News Column

Stakeholders Hail Dangote's Contributions to Stock Market

May 14, 2014



The Nigerian bourse recorded an increase of 1.02 per cent yesterday even as some market operators and shareholders hailed the announcement of the change in baton in the presidency of the Nigerian Stock Exchange (NSE).

The Chairman of Dangote Group of Companies and President of NSE Alhaji Aliko Dangote announced his decision to step down on Monday, while the First Vice-President and former Group Managing Director/CEO of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede will take over as new president of the Nigerian bourse in July.

Although the tenure of Dangote ought to end next year, he decided to step down to pursue the expansion of his business. The market grew by 85 per cent under his watch.

A stockbroker and Managing Director of Lambert Trust and Investment Company Limited, Mr. David Adonri said that under Dangote the market achieved spectacular performance.

"Some of us have wished he could even continue for another term. But he has decided to step aside. All in all, he has done well and we are sure that his successor will move the market to the next level," Adonri said.

In his opinion, the President of Association for the Advancement for the Rights of the Nigerian Shareholders (AARNS), Dr. Faruk Umar, shareholders enjoyed Dangote's tenure because it brought growth and stability to the market.

"During his time, the market improved tremendously. He has led by example, bringing some of his companies to list in the market and they account for about 30 per cent of the market. Besides, his decision to step down is worthy of emulation. It shows that he has put a good succession plan in place," Umar said.

A council member, who spoke on the condition of the anonymity said: "The entire members of the Council accepted the decision of the Dangote and we believe he will still make wonderful contributions.

"And we have confidence in Aig-Imoukhuede, who is coming as the new president. He has spent some time on the council and equally has a solid background in the running of corporate organisations."


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Source: AllAfrica


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