Dipo Olowookere
By Dipo Olowookere
A non-profit industry association established to accelerate the development of domestic securities exchanges and support the Nigerian capital market to achieve greater global competitiveness is to be launched tomorrow, August 8, 2018.
The unveiling of the group known as Association of Securities Exchange of Nigeria (ASEN) is scheduled to take place at the Nigerian Stock Exchange (NSE) event centre in Lagos.
Membership of the association currently includes AFEX Commodities Exchange (AFEX), FMDQ OTC Securities Exchange (FMDQ), NASD OTC Securities Exchange (NASD), Nigeria Commodity Exchange (NCX) and the NSE.
ASEN is Nigeria’s first association of domestic securities exchanges that is expected to help build a stronger capital market and cultivate a culture of mutual support and collaboration among stakeholders.
Special guests slated to attend the launch on Wednesday are Chairman of the House of Representatives Committee on Capital Markets and Institutions, Mr Yusuf Tajudeen; Acting Director-General of the Securities and Exchanges Commission (SEC), Mrs Mary Uduk; Director-General of Debt Management Office (DMO), Mrs Patience Oniha; Chairman of Heirs Holding (investors in AFEX Commodities Exchange), Mr Tony Elumelu; and President of National Council of NSE, Mr. Abimbola Ogunbanjo.
Commenting ahead of the unveiling, Chairman of ASEN board of trustees and CEO of NSE, Mr Oscar Onyema, described the establishment of ASEN as a bold step towards the actualization of that vision of becoming globally competitive trading venues.
“We are excited to launch ASEN, an association that will help build a stronger capital market and cultivate a culture of mutual support and collaboration among stakeholders.
“Global securities exchanges are responding to developments in the operating environment and competitive landscape, by establishing mechanisms for cooperation that position not only their businesses but their markets to become more attractive to investors.
“Nigerian securities exchanges must therefore embrace a broader collaborative effort to unlock new opportunities and efficiencies in view of increasing global competition.
“The establishment of this association is a bold step towards the actualization of that vision of becoming globally competitive trading venues,” Mr Onyema said.
On his part, a member of the board of trustees of ASEN and CEO, NASD Plc, Mr Bola Ajomale, stated that, “This event is the culmination of deliberate cooperation between the various exchanges in the Nigerian capital market.
“Collaboration between exchanges in this manner will ensure some level of uniformity and consistency in governance whilst allowing each member to continue along its natural trajectory.
“Ultimately key stakeholders in the Nigerian capital market; regulators, issuers, investors and operators, will be the real beneficiaries. We also believe the existence of such an association will significantly support market structure in Nigeria.”
Other distinguished members of the Board of Trustees, ASEN include: Mr Ayodeji Balogun (representing AFEX), Ms Zaheera Baba-Ari (representing NCX) and Mr Bola Onadele Koko (representing FMDQ).
