Association of Assets Custodians of Nigeria (AACN) changes leadership, re-positions

The Association of Assets Custodians of Nigeria (AACN) changed leadership during its 3rd Annual General Meeting in the presence of representatives of the six member institutions.

Founded in 2009, the members of the Association are Citibank Nigeria Limited, First Bank of Nigeria Limited, First City Monument Bank PLC, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, and United Bank for Africa (UBA) PLC.

The Association is dedicated to establishing global best practice standards in all aspects of the Nigeria securities market and the development of the market, including promoting the custody business in Nigeria.

Recounting the achievements of the previous year, Kemi Adewole, the outgoing president of the associations mentioned an increase in market visibility. This she said was partly achieved through courtesy calls to the Godwin Emefiele, governor of the Central Bank of Nigeria, Mounir Gwarzo, director-general the Securities and Exchange Commission (SEC) and the CEOs Central Securities Clearing Systems PLC.

Among the achievements of the previous leadership, Adewale, listed regular engagements with key regulators on topical issues affecting the Nigerian securities market; improved collaboration with other Capital Market Operators (CMO) groups and the successful hosting of the 4th Annual Investor Conference that took place in London, the United Kingdom, adjudged the best in recent times in terms of recorded participants, quality of speakers, questions raised and answered.

At the end of the meeting, the president of the Association, Kemi Adewole announced that she was stepping down as the President of the Association and the office was ceded to Taiwo Sonola who was until then vice president of the association. Taiwo will act as the president of the Association until the next election.