Nigerian exchanges launch ASEN for greater global competitiveness

The Nigerian capital market will Wednesday, August 8, 2018 launch the Association of Securities Exchange of Nigeria (ASEN), Nigeria’s first association of domestic securities exchanges at the Nigerian Stock Exchange (NSE) event centre in Lagos.

According to the NSE, the 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.

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), said the NSE in a statement.

“we are excited to launch ASEN, an association that will help build a stronger capital market and cultivate a culture of mutual support and collaboration among stakeholders,” said Oscar N. Onyema OON, Chairman, ASEN board of trustees and Chief Executive Officer (CEO), NSE.

Onyema noted that global securities exchanges are responding to developments in the operating environment and competitive landscape by establishing mechanisms for cooperation that position not only their businesses but their markets to become more attractive to investors.

“Nigerian securities exchanges must therefore embrace a broader collaborative effort to unlock new opportunities and efficiencies in view of increasing global competition.

The establishment of this Association is a bold step towards the actualization of that vision of becoming globally competitive trading venues,” Onyema concluded.

On his part, Bola Ajomale, member, board of trustees, ASEN and CEO, NASD Plc. stated, “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.”

Other distinguished members of the Board of Trustees, ASEN include: Ayodeji Balogun (representing AFEX), Zaheera Baba-Ari (representing NCX) and Bola Onadele. Koko (representing FMDQ).

Special guests slated to attend the kaunch include the Yusuf Tajudeen (Hon) chairman, house of representatives committee on capital markets and institutions; Mary Uduk, Ag. Director-General of the Securities and Exchanges Commission (SEC), Patience Oniha, Director-General, Debt Management Office (DMO); Tony Elumelu CON, chairman, Heirs Holding (investors in AFEX Commodities Exchange) and Abimbola Ogunbanjo, president, national council of the Nigerian Stock Exchange.