African Stock Exchange Association (ASEA) has elected the CEO of the Limited Nigerian Stock Exchange (NGX)Mr. Temi Popoola in the executive committee of the association.
This is contained in a statement from the Nigerian Exchange Limited obtained by Naijaonpoint.
Popoola was elected to the executive committee during the association’s annual general meeting and conference in Abidjan, Ivory Coast, on December 7, 2022.
The process also saw Botswana Stock Exchange CEO Thapelo Tsheole and Rwanda Stock Exchange CEO Pierre Celestine Rwabukumba also elected as ASEA President and Vice President respectively.
Grateful for the recognition: Popoola thanked the representatives of the member exchanges for their confidence in the selection of committee members. He also thanked the immediate past president, Dr. Edoh Kossi Amenounve, for his service to the association. He said:
- “I am also grateful to the Group Chief Executive of Nigerian Exchange Group Plc, Mr. Oscar Onyema, for his support during my election to the committee and his efforts on ASEA initiatives during his time as association leader.
- “As ASEA President between 2014 and 2018, he championed the initiation and development of the African Exchanges Linkage project, which is now officially launched and will help pool liquidity across the continent’s exchanges.
- “ASEA, as the leading stock exchange association in Africa, is tasked with promoting the capital markets of its members globally and encouraging the inflow of capital into African capital markets.
- “At NGX, we will continue to collaborate with other ASEA members in developing our markets, sharing intelligence and data, and joining promotional efforts. I am confident that the committee will continue to advance the pan-African agenda, enhance sustainability and capital mobilization efforts, and drive financial inclusion across the continent for the development of our continent.”
Cross-border trade: The meeting also saw the launch of the African Exchange Linkage Project (AELP), an ASEA innovation carried out in partnership with the African Development Bank (AfDB) and aimed at facilitating cross-border trade between seven participating exchanges and selected brokerage firms.
According to ASEA, AELP will aggregate live market data from seven stock exchanges representing 2,000 companies with a market capitalization of about $1.5 trillion. It will allow brokers to access information and see the market depth and liquidity of the foreign market of interest.
The phased launch of AELP will be funded by a grant from the Korea-Africa Economic Cooperation Fund (KOAFEC), according to an ASEA statement. Edoh Kossi Amenounve, outgoing president of ASEA, said:
- “With AELP, we are entering a new era of African capital markets where all our members will gradually transact cross-border from one African stock exchange to another. This project represents a great opportunity for investors and issuers from all over the continent”.
NGX was announced as one of the participating exchanges with FBN Quest Securities Limited, Stanbic IBTC Stockbrokers, CardinalStone Securities Limited, Chapel Hill Denham, Cordros Securities Limited and RMB Stockbrokers participating as Nigerian securities brokers.
Why this matters: ASEA, the main association of stock exchanges on the continent, was established in 1993 with a mandate to develop its members’ markets, promote the capital market business and provide a platform for networking.
… African Stock Exchange Association Elects Temi Popoola to Executive Committee Read more at … Naijaonpoint.