NSE set for big AGM as council’s president rounds off tenure

Indications have revealed that the Nigerian Stock Exchange’s may be up to a big 56th Annual General Meeting given that its current President of Council, Mr. Aigboje Aig-Imokhuede, will be rounding off his tenure.

In the published notice of the AGM, the bourse listed under special business to elect nine members into the National Council. From this list, it is expected that the Exchange would be electing for the first time two female council members – Mrs. Catherine 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.

This move, thus, is in line with the 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 members are females. This means the NSE is now paying close attention to the composition of its council to reflect gender balance.

The second pivotal change that may result post the AGM will be the election of a new council president. In the president’s statement published in the annual account, Aig-Imokhuede (the outgoing president), in his valedictory statement, said, “As I conclude my tenure as president of the national Council of the Nigerian Stock Exchange, it is with great sense of humility and fulfillment that I reflect upon the three memorable and fulfilling years of service in this prestigious role.”

Aig-Imokhuede later highlighted some of his achievements in office which includes historic profitability in 2014, strong corporate governance rating systems and robust rules to protect investors.

With the demutualisation of the NSE nearing completion, stakeholders see the feat as the most significant achievement of the administration.

The NSE has for several years attempted to become a demutualised Exchange without appreciable progress. Today, the Exchange’s demutualisation bill has passed second reading at both legislative chambers 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.

To celebrate the achievements of Aig-Imokhuede’s tenure as president of the National Council of the Exchange, a valedictory dinner will be held in his honour on September 25 in Lagos.

It is at this event that the new president will be unveiled to guests including several high-ranking public officials, Chief Executive Officers of quoted companies and dealing member firms, among others.

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