As the Nigerian Stock Exchange prepares to host its 56th Annual General Meeting, there are strong indications that this will be a pivotal meeting in many respects.
In the notice of the AGM published in ‘BusinessDay on Friday, August 25, 2017, the exchange-listed under the Special Business to elect nine members into the National Council. From this list, it appears the Exchange will be electing for the first time two female council members – Mrs Catherine Nwakaego Echeozo and Erelu Angela Adebayo.
The last female to sit on the National Council of the NSE was Mrs. Yemisi Ayeni who served between 2012 and 2015. This step bodes well for NSE’s quest to improve gender equality on its Council. According to the 2016 Sustainability report of the Exchange, more than 33% of its staff are female.
It appears the NSE is now paying close attention to the composition of its Council to reflect gender balance.
The second pivotal change that may result post the AGM will be the election of a new council president.
In the President’s Statement published in the Annual Account, outgoing President Mr Aigboje Aig-Imokhuede, CON opened his valedictory statement as thus “As I conclude my tenure as President of the national Council of the Nigerian Stock Exchange, it is with great sense of humility and fulfilment that I reflect upon the three memorable and fulfilling years of service in this prestigious role”.
Mr Aig-Imokhuede later highlighted some of his achievements in office which includes, historic profitability in 2014, strong corporate governance rating systems, robust rules to protect investors, to mention a few. Perhaps what will be the most significant achievement of Imokhuede will be steering the demutualization of the NSE to near completion.
NSE has for several years attempted to become a demutualized Exchange without appreciable progress. Today, the Exchange’s Demutualization bill has passed second reading at both legislative chambers and a public hearing held.
It is expected that upon resumption of legislative duties, the report of the public hearing will be presented and the bill will continue its positive trajectory.
To celebrate the achievements of Imokhuede’s tenure as President of the National Council of the Exchange, a valedictory dinner will be held in his honour on September 25th 2017 at Oriental Hotel, Lagos.
It is at this event, that the new President will be unveiled to guests which will include several high ranking public officials, CEOs of quoted companies, dealing member firms to mention a few.