** Dangote Becomes 17th President Of The NSE ** - Investment - Nairaland
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| ** Dangote Becomes 17th President Of The NSE ** by knzguru(m): 8:34pm On Aug 06, 2009 |
NSE Council: The New Leadership Emerges Lagos, Nigeria, August 6, 2009 1340hrs: The Nigerian Stock Exchange successfully held its 48th Annual General Meeting at a well attended event where all the past presidents and distinguished members of the investment community and dealer members showed the clearest indication of their determination to move the market forward. Dr. Oba Otudeko, OFR, the outgoing President of the council of the stock exchange conducted a flawless meeting which proshare streamed live from the venue - http://www.proshareng.com/newsletter/avp.php At the end of the day, the following officers were appointed to lead the council of the Nigerian Stock Exchange: 1. Alhaji Aliko Dangote, CON former 1st Vice President now becomes the President 2. Chief Reginald Abbey-Hart,JP, former 2nd Vice President now becomes the 1st Vice President 3. Dr. Erastus B. O. Akingbola, MON, former Chairman of the Lagos/Ibadan Branch/Zone now becomes the 2nd Vice President At the AGM, the outgoing president commended the role played by the Director General/CEO of the Nigerian Stock Exchange; Prof. (Mrs) Ndi Okereke-Onyiuke, PhD, OON in stabilising the markets during the difficult times it is in. The new president in his first remarks equally thanked the amazon of the exchange, for her tireless work and the exchanges desire to embrace reforms. Finally, The subject of de-mutualisation and de-materialisation was equally laid to rest as the exchange confirmed that these two initiatives is still on-going and would be presented to the market once on-going discussions with the Securities & Exchange Commission is concluded. Today represents a significant day in the annals of the exchange. We however retain a watching brief. |
| Re: ** Dangote Becomes 17th President Of The NSE ** by knzguru(m): 8:37pm On Aug 06, 2009 |
More on: Dangote is the NSE President http://www.proshareng.com/news/singleNews.php?id=7312 NSE Council: The New Leadership Emerges http://www.proshareng.com/news/singleNews.php?id=7314 |
| Re: ** Dangote Becomes 17th President Of The NSE ** by knzguru(m): 8:42pm On Aug 06, 2009 |
How the news broke: Live from the AGM and Council Elections Nigerian Stock Exchange. First of its kind minute by minute update on the NSE AGM (A Proshare - MBC network Collaboration) Reporters: Olufemi Awoyemi, Proshare Bolson Omafaye, MBC Report by FA @ 11:16am We are now at the exchange preparing to start the live feed as pre AGM formalities get underway. The first development is a controversy over whether the press should come in. -------------------------------------------------------------------------------- Report by BO @ 11:18am NSE AGM starts formally at 11:16am. All council members in attendance. -------------------------------------------------------------------------------- Report by FA @ 11:18am The meeting starts. A quorom has been formed and the meeting commences -------------------------------------------------------------------------------- Report by FA @ 11:19am The outgoing president apologises to the press and informs all that a full recording of proceedings will be made available. Ground rules are being spelt out. -------------------------------------------------------------------------------- Report by FA @ 11:21am Introduction of members of the council begins with Ndi and Aliko and others, -------------------------------------------------------------------------------- Report by FA @ 11:26am It is a full house and we observe Goodie Ibru is present on the high table just as Abdul Razak, former president is there. The name of Aliko Mohammed, former president is also announced. The heavy weights are in town. -------------------------------------------------------------------------------- Report by FA @ 11:27am Tension rises in the hall as the air of expectation rises. The secretary of council rises to read the notice of meeting -------------------------------------------------------------------------------- Report by BO @ 11:29am Three ex-presidents in attendance viz- Goodie Ibru, Alh Abdul Razaq and Alh Aliko Mohammed -------------------------------------------------------------------------------- Report by FA @ 11:31am The Auditors are now invited to present the annual audited accounts on pages 21 -35 of the annual reports, The mic is acting up. -------------------------------------------------------------------------------- Report by FA @ 11:32am Agenda - To recieve accounts and the election of council members. -------------------------------------------------------------------------------- Report by FA @ 11:33am Why are audit report such a bore? it is ended -------------------------------------------------------------------------------- Report by BO @ 11:35am NSE outgoing president now delivering his welcome address including recent developments. Reading a prepared text. -------------------------------------------------------------------------------- Report by FA @ 11:38am The outgoing president is about to present his address which he warns will address recent developments in the exchange. Hmmm. -------------------------------------------------------------------------------- Report by BO @ 11:39am Oba Otudeko reviewing the national economy. Says inflation at 13.85%. -------------------------------------------------------------------------------- Report by BO @ 11:48am Otudeko says market transaction at july ending recorded 56.31 billion shares, worth 373.93 billion naira down from july 2008, met shares value of 1.92 trillion naira. -------------------------------------------------------------------------------- Report by FA @ 11:56am The president is optimistic that recent developments indicate that lost ground is recoverable. He is pleased that foreign investors are returning based on the low pricing of our stocks and prospect for gains. -------------------------------------------------------------------------------- Report by FA @ 11:57am The outgoing