One year of Dangote’s leadership of Nigerian Stock Exchange: Market operators react

Posted by News Express | 20 June 2013 | 3,654 times

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Exactly one year after the election of Alhaji Aliko Dangote as the Nigerian Stock Exchange (NSE) president, the market has recorded a strong rebound and growth with an increase in market capitalisation by N5.202 trillion, and a 76% rise in All-Share Index over the period.

Dangote’s first year presidency came under focus Tuesday with market operators commending his leadership for successfully returning the exchange to a path of bountiful growth, restoring investors’ confidence in the market.

According to them, the NSE, fared better with an increase in the market capitalisation from N6.712 trillion to N11.914 trillion by the close of trading last Monday and the ASI grew from 21,028.39 to close at 37,085.11

Commenting on the market performance over the last one year, a leading stockbroker and Chief Executive Officer of Investment Centre Limited, Mr. Ifeanyi Odunwa, said  the market has  done exceedingly well with positive quantum leap in market indices and return of local investors to the market over the period.

“The market that defiled various corrective policies put in place since the meltdown years suddenly started responding positively on a sustained basis since his return as the NSE President. Dangote personifies investment, hard work, integrity, resilience, humility, the Nigerian can-do spirit, goodwill, transparency, trust and confidence which are necessary ingredients that positively drive a stock market,” Odunwa said.

“It is not a surprise that his experience, charisma and global contacts were brought to bear on the market coupled with the professionalism and hard work of the NSE management led by Oscar Onyema,” Odunwa added.

Speaking in the same vein, the Chief Executive Officer of Lambert Trust and Investment Company Limited, Mr. David Adonri, said the NSE has undergone transformation from a mono product capital market to that of multiple products offering.

 “Dangote has successfully restored a firm order to affairs of the NSE within the past one year including Board room crisis from the previous Council. The NSE is once more poised to taking its rightful position in the process of capital formation for the Nigerian economy,” Adonri said.

Dangote upon assuming his position as NSE president pledged his support to the management of the NSE with strong focus on transparency and good corporate governance; improving liquidity, turnover and size of the market; enhancing market efficiency by ensuring clearer and updated rules, processes and procedures; provision of world-class infrastructure and technology for our market and massive capacity building and rapid skill enhancement of the staff of the stock exchange and investor education.

Analysts say that the NSE has improved disclosure and governance level in the market, introduced market making, retail bond trading and raised the level of investor education with the support of the Council under Dangote’s leadership.

•Photo shows NSE President, Aliko Dangote.


Source: News Express

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