Alhaji Aliko Dangote

The President of the Nigerian Stock Exchange (NSE) Alhaji Aliko Dangote, has assured investors that their investments in the nation’s capital market would be protected.

Speaking at the 51st Annual General Meeting (AGM) of the exchange last Friday, he said “Under my leadership and with the support of members of the Council, the Council of the exchange will continue to work to further the interest of the exchange and protect the capital market.”

Meanwhile, a look at the market between when Dangote was reinstated as president and last Friday, the market has recorded a growth of N1.569 trillion in market capitalisation, while the NSE All-Share Index (ASI) jumped by 23 per cent in the same period.

Dangote was reinstated as the President of the NSE on June 15, 2012 following an Appeal Court ruling in Lagos. Between the time of his reinstatement and last Friday, the ASI has appreciated 21,184.58 to 26,011, while the market capitalisation equities soared by N1.569 trillion from N6.713 trillion to N8.282 trillion.

According to market operators the harmony that has existed among the members of the Council and staff members of the Exchange has encouraged more investors to patronise the market.

They noted that expectations that Dangote would bring his wealth of experience to bear in turning around the fortune of the Exchange and international connection to attract foreign investors into the market have also boosted the performance of the market.

When he was reinstated, Dangote had said his priority would be to continue with the reforms started by the present NSE chief executive officer, Mr. Oscar Onyema, improve governance and transparency, and restore confidence in the market. The NSE president added that he would accord stockbrokers their right place on the Council.

Brokers noted that the support the Council, under Dangote, had given to the management of the exchange had helped in the successful implementation of the some of the new initiatives in the market.