the President of the Nigerian Stock Exchange,
NSE has been described as a good omen for the
Nigerian capital market. it is expected that he will
bring his vast experience to bear, to surmount
some of the challenges facing the stock exchange
and the market in general
The new President came on board when the
stock market is gradually regaining investors'
confidence after the market crashed in 2009. The
crash of the Nigerian capital market was
unprecedented in its historic evolution since 1960.
The market capitalisation nose-dived from all
time high of N13.5 trillion in March 2008 to less
than N4.6 trillion by second week of January
2009. However, the market has regained about
195 per cent from when it crashed in 2009.
Market capitalisation is the total value of all
stocks quoted on the NSE and is derived by
multiplying the all prices of shares quoted on the
exchange and the issued shares of the
companies.
Besides, the All Share Index, ( a measure of the
general price movement ) also plummeted from
about 66,000 basis points to less than 22,000
points in the same period. However, the index
has regained over 19000 basis points from when
it crashed in 2009 to close last week at 41,103.94
points.
Some of the challenges that Aig-Imoukhuede are
expected to surmount include the actualisation of
1 trillion mark capitlistion,which the NSE has
set to achieve by 2016. It is an arduous task to
overcome as Nigerian stock market currently
lacks breadth and depth of securities.The
companies listed on the exchange have
inadequate capacity to take the market to that
level.
Other challenges before the new President include:
how to attract more companies to get listed on
the exchange; demutualization (public listing );
capitalisation of dealing members, enlightenment
programme ; product innovations, etc.
The issue of attracting more companies to list on
the NSE is receiving the Federal Government and
National Assembly support. There is a Private
Companies Conversion and listing Bill before the
National Assembly. The purpose of the Bill is to
compel private companies whose shareholders
funds exceed N40 billion or whose annual
turnover exceeds N80 billion or its total assets
exceed eighty billion, to convert to public liability
company and get its shares listed on the NSE.
The Bill has undergone second reading and soon
will go for public hearing.
Also, there have been concerted efforts by
government agencies to ensure that newly
privatized power companies are made to list on
the exchange.
It will be recalled that the NSE on Wednesday 24
September, officially install Aigboje Aig-
Imoukhuede as the President of the exchange. He
succeeded the out gone President and Africa's
richest man, Alhaji Aliko Dangote.
Notwithstanding the challenges, operators in the
market have shown their support for the new
President, who is expected to lift the exchange to
a new height.
Aig-Imoukhuede, the man, who is regarded as the
most famous alumnus of a Tier-1 Access Bank
Plc, has begun a tenure that many operators in
the Nigerian capital market see as one that will
provide a new and energizing chapter for the
exchange. This belief is largely founded and
driven by the fact that the man, who along with
his Deputy Managing Director and current Group
Managing Director/CEO of Access Bank, Herbert
Wigwe, transformed Access Bank to what it is
today. He is known for his deep and elaborate
application of innovative change management
principles, and particularly for bringing an exciting
leadership style in his many previous roles at the
top, the most famous of which is the
transformational leadership that took place in his
12 years at Access Bank.
Aig-Imoukhuede was instrumental to the
transformation of Access Bank. beginning with the
transformation of Access Bank from a lowly-rated
Nigerian bank into one of the leading African
financial brands with his deputy, Herbert Wigwe,
every of his touch and initiative delivered superior
value to stakeholders and the African continent.
Specifically, Aig-Imoukhuede, steered the affairs
of the Bank off the storm and turned the perennial
loss-making institution into a profit making
venture. Interestingly, in his first year at the
helms of affairs, the Bank recorded a Proftit
Before Tax, PBT of N1billion, an amount which
was more than the total profit recorded by the
Bank in its entire 13 years of operation before the
appointment of Aigboje and Herbert, which
marked the creation of value for the Bank's
shareholders.
Aig-Imoukhuede, is an exemplary business leader
whose achievements have earned other African
professionals the admiration and respect of the
international business community.
General expectation
After his retirement from Access Bank as Group
Managing Director in December 2013, general
expectation was that he would be named the next
Governor of the Central Bank of Nigeria, CBN
because of his excellent pedigree and
accomplishment. Aig-Imoukhuede is a noble and
extraordinary business leader with a special
capacity to inspire others to greatness.
