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Stockbrokers back Dangote's five-point agenda
August 18, 2009

AS part of strategies to improve transparency in the Nigerian capital market, Association of Stockbroking Houses of Nigeria (ASHON) has resolved to join hands with the newly elected President of the Nigerian Stock Exchange (NSE), Alhaji Aliko Dangote.

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 the NSE President, adding that it was in the interest of Nigerians.

"We 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 forward," said Yusuf.

Dangote had in his acceptance speech after the NSE election, recently, said during his tenure as president of the NSE, he would be guided by five key areas.

He identified the areas as transparency and improving governance of the market, improving the liquidity, turnover and size of the market, enhancing market efficiency by ensuring clearer and updated rules, processes and procedures, provision of world class infrastructure and technology and massive capacity building and rapid skill enhancement of the staff of the Exchange.

Dangote added, "Our zero tolerance regime will be emboldened to ensure speedy penalties on operators who flout our rules. Our surveillance, compliance and enforcement units will be further strengthened to ensure that they operate optimally. We will update our corporate governance rules not only for our listed companies but also for operators and the council itself because charity must begin at home".

The association also appealed to Dnagote to ensure its membership of the NSE council is increased 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 in his response, according to a press statement made available to The Guardian, told the visiting stockbrokers that the issue of more representation on the council would be looked into, adding that they are the major players in the stock market.

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 investors' confidence and increase market liquidity.

The NSE president was quoted as saying that the Stock Exchange is the brain box of any economy, adding that it must be supported by the government to help drive economic growth and prosperity.

"India and the United States 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," Dangote added.

On the issue of a new information technology platform for the Exchange, he confirmed that there are ongoing discussions to procure a new information technology platform and promised that the views of stockbrokers will be sought before a final decision is made.

The Guardian Newspapers, Tuesday August 18, 2009.

 

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