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Market operators lauds Dangote's leadership of the NSE

By The Citizen
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Stock market operators in Nigeria has commended the President of the Nigerian Stock Exchange (NSE),Alhaji Aliko Dangote, for successfully returning the exchange to a path of bountiful growth and restoring investors' confidence in the market.

According to the operators, barely one year after Dangote's election, the market has recorded a strong rebound and growth with an increase in market capitalization by N5.202 trillion, and a 76% rise in All-Share Index over the period.

They said that the NSEhas fared better with an increase in the market capitalization from N6.712 trillion to N11.914 trillion by the close of trading last Monday and the ASI grew from 21,028.39 to close at 37,085.11

Commenting on the market performance over the last one year, a leading stockbroker and Chief Executive Officer of Investment Centre Limited, Mr. Ifeanyi Odunwa, said  the  market has  done exceedingly well with positive quantum leap in market indices and return of local investors to the market over the period.

'The market that defiled various corrective policies put in place since the meltdown years suddenly started responding positively on a sustained basis since his return as the NSE President.  Dangote personifies investment, hard-work, integrity, resilience, humility, the Nigerian can-do spirit, goodwill, transparency, trust and confidence which are necessary ingredients that positively drive a stock market'

'It is not a surprise that his experience, charisma and global contacts were brought to bear on the market coupled with the professionalism and hard work of the NSE management led by Oscar Onyema'Odunwa said.

Speaking in the same vein, the Chief Executive Officer of Lambert Trust and Investment Company Limited,  Mr. David Adonri, said  the  NSE has undergone transformation from a mono product capital market to that of multiple products offering.

'Dangote has successfully restored a firm order to affairs of the NSE within the past one year including Board room crisis from the previous Council. The NSE is once more poised to taking its rightful position in the process of capital formation for the Nigerian economy,'Adonri said.

Dangote upon assuming his position as NSE president pledged his support to the management of the NSE with strong focus on transparency and good corporate governance; improving liquidity, turn-over and size of the market; enhancing market efficiency by ensuring clearer and updated rules, processes and procedures; provision of world-class infrastructure and technology for our market and massive capacity building and rapid skill enhancement of the staff of the stock exchange and investor education.

Analysts declared that the NSE has improved disclosure and governance level in the market, introduced market making, retail bond trading and raised the level of investor education with the support of the Council under Dangote's leadership.