Dangote Steps Down, As Former Access Bank MD, Aig-Imoukhuede Set To Take Over [Report]

According to reports, President of Dangote Group of Companies, Alhaji Aliko Dangote, on Monday informed the Nigerian Stock Exchange (NSE) council of his desire to step down, thereby paving the way for Aig-Imoukhuede, who is the First Vice-President of the council.

Dangote said that his decision was informed by the need for him to focus on his company’s expansion drive in Africa, as this would free him to properly position his varied interests on the continent.

Dangote, whose tenure should expire, next year is the first president of the council to step aside before the expiration of his tenure. It is likely that the handover of baton will take place during the annual general meeting of the NSE in July this year.

The industrialist was elected the 17th president of the NSE in August 2009. According to analysts, Dangote’s departure will not negatively affect the market as his successor, Aig-Imoukhuede, has been on the council for over a year and “has the capacity to provide the right leadership for the NSE”.

As the immediate past managing director of Access Bank, Aig-Imoukhuede, through structured acquisitions, saw the bank’s rapid rise to rank among Nigeria’s Tier 1 banks.

He is an alumnus of Harvard Business School’s Executive Management Programme. He holds LLB and BL degrees from the University of Benin and the Nigeria Law School respectively.

Aig- Imoukhuede was elected first vice-president of the council in May 2013. The council of the NSE is made up of 14 members, consisting of the president, the Chief Executive Officer (currently Oscar Onyema) , and other members, including representatives of dealing member firms, who are highly qualified in their respective professions with a wealth of diverse experience.