Nigeria launches first Securities Exchanges Association

Salamatu Ejembi, Lagos

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Nigeria’s first association of domestic securities exchanges has officially been launched on wednesday at The Nigerian Stock Exchange event centre in Lagos.

Present at the Launch were;  the Chairman, House of Representatives Committee on Capital Markets and Institutions, Hon. Yusuf Tajudeen; Ag. Director-General of the Securities and Exchanges Commission (SEC), Mrs. Mary Uduk; Director-General, Debt Management Office (DMO), Mrs. Patience Oniha and the President, National Council of The Nigerian Stock Exchange, Mr. Abimbola Ogunbanjo.

In his welcome address, Chief Executive Officer (CEO), NSE, who is also Chairman, ASEN Board of Trustees, Mr. Oscar N. Onyema OON, said “This event is the culmination of deliberate efforts between the various exchanges in the Nigerian capital market to enhance our global competitiveness. ASEN is not only Nigeria’s premier exchange association–but also the world’s first example of a national exchange association. In coming together we had to ask ourselves tough questions relating to how we, as exchanges and businesses, can collaborate more closely to ensure the competitiveness of our market, and support the growth of individual members along their natural trajectories”. 

Onyema explained the purpose of the association saying “Coming together provides a wealth of benefits for the ecosystem. ASEN is poised to support and partner with market participants by advocating for enabling market policies; amplifying financial outreach and capacity-building efforts of member exchanges; and deploying emerging technologies that can unlock new opportunities and efficiencies in our market. Ultimately key stakeholders in the Nigerian capital market -regulators, issuers, investors and operators will be the real beneficiaries of our collaborative efforts. Like exchange associations, such as the WFE and ASEA, we hope that ASEN will provide a sterling example of the progress that can be achieved when forces combine to achieve positive change”. 

Mr. Bola Ajomale, Member, Board of Trustees, ASEN and CEO, NASD Plc.who gave the overview of the association 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.”

The event featured the official laying of ribbons by the members of the Board of Trustees in the persons of; Chairman, ASEN Board of Trustees, Mr. Oscar N. Onyema OON, Mr. Ayodeji Balogun (representing AFEX), Ms. Zaheera Baba-Ari (representing NCX), Mr. Bola Ajomale( representing NASD Plc) and Mr. Bola Onadele. Koko (representing FMDQ,which serves as the Secretariat of the Association).

The Association of Securities Exchange of Nigeria, ASEN, is 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.

ASEN was incorporated in 2017 as a non-profit industry association to support the advancement of the Nigerian capital market and the development of members via knowledge-sharing, collaboration, capacity-building and advocacy.

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 Nigerian Stock Exchange (NSE).

Ime N