THE emergence of Mr. Aigboje Aig-Imoukhuede as 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.