Alhaji Aliko Dangote is a Nigerian, an entrepreneur, the richest man in Africa and indeed one of the richest in the world according to Forbes.  The world of business will never be complete without a mention of Alhaji Aliko Dangote.  He is a business mogul whose hands have been seen in every enterprising pie in Nigeria and indeed most African countries.  His is into the business of transportation, flour mills, agro sacks, cement. sugar, salt, etc.

The effects of the global financial meltdown and the subsequent massive outflow of investments from the Nigerian stock market led to a precipitous slide in the value of securities in the market. This is not peculiar to the Nigeria stock market, as the stock market worldwide were also negatively affected by the meltdown. However, the slide in the markets have greatly shaken investors’ confidence in the markets.  On August 6, 2009 the Council of Nigerian Stock Exchange took a decisive decision to effect a change of leadership in the Council.  This was done through a democratic process that saw the Exchange electing the richest man in Africa and indeed one of the richest in the world, Alhaji Aliko Dangote, as 17^th President of the Nigerian Stock Exchange.  Alhaji Aliko Dangote was the 1^st Vice President and according to the Exchange’s rules and regulations, he was unanimously elected as the 17^th President of the Nigerian Stock Exchange. Analysts saw his election as a new dawn in the Nigerian Stock Exchange.

After the election of Alhaji Aliko Dangote as the new President of the Nigerian Stock Exchange, he immediately gave an acceptance speech with the following 5-point agenda which will guide him and his team during their tenure:

1. Transparency and improved governance of the market.

2. Improving the liquidity, turnover and size of the market.

3. Enhancing market efficiency by ensuring clearer and updated rules, processes and procedures.

4. Provision of world class infrastructure and technology for our market.

5. Massive capacity building and rapid skill enhancement of the staff of the Stock Exchange and investor education.

Part of his acceptance speech read:

“One of my main tasks will be to begin to restore the confidence of our battered and disillusioned investors once again in the market.

If the Stock Exchange and its dealing members must continue to remain viable economic units, we must make sure that we increase the liquidity and turnover in the market. One of my first mission will be to lead and intensify discussions with other relevant parties in the economy to put in place a plan to improve the liquidity and turnover in our market particularly in the secondary market.

I will ensure that we strictly implement the ongoing enterprise business transformation exercise which is aimed at improving the efficiency in the operations of the market and update the entire business processes of the Stock Exchange. I am aware that the business transformation team is currently working on the detailed operating process for each business unit of the Nigerian Stock Exchange. What is left is to ensure that market rules are reviewed, aligned and harmonized with issuance and trading practices and technology. Given the recent world wide experience, risk issues have not come to the fore in all markets. We have no choice than to increase our focus on all risk issues that are likely to affect our market.

Stock Exchange business is driven by skills and ideas, our staff must at all times are abreast of development in global capital markets and stay ahead of the market they supervise.

We realize hat investors have option on where they can invest their savings our challenge therefore is to ensure that our market is continuously competitive and attractive to investors and issuers alike.

My fellow colleagues the task of taking our markets to the next level will undoubtedly be quite daunting but I believe that with your cooperation and that of the management of the Nigerian Stock Exchange Insha Allah we will succeed. I thank you for the opportunity to serve”.

This hub wish the richest man in Africa and one of the richest in the world, Alhaji Aliko Dangote, well in his efforts to reposition the Nigerian Stock Exchange and the Nigerian stock market for the well-being of Nigeria economy and Nigerian investors in particular and the international investors and the world economy at large. There may indeed not be a better time to invest in the Nigerian stock market than now.