Capital market: Elumelu, Rewane hail Aliko Dangote for sustaining the market

Chairman, Heirs Holdings, Tony Elumelu has hailed the President of  Dangote Group, Aliko Dangote, saying he has contributed enormously to the growth of the Nigerian Stock Exchange (NSE).

Elumelu, who is also the Chairman of Transcorp Hillton, spoke at a two-day stakeholders’ forum on realizing the full potential of the Nigerian economy through proactive capital market legislation.

He said Dangote cement has helped to deepen the market and the Nigerian economy.

According to him, the private sector has the most capital to drive the country’s economy.

Elumelu, who presented a keynote paper titled: “Deepening the capital market to include privatised and systematically important entities,” regretted that only few state-owned privatised enterprises were so far listed on the stock market.

He said the government must focus on providing the enabling environment for businesses to thrive.

Also speaking, the Chief Executive of Financial Derivatives Company Limited, Bismark Rewane, said if Dangote Cement were to be discounted from the Nigerian Stock Market, the market would have been in trouble.

Rewane presented a paper titled: The Nigerian Capital Market: ‘Becoming Africa’s Most Modern, Efficient and Internationally Competitive by 2025.’

Speaking earlier in a paper titled: Demutualising the Nigerian Stock Exchange, Chief Executive of the Exchange, Oscar Onyema, said the demutualization of the Exchange would be favourable to all stakeholders.

“Demutualization will support the economy in its ability to withstand domestic and international economic shocks, it will also support the Federal Government in driving Nigeria’s economy,” he said.