56th AGM: NSE Gets’ Nine New Council Members

…As Dangote, Aig-Imoukhuede others bows out

… Abimbola Ogunbanjo to Emerge New President

… Generated Revenues down 31%

The Nigerian Stock Exchange (NSE) has elected nine new council members to the board to help pilot the affairs of the Exchange in the next two years.

The new council members who emerged on Monday at the NSE’s 56th Annual General Meeting (AGM) held at the NSE Event Centre, Lagos, include Mr. Oluwole Adeosun, Mr. Kamarudeen Oladosu, Mr. Yomi Adeyemi, Mr. Seyi Osunkeye, Mr. Chidi Agbapu, Mr. Patrick Ajayi, Mrs. Fatimah Bintah Bello–Ismail, Mrs. Catherine Nwakaego Echeozo and Erelu Angela Adebayo

Also, Mr. Aliko Dangote, Mr. Aigboje Aigimoukhuede (The NSE President), Engr. Muhammad Daggash,  Dr. Umaru Kwairanga , Mr. Kayode Falowo, Mr. Michael Osime, Mr. Oluwole Abegunde, Mr. Dunama Balami and Mr. Oladipo Aina have bowed out of the board of the Exchange.

Meanwhile, Abimbola Ogunbanjo who is the 1^st Vice President of the NSE and was re-elected yesterday is being touted to emerge the new NSE President if precedent at the Exchange is to be maintained.

During the AGM, the Financial Statements of The Exchange as at 31 December 2016 and the reports of National Council and Auditors were presented to the members as part of the Ordinary Business of the day.

Speaking at the Annual General Meeting, the President of the National Council of the NSE, Mr. Aigboje AigImoukhuede, stated that “despite the economic headwinds in 2016, the Group level of the NSE remained profitable with an operating surplus of N27.45 million. The Exchange generated revenues of N4.46 billion, down 31% from the previous year, reflecting bearish sentiments prevalent in the market in 2016”.

Mr. Aig-Imoukhuede commended the Council and Management of the Exchange for their cost containment efforts and their diligent approach to budgeting which saw total expenses decline by 12% year-on-year without affecting The Exchange’s high operating standards and service quality.

According to the Chief Executive Officer of NSE, Mr. Oscar N. Onyema, the NSE demonstrated resilience through the economic and market downturn as investors reacted to prolonged macro-economic uncertainty.

“As at December 31 2016, the NSE’s total assets stood at N22.79billion, with approximately N9.73billion (43%) held in liquid assets and an accumulated fund of N19.31billion, to close the year with a sound liquidity position and strong balance sheet”.

“The Exchange has delivered strong and broad-based results which strengthen our foundation for long-term prosperity, and will drive growth in the near-term. We will continue to adapt to stakeholder needs in the evolving business climate, developing innovative and diverse products that perform well in different market conditions, while maintaining a regulatory framework that engenders confident investors”, Mr. Onyema added.

Photo Caption:

From Left: Mr. Abimbola Ogunbajo, First Vice President, The Nigerian Stock Exchange (NSE); Alhaji Aliko Dangote, ex-officio, NSE; Oscar N. Onyema, Chief Executive Officer, NSE;  Mr. Aigboje Aig-Imoukhuede, President, NSE and Mojisola Adeola, Council Secretary, NSE at the Annual General Meeting (AGM) on Monday in Lagos.