ASEN Nigeria Launch: NSE, NASD, FMDQ, AFEX Collaborate to Deepen Nigerian Capital Market

Proshare

Wednesday, August 08, 2018 7.45PM / Proshare WebTV 

The Nigeria Stock Exchange in collaboration with NASD OTC, FMDQ OTC, Nigerian Commodity exchange and AFEX Commodity exchange, today took a significant step in advancing the capital market ecosystem, with the official launch of the Association of the Securities Exchanges of Nigeria in Lagos. 

This was a strategic development designed to bring synergy across the exchanges in the market, to reposition Nigeria as a key economic hub in the African region and the Globe. 

Incorporated in 2017, ASEN Nigeria a Not-For-Profit organization Industry association to support the advancement of the Nigerian capital market and the development of members via knowledge sharing, collaboration, capacity-building and advocacy. 

Giving his opening remarks the Chairman, ASEN Nigeria Mr Oscar Onyema(CEO, NSE) said “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”. 

Onyema stated that ultimately the key stakeholders in the Nigerian capital market, which are  regulators, issuers, investors and operators will be the real beneficiaries of our collaborative efforts. 

Speaking further Onyema asserted that the launch of ASEN, is the culmination of deliberate efforts between the various exchanges in the Nigerian capital market to enhance the country’s  global competitiveness. 

According to him “ASEN is not only Nigeria’s premier exchange association– but also the world’s first example of a national exchange association”. 

The Acting Director-General of the Securities and Exchange Commission Mary Uduk in her remarks commended the NSE for laying the framework and the key players for collaborating to form ASEN Nigeria. She harped on the need for healthy competition, which will deepen the market. 

CEO of the NASD OTC Mr Bola Ajomale described ASEN as a single cohesive group to drive the Nigerian capital market and present credible market information in a holistic manner. 

Notable stockbroker Mr Olutola Mobolurin charged ASEN to work towards uplifting the Nigerian economy by developing the domestic market and mobilizing savings. 

Highlights of the event was the presentation of the colour symbols of the securities exchanges, to signify the capital market alliance. 

The objectives of  ASEN Nigeria include; 

1.Provide a forum where exchanges in Nigeria can meet and discuss matters of common interest.

2.Advocate for policies and laws that protect the interest of exchanges in Nigeria

3.Promote cooperative working between members exchanges

4.Collect and share information resources e.g publications, research, and website

5. Build capacity of the Nigerian capital market by collaborating to offer professional development activities to the Nigerian capital market.

6.Undertake growth projects targeted at benefitting member exchanges and the Nigerian capital market

7. Promote cooperation among members exchanges on cost saving activities

8. Promote and encourage best practice amongst member exchanges

9. Cooperate with and exchange information with international associations that have similar aims and objectives

 

The ASEN Board of Trustees has Mr Oscar Onyema, Chairman (CEO, NSE), Mr Abimbola Ajomale, Trustee (CEO, NASD OTC), Mr Bola Onadele, Koko Trustee (CEO, FMDQ OTC), Mrs Zaheera Baba-Ari, Trustee (MD/CEO, Nigeria Commodity Exchange) and Mr Ayodeji Balogun, Trustee (Country Manager, AFEX Nigeria).


Proshare Nigeria Pvt. Ltd.

 
Proshare Nigeria Pvt. Ltd.

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