Aigboje Aig-Imoukhuede to Become NSE Council President, as Dangote Steps Down

Africa’s richest man and president of Dangote Group, Alhaji Aliko Dangote says he will resign as President of the Council of the Nigerian Stock Exchange (NSE) before the end of his tenure to focus on expanding the footprints of his company in Africa.  Alhaji Dangote, who became the 17th president of the bourse in August 2009, intends to step down during the Exchange annual general meeting in July, before the end of his three year tenure.

He will hand over to former Group Managing Director/CEO of Access Bank Plc and First Vice-President of the council, Mr Aigboje Aig-Imoukhuede whom he says will “ensure that the exchange continues to have a good relationship with the market regulator and others in government.”  Dangote, whose cement company is the largest capitalized company on the Nigerian Stock Exchange, told Nigerian daily, ThisDay, that he wants to focus on his businesses to properly position his varied interests on the continent.

Dangote was quoted as saying, “I have decided to step down before my tenure expires next year, irrespective of the fact that my companies on the exchange account for about 30 percent of market capitalization… This would enable me focus on my expansion drive in several African countries and allow a new leadership to steer the ship of the NSE.”

He hopes that the incoming president will conclude the demutualization of the bourse.  Dangote said the council has “already published a request for proposal (RFP) asking advisory firms to express interest to advise the exchange on its demutualization.”  When demutualized, the NSE will become a profit-making entity, which could be listed on itself as well as on other Exchanges around the world.

Source: Ventures Africa