president is still talking and doing a good job of it. Is anyone in the knowledge of what is happening on the trading floor? The president just mentioned the battered investors confidence in reference to the financial loss suffered. -------------------------------------------------------------------------------- Report by BO @ 12:00 noon The exchange reported 10.921 tn naira in the over-the-counter bond trading as at july ending 2009 while equities posts just 373.9 bn value. -------------------------------------------------------------------------------- Report by FA @ 12:01pm Five council members will be retiring at the end of this meeting. -------------------------------------------------------------------------------- Report by FA @ 12:03pm President Otudeko comfirms that the bearish nature of the market due to global downturn has not been helped by the issues affecting the banks. -------------------------------------------------------------------------------- Report by FA @ 12:05pm The road to recovery will be challenging says the president. -------------------------------------------------------------------------------- Report by FA @ 12:07pm The conclusion - This is my last AGM, said the president. Nothing new in that. Speech was measured but largely routine, I guess that is because these events are more of a ritual. Has anyone commented about trading? -------------------------------------------------------------------------------- Report by FA @ 12:13pm The president says that the exchange has invested in the software to detect price manipulation in the market. He wants to discuss the transition now. -------------------------------------------------------------------------------- Report by FA @ 12:13pm He quotes Warren Buffet about not taking financials seriously and all that. Quite apt or rather ironic. An emotional departure with a choke in his voice, he expresses gratitude to all. -------------------------------------------------------------------------------- Report by FA @ 12:20pm Noteworthy is that there was a round of applause only when he called for one. He is leaning towards an appeal to promote the positives about the exchange. He finishes the speech to an applause. -------------------------------------------------------------------------------- Report by FA @ 12:20pm We now move to the order of the day. The report is formally laid before the members for adoption after questions have been taken. -------------------------------------------------------------------------------- Report by BO @ 12:28pm Otudeko says actors come and go but institutions, processes and integrity tower above all of us. He urges all to extend support to new exchange president, keep it sacred, peaceful, protect it and be faithful to its mission, enhance its confidence. -------------------------------------------------------------------------------- Report by FA @ 12:29pm Pa Samuel Daniels is addressing the house and specifically addressed the non reference to the issue of de-mutualisation for which the DG had informed the public, has been suspended. We await the response. -------------------------------------------------------------------------------- Report by FA @ 12:29pm The doyen of the stock exchange is giving thanks to the president and quotations committee members. He affirms that de-mutualisation is on-going. It will happen. -------------------------------------------------------------------------------- Report by BO @ 12:31pm Otudeko says we have finally settled to resolve all issues in the best and enduring interest of a stable market. -------------------------------------------------------------------------------- Report by FA @ 12:35pm The DG responds that the step aside on the dematerialisation and demutualisation was deliberate to allow further discussions with SEC, the matter is thus settled. There is a whole lot of market education and enlightenment to be done. The president is adding a few words. Can we get back to the financials? -------------------------------------------------------------------------------- Report by BO @ 12:38pm The stock exchange says liquidity crisis reduces primary market issues at a total naira value of 145.5 bn at july ending against 1.57 tn same period 2008. -------------------------------------------------------------------------------- Report by FA @ 12:42pm The md of ICON stockbrockers makes an intelligent observation about the prudence required to make the operations more efficient. The DG provides a cognent explanation and defends the figures. -------------------------------------------------------------------------------- Report by FA @ 12:45pm The motion is moved and seconded by a dealing member, Foresight Securities and with a voice vote. It is unanimously carried -------------------------------------------------------------------------------- Report by BO @ 12:57pm Concluding the AGM, Oba Otudeko praised the resilience of stock exchange. -------------------------------------------------------------------------------- Report by FA @ 12:58pm Now the big one. The election of a new council president is going to happen vide a council meeting that would take place after the AGM. We will welcome the break and come back once we get a feedback upon the conclusion of the exercise. The meeting comes to an end. -------------------------------------------------------------------------------- Report by FA @ 12:59pm The reelection of council members is also done and approved. -------------------------------------------------------------------------------- Report by FA @ 12:59pm We now move to the issue of election of members. Retiring members are congratulated while five members who were co opted now stand for election. The election of these men are put to motion through a single resolution and it is unanimously passed and are now bona fide members. -------------------------------------------------------------------------------- Report by FA @ 1:45pm Breaking News: Dangote is the NSE PRESIDENT. A formal announcement to follow by the DG and new President within the hour. A new dawn begins |
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