By Goddy Egene
President Muhammadu Buhari has described the demutualisation and transitioning of Nigerian Stock Exchange (NSE) to the Nigerian Exchange Group (NGX) Plc as the beginning of a new era for the nation’s capital market.
Buhari spoke yesterday when the NGX Group hosted him at the launch of its campaign titled: ‘The Stock Africa Is Made Of.’
The demutualisation of the NSE led to the creation of the Nigerian Exchange Group Plc (NGX Group) with three operating subsidiaries. The subsidiaries are: Nigerian Exchange Limited (NGX Limited) that will be the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulation company; and NGX Real Estate Limited (NGX RELCO), the real estate company.
The virtual event was held to amplify NGX Group’s positioning and commitment to the African financial markets as a leading capital market infrastructure provider, connecting Nigeria, Africa and the world, as well as showcasing the growth potential of Africa.
Speaking before sounding the closing gong and bringing the day’s trading to a close, Buhari said it was his pleasure to join many others in the event organised to amplify the positive narrative about Africa and its great potential.
He stated: “Let me start by congratulating NGX Group Plc on its recently concluded demutualisation, which is the first in the country. I recall signing the Demutualisation Bill in August 2018, paving the way for the long-awaited demutualisation of the then Nigerian Stock Exchange.
“It is also important for me to highlight that the history of NGX Group is tied to that of the nation itself, founded 61 years ago at a pivotal time when Nigeria gained her independence. The Exchange continues to play its part in nation building by stimulating economic growth and providing a platform for businesses and individual to save and raise capital through innovation, diversified products and services, enabling regulatory environment and much more.
“The occasion of the demutualisation of the NSE is yet a proud moment for all of us, and indeed all Nigerians deserve congratulations for this feat as it is the beginning of a new era for the capital market.”
The Group Chairman, NGX Group Plc, Mr. Abimbola Ogunbanjo, also said the exchange had come a long way, through different leadership regimes – civilian and military – that had overseen multiple booms and bust economic dispensations within the Nigerian economy, to emerge as a leading integrated market infrastructure in Africa and the engine of growth for Africa’s largest economy.
“Our story is one birthed from resilience, collaboration, determination and continued focus on our vision. A true African story. With demutualisation, NGX Group is well positioned to enable strong economic growth and contribute its quota to the development of the Nigerian capital market, and the African Continent,” he added.
On his part, the Group Managing Director/Chief Executive Officer, NGX Group Plc, Mr. Oscar Onyema, said the NGX Group had a vision to be the premier exchange hub for Nigerian businesses and for the wider African economy building on the strong reputation and corporate governance the NSE had established over the years.
“As we march bravely into the NGX era, we look forward to impact-creating partnerships that will unlock value for our stakeholders, whilst improving the state of the Nigerian economy. It is a period to reinforce on the global stage, our great African pedigree and the Stock Africa Is Made of,” he said.
The Chief Executive Officer (CEO) of NGX, Mr. Temi Popoola, said epochal closing gong ceremony could not have been possible without the president’s support.
He said: “The NGX era is indeed very exciting for us and we will continue to champion the growth of the African capital market through trade and investments that will facilitate Africa’s economic recovery and reposition the continent for sustainable economic development. Partnerships are a critical element of our strategy and we will continue to engage our stakeholders whose support is essential to the achievement of our aspirations in this NGX era.”
In her closing remarks, the CEO, NGX Regulation Limited, Ms. Tinuade Awe, thanked Buhari for honouring their invitation to close the market on the official launch day of the NGX era.
“This has truly been an inspiring event and we have our amazing line-up of speakers to thank for that. I must also thank our regulators, the entire capital market ecosystem and the management and staff of Nigerian Exchange Group for the hard work and diligence that has set us firmly on the path of success. It has been an exciting journey to date, and I am confident that we will all work well together to achieve even greater heights in the NGX era.”
The Director-General, Securities and Exchange Commission (SEC), the apex regulator of the capital market, Mr. Lamido Yuguda, said the commission would continue to support developments geared towards the growth and development of the capital market.
He urged all stakeholders to contribute their quota toward building a strong, resilient and competitive capital market.
“As we celebrate this landmark achievement, we urge the leadership of the exchange to ride the success achieved and surpass its lead position as one of the best performing exchanges in Africa to become one of the best performing exchanges in the world. The commission assures the exchange of its support and collaboration and together we will build the capital market of our dreams and contribute our quota to the development of the economy,” Lamido stated.
The event featured key speeches and goodwill messages from industry veterans in the public and private sectors, including Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed; Minister of Trade and Investment, Chief Adeniyi Adebayo; Chairman, Dangote Group, Alhