Bony Amadi
13 November 2009
Lagos — Director-General of the Nigerian Stock Exchange (NSE), Prof. Ndi Okereke Onyuike said the African Securities Exchange Association (ASEA) conference would soften effects of financial crisis on African capital markets.
Okereke-Onyiuke said this on Tuesday at the NSE Office in Lagos while addressing newsmen on the concept, modalities and expectations from the ASEA conference coming up on Dec. 2 to Dec. 5 in Abuja.
She said the conference would provide a platform for the participating countries to discuss issues, opportunities, exchange ideas and solutions with Nigerian regulators.
The participants were expected to interact with the Ministry of Finance, Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Debt Management Office (DMO) and other members of the Financial Services Regulation Coordinating Committee (FSRCC), she said.
The News Agency of Nigeria (NAN) quotes the NSE director general as saying that the conference, with the Vice-president Dr Goodluck Jonathan in attendance, would provide foreign participants first-hand information on Nigeria's economy and the market.
The theme of the 13th ASEA conference is entitled "Global Crisis: Opportunities for African Capital Markets".
"Our hosting this year's conference at a period when financial regulators are going back to the drawing board on the strategies for market recovery is also a measure of confidence in Nigeria's financial markets regulators as a whole," Okereke-Onyuike said.
NAN reports that the NSE successfully hosted the 6th edition of the ASEA conference in 2000.
According to Okereke-Onyiuke, ASEA will also provide a forum for mutual cooperation, exchange of information and technological assistance among its members.
She added that the organisation promoted financial markets integration within the region for the efficient mobilisation of capital and acceleration of economic development in Africa.
"In specific terms, the conference will present a unique opportunity for African and global stock exchanges, financial regulators, quoted companies and pension fund administration to exchange ideas.
"It will also give opportunity to the central securities clearing houses to articulate a roadmap for renewed investments in Africa in the wake of global market downturn," she said.
Other institutions expected at the conference include portfolio managers, settlement and investment banks, issuing houses, stockbrokers, multinational organisations, high-net-worth investors, market operators and service providers.
NAN also reports that the association, which currently has 20-member Exchange serving 27 African countries, was incorporated in 1993 as a platform for mutual cooperation of securities exchanges in Africa.
The NSE and Nairobi Stock Exchange were the founding fathers of ASEA, which serves as avenue for exchange of information and assistance in the development of member exchanges.
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