Executives of the Association of Stockbroking Houses of Nigeria paid a courtesy visit to newly elected President of the Nigerian Stock Exchange [NSE], Alhaji Aliko Dangote, where they offered resolute support to his presidency of the Exchange.
Chairman of the association, Alhaji Rasheed Yusuf who led a nine-man delegation to the office of Dangote, said the association fully supports the five-point agenda of President of NSE which he made in his acceptance speech when he won the election.
He said: â€œWe cannot but pledge our support at all times to your leadership of the Exchange, and declare our readiness to collaborate with you to ensure your success in this all important task of moving the Exchange forwardâ€.
Some of the key requests of the association include more representation on the council of the Exchange from the current seven to nine dealing members, and the involvement of the association in the transformation of the Exchange in selecting their representatives.
Dangote informed the visiting stockbrokers that the issue of more representation on the Council would be looked into particularly against the fact that they are the major players in the stock market.
Alhaji Aliko Dangote also promised to focus on increasing the liquidity of the market by ensuring that the NSE and stockbrokers will engage all other important stakeholders in the Nigerian economy to implement a plan that would improve investor confidence and increase market liquidity.
He remarked that the Stock Exchange is the brain box of any economy and must be supported by the government to help drive economic growth and prosperity. He said :â€India and the US are already reaping the benefits of government intervention in their stock markets, and I strongly believe the government can be of immense help to re_ignite our market.â€
On the issue of a new Information Technology platform for the Exchange, he confirmed that there are ongoing discussions to procure a new IT platform and promised that the views of stockbrokers will be sought before a final decision is made.
The stockbrokers discussed the issue of the ongoing enterprise transformation process currently undertaken by the NSE and their desire to participate in the process. They reminded the president that it was when stockbrokers took ownership of the CSCS process 12 years ago that the project began to gain acceptance. The president assured the stockbrokers that he will discuss with the management of the Exchange and encouraged more broker participation in the process of transforming the NSE.
Both parties agree that harmonious decisions by all stakeholders are required on all the major areas around the five key points raised by Dangote to move the market forward.