Mr. Abimbola Ogunbanjo on Monday emerged President of National Council of the Nigerian Stock Exchange (NSE). He replaced Mr. Aigboje Aig-Imoukhuede who has completed his three-year tenure.
Ogunbanjo was elected at The Exchange’s National Council meeting held immediately after its 56th Annual General Meeting on September 25, 2017.
Meanwhile, Mr. Aig-Imoukhuede will continue to serve on the National
Council as an ex-officio member pursuant to The Exchange’s Article of Association.
Mr. Ogunbanjo joined the National Council of The Exchange in 2011 and has been the First Vice President since 2014. He is the Chairperson of the Demutualization Advisory Committee of the NSE. He currently serves as the Managing Partner of the renowned leading corporate law firm of Chris Ogunbanjo & Co (Solicitors).
Mr. Ogunbanjo serves on the boards of several multinational corporations and non- profit organizations including Beta Glass PLC and the Advisory Board of the University of Buckingham Centre for Extractive Studies. He is the former Country Director and Legal Adviser of the oil giant ConocoPhillips and oversaw the recent divestment of the corporation’s upstream assets in Nigeria.
He is a member of the International Bar Association, Nigerian Bar Association, Institute of Petrol registered Capital market consultant with the Securities and Exchange Commission, Nigeria. Mr. Ogunbanjo acquired his first degree in Business Administration with Honours from the prestigious American College of Switzerland, Switzerland. He proceeded to the University of Buckingham, Buckingham where he obtained his law degree.
In the same vein, Mr. Abubakar Balarabe Mahmoud SAN, current President of the Nigerian Bar Association (NBA) and one of the founding partners of the law firm of DIKKO & MAHMOUD was elected as First Vice President while Mrs Catherine Echeozo (Former Deputy Managing Director of GT Bank) was elected as Second Vice President.
Commenting on the recent development, Mr. Aig-Imoukhuede said, “I am delighted that our robust succession planning framework has ensured the emergence of a worthy successor in the person of Mr. Abimbola Ogunbanjo. His background as a legal practitioner and successful corporate player combined with years of meritorious service as a Council member has equipped him with the knowledge and experience required to take the Exchange to higher levels of performance and development”.
The Chief Executive Officer of the NSE, Mr. Oscar N. Onyema, OON, thanked the outgoing President, Mr. Aig-Imoukhuede for his immense contributions, commitment and distinction in service. “Mr. Aig-Imoukhuedebrought hands-on experience and business expertise to the Council which contributed to the development of the Exchange despite the harsh economic and policy environment that characterized his tenure”.
He also said that “The election of Mr. Ogunbanjo brings continuity and ensures that The Exchange will continue to deliver on its strategic objectives. NSE has already benefitted greatly from his broad experience and his contributions as the First Vice President of our Council. I look forward to working closely with Mr.
Ogunbanjo in our journey to becoming Africa’s foremost securities exchange”.
The new Council President, Mr. Abimbola Ogunbanjo said “I am honoured to be elected President of the National Council of The Exchange. Taking the reins of leadership of this foremost Exchange is made easier by the transformational groundwork laid by my predecessor. I would like to thank the outgoing Council led by Mr. Aig-Imoukhuede for their stewardship of the Exchange over the last three years”.
“I have worked closely with my predecessor in pursuing our collective vision and building a world class exchange. Together with the other Council members I now look forward to the successful implementation of the transformative initiatives articulated in our 2018 – 2021 corporate strategy”.
Chartwell Securities Limited (Represented by Mr. Oluwole Adeosun); Equity Capital Solutions Limited (Represented by Mr. Kamarudeen Oladosu); Fortress Capital Limited (Represented by Mr. Yomi Adeyemi); Pilot Securities Limited (Represented by Mr. Seyi Osunkeye); Planet Capital Limited (Represented by Mr. Chidi Agbapu); Woodland Capital Markets Plc (Represented by Mr. Patrick Ajayi); Katsina State Investment & Property Development Co. Limited (Represented by Mrs. Famah Bintah Bello–Ismail); Mrs. Catherine Echeozo; and Erelu Angela Adebayo were elected as Council members during the AGM.
The governance of The Exchange is vested in its Council which directs The Exchange’s business and financial affairs, strategy, structures and policies; monitors the exercise of any delegated authority; and challenges and issues relating to corporate governance, corporate social responsibility and corporate ethics.
According to the Chief Executive Officer of NSE, Mr. Oscar N. Onyema, OON, the NSE demonstrated resilience through the economic and market downturn as investors reacted to prolonged macro-economic uncertainty. “As at December 31 2016, the NSE’s total assets stood at N22.79billion, with approximately N9.73billion (43%) held in liquid assets and an accumulated fund of N19.31billion, to close the year with a sound liquidity position and strong balance sheet”.
“The Exchange has delivered strong and broad-based results which strengthen our foundation for long-term prosperity, and will drive growth in the near-term. We will continue to adapt to stakeholder needs in the evolving business climate, developing innovative and diverse products that perform well in different market conditions, while maintaining a regulatory framework that engenders confident investors”, Mr. Onyema added
