Aig is NSE president-in-waiting as Dangote steps down

Former Group Managing Director of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, is in line to step in as the new president of the Nigerian Stock Exchange (NSE) Council.

President of Dangote Group of Companies, Alhaji Aliko Dangote, on Monday informed the NSE council of his desire to step down, thereby paving the way for Aig-Imoukhuede, who is the First Vice-President of the council.

Dangote said that his decision was informed by the need for him to focus on his company’s expansion drive in Africa, as this would free him to properly position his varied interests on the continent.

Dangote, whose tenure should expire, next year is the first president of the council to step aside before the expiration of his tenure.

It is likely that the handover of baton will take place during the annual general meeting of the NSE in July this year.

The industrialist whose group of companies, comprising Dangote Sugar, Dangote Flour Mills, Dangote Cement and Dangote Oil account for about 30 per cent of market capitalisation, was elected the 17th president of the NSE in August 2009.

According to analysts, Dangote’s departure will not negatively affect the market as his successor, Aig-Imoukhuede, has been on the council for over a year and “has the capacity to provide the right leadership for the NSE”.

As the immediate past managing director of Access Bank, Aig-Imoukhuede, through structured acquistions, saw the bank’s rapid rise to rank among Nigeria’s Tier 1 banks.

In 2012, he won the 2011 Ernst & Young West Africa Entrepreneur of the Year Award and was recently conferred with the prestigious African Banker Award by the African Banker Magazine.

He is an alumnus of Harvard Business School’s Executive Management Programme. He holds LLB and BL degrees from the University of Benin and the Nigeria Law School respectively.

Aig- Imoukhuede was elected first vice-president of the council in May 2013.

The council of the NSE is made up of 14 members, consisting of the president, the Chief Executive Officer (currently Oscar Onyema) , and other members, including representatives of dealing member firms, who are highly qualified in their respective professions with a wealth of diverse experience.