Aliko Dangote, president of the Dangote Group, has been elected as the new president of the council of the Nigerian Stock Exchange (NSE).

Daily Trust reports that Dangote's candidacy has been opposed by outgoing president Oba Otudeko. His rivalry with Femi Otedola, chairman of African Petroleum, also prompted some of the company’s shareholders to take the NSE issue to court.

Despite these setbacks, Dangote was yesterday unanimously elected as the new president.

Speaking to the press, Dangote said there is a need to create opportunity for more liquidity in the market which in turn will lead to greater confidence and a market recovery.