.

While under the leadership of the outgone council, Onyenma noted that the Exchange evolved into a stronger and more resilient organisation that operates a fair, orderly and transparent market.

He pointed out that the period saw the market capitalization go from N6.23 trillion to N13.56 trillion, and the ranking go from fourth to second on the African continent.

Meanwhile, a look at the market for last week showed that the market capitalisation depreciated by N76 billion to close at N13.478 trillion when compared with the N13.553 trillion posted the previous week.

Equally, the All-Share Index decreased by 229.56 points or 0.56 per cent to close at 40,819.72 as against the 41,049.28 achieved the previous week.

Analysis of the price movement chart for last week indicated that PZ Industries topped the losers’ table by N1.75 to close at N32.25 per share. Access Bank came second on the activity chart with 69 kobo to close at N8.90, while Ikeja Hotel depreciated by 63 kobo to close at N1.52 per share.

On the other hand, Guinness led the gainer’ chart for the week by N15 to close at N190 per share. 7UP Bottling Company trailed with a gain of N13.73 to close at N147.73, while Champion Breweries rose by 70 kobo to close at N9.70 per share.

Source : Leadership

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