The Nigerian Exchange Group Limited, NGX says that its Chief Executive Officer Temi Popoola has been elected to the Executive Committee of the African Securities Exchanges Association (ASEA).
ASEA, the continent’s prime association of securities exchanges was established in 1993 with the mandate to develop its members’ markets, promote the capital market business and provide a platform for networking.
At the association’s Annual General Meeting and Conference in Abidjan, Cote D’ Ivoire on 7 December 2022, Popoola was elected into the executive committee in a process that saw the Chief Executive Officer of the Botswana Stock Exchange, Thapelo Tsheole and the Chief Executive Officer of the Rwanda Stock Exchange, Pierre Celestine Rwabukumba also elected as President and Vice President of ASEA.
Popoola appreciated the representatives of the member exchanges for their confidence in selecting the committee members as well as the immediate past president, Dr Edoh Kossi Amenounve for his service to the association.
According to ASEA, AELP will aggregate live market data from seven stock exchanges representing 2,000 companies with about $1.5tn in market capitalisation. It will enable brokers to access information, see market depth and liquidity of the foreign market of interest.
AELP’s phased rollout will be funded by a grant from Korea-Africa Economic Cooperation Fund (KOAFEC) according to a statement from ASEA.
ASEA’s outgoing President Edoh Kossi Amenounve said in the statement that “with AELP, we are entering a new era of African capital markets where all our members will gradually transact cross-border trades from one African securities exchange to another. This project represents a great opportunity for investors and issuers across 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 securities dealers from Nigeria.