NSE Promotes Ms Tinuade Awe As Executive Director, Regulation

Lagos, January 15, 2018 – The Nigerian Stock Exchange (“Exchange” or “NSE”) announced today the promotion of Ms Tinuade Awe to Executive Director, Regulation with effect from 1 January, 2018. Her appointment has received regulatory approval.
As Executive Director, Regulation in the NSE’s revised organizational structure, Ms Awe has oversight functions for the following teams: Broker Dealer Regulation, Listings Regulation, Market Surveillance & Investigations, and Regulatory Technology. The Rules and Interpretation and Disciplinary Units of The Exchange will also report directly to her.
Prior to her promotion, Ms. Awe was the General Manager, heading the Legal and Regulation Division of The Exchange, in which role she also served as General Counsel of The Exchange. She served as Secretary to the Council of The Exchange from January 2011 to October 2015. Ms. Awe, became affiliated with The Exchange in a consulting capacity in August 2010 and joined the employment of The Exchange in August 2012. She has been a member of the Executive Committee of the Exchange since August 2012.
Mr. Abimbola Ogunbanjo, President, National Council of the NSE said, “I am very proud that the National Council has recognized Tinuade for the exemplary role she has played in transforming the Legal and Regulatory landscape of the Exchange and would like to warmly congratulate her on her elevation as Executive Director, Regulation. Tinuade’s passion, energy and commitment to driving and executing on the Exchange’s transformation agenda has no doubt been instrumental in revolutionizing the Exchange and I am confident that she will continue to exert her influence and leadership attributes in her new role for the betterment of the market and its stakeholders.”
Ms. Awe is a consummate professional with varied professional experiences garnered across three continents. She has an LL.B Degree from the Obafemi Awolowo University, graduating as the Best Female Student in the Faculty of Law. She finished at the Nigerian Law School with First Class Honors, graduating as Best Overall Student. She also holds LL.M Degrees from Harvard Law School, where she was a Landon H. Gammon Fellow, as well as The London School of Economics and Political Science (LSE), where she graduated with Merit. At the LSE, she was a British Council Scholar. She is admitted to both the Nigerian and New York Bars.
Mr. Oscar N. Onyema, OON, NSE CEO said: “As we restructure and reposition the Exchange for the fourth industrial revolution, Ms. Awe’s well deserved promotion is indicative of the great career advancement opportunities that exist at the Nigerian Stock Exchange. I congratulate her and look forward to working with her in this new function to build a globally competitive Self-Regulatory Organization.”
Ms. Awe commenting, said “I am both deeply appreciative and humbled by this recognition for my modest contributions to The Exchange. I look forward to continuing to provide quality service to The Exchange and its ecosystem by engendering an improved compliance culture based on substantial engagement as well as deployment of appropriate enforcement mechanisms; fully embracing and further deploying technology to
serve our regulatory purposes; furthering our regulatory remit through key relationships with other regulators; and providing proactive and in-depth surveillance of our market.”

Kelvin Emmanuel

About Kelvin Emmanuel

The Oil producing Angola in the Southern part of Africa faces what Nigeria faced 12months ago; a distortion in its exchange rate with a difference between the official markets and the parallel black markets. One dollar through the official window buys you 166 kwanza, while one dollar through the black market buys you 400 kwanza. Nigeria faced the same challenge 12months ago, when the distortion between the official and black markets was as much as the official markets trading at 306 with the parallel market ranging from 450 through to 510. The Central Bank Governor of Angola, Jose de Massano Junior announced in Luanda “We will stop having a fixed foreign exchange, we will adopt a floating regime of foreign exchange”. Angola faces exactly the same challenges and has been applying the exact same responses to an exchange rate crisis like using its foreign reserves that was sitting at $26bn to defend the currency kwanza, with no success so far, even though the external reserves has dropped to $14bn. Angola relies on Oil receipts for 80% of its government revenue, 90% of its inflow and 50% of its GDP. Angola is a $194bn economy that has been growing at an average of 10% on the back of rising oil prices since 2002 when its 27 year old civil war that started in 1975 ended. The state national oil company Sonangol reports that it produces up to 1.8m barrels of crude oil daily, however the government that until now has being led by the family dynasty Jose Eduardo dos Santos until recently when succession saw power transferred to Joao Lourenco, reports that the oil price rout in 2015/2016 that saw prices drop to as low as $28 per barrel caused ripples across the economic structures of the government, upsetting government revenues, its ability to fund its budget, capital project funding, foreign direct investments into the economy as a result of a currency crisis that was driven by the widening of gap between the official and street window of the kwanza, that until now has been pegged in a fixed exchange rate regime to the US Dollar.