A quintessential banker and outstanding manager
of resources, his uncanny ability to bring dreams
alive has earned him a pride of place in the
chronicle of successful corporate restructuring in
the world, and the transformation story of Access
Bank under his leadership was listed a case study
for MBA students in leading Business Schools
across the hemisphere.
Access Bank which is now credited with the most
successful growth trajectory in the history of
banking in Africa and perhaps in the emerging
markets was incorporated in February 1989 as a
privately owned commercial bank obtained a
banking licence and commenced business in May
1998.
Banking licence
The Bank was converted to a public limited
liability and was listed on the Nigerian Stock
Exchange in November 1998. Until March 2002
after the recapitalisation of the Bank when
Aigboje Aig-Imoukhuede was appointed by the
Bank's Board of Directors alongside his partner,
Herbert Wigwe who currently serves as the
Bank's Group Managing Director with a clear
mandate to reposition the Bank as one of
Nigeria's top 10 Banks by 2007 to salvage its
dwindling fortune.
Under the watchful eyes of Aig-Imoukhuede,
Access Bank emerged from 65th position in 2002
to rank amongst bank top 10 banks in Nigeria
before the banking consolidation. Subsequently,
the bank went ahead to acquire Capital Bank
International and Marina International Bank to
meet the capitalisation requirements.
Aigboje's acumen and resourcefulness have not
only nurtured his personal vision to success but
served the Nigerian nation in different capacities
and contributed significantly towards building a
better world for the habitation of mankind. Most
recently, Aig-Imoukhuede who is a member of the
National Economic Management Committee,
dedicated to shaping national economic policies
also served at the Chairman of the Fuel Subsidy
Verification and Repayment Committee.
Consistent with his reputation, he made success
of the herculean task which brought huge
discomfort to his family and threat to his life by
saving the country of a whooping sum of N1
trillion when he blocked the channels through
which our beloved country is fleeced of her
resources.
He toiled day and night, forensically combing
through paper works and activities of interested
parties with members of his committee, to
unravel the misery behind the yearly ballooning of
Fuel Subsidy Repayment that has consistently
seen it over-shooting budgetary provision
annually.Therefore, it is expcted that he will
contribute greatly to lift the exchange to a greater
height.
A team player, who does not take personal credit
for collective accomplishments, he openly
acknowledged the contributions of every member
of the presidential committee and their selfless
efforts at nation building.
An alumnus of the Harvard Business School and
law graduate of the University of Benin who
started his career in the Legal department of
Continental Merchant Bank discovered early
enough that he enjoyed making deals than doing
legal works, and quickly transited to core
banking. He spent over 19 years of professional
and senior management banking experience at
Guaranty Trust Bank (now GT Bank), where he
was Executive Director superintending the Public
Sector Group before resigning in February 2002 to
lead a team of other professionals to reposition
Access Bank for global recognition.
Global recognition
It will be recalled in Sandton, South Africa, at the
Johannesburg Stock Exchange, Aig-Imoukhuede,
who was then the First Vice President of the
Nigerian Stock Exchange, was on centre stage.
On the occasion of the third, Building African
Financial Markets Capacity Building Seminar
(BAFM), hosted by the Johannesburg Stock
Exchange (JSE) and African Securities Exchange
Association (ASEA), with the support of the World
Bank Group, he presented a keynote address
which touched on what seemed like a prelude to
what we can expect about the way he thinks the
financial markets, particularly stock exchanges
should work to create wealth in society.
In the address entitled: Africa Rising - The Role
of Securities Exchanges, Aig-Imoukhuede, lawyer,
consummate banker and a major player and
influential person in the Nigerian economy, could
not pass over an opportunity to express the
broadness of his thinking about the role of wealth
in society and how those who are in positions to
act can broaden their intervention in society.
He said: "As children, citizens and businessmen
and women of this amazing continent [Africa] that
is often referred to as the 'last frontier', we can
take from others' experiences, but we must do
what is right for the future of our nations and our
people.
"The world is getting flatter every day, and with a
soaring world population we must facilitate the
drive for wealth creation for our own people, while
providing the platform to which global savings
can be channeled. We must use this opportunity
to partner with each other, to enable us further
unlock our continent's growth potential, and
advance the development of our financial and
capital markets," he further said.
source is vanguard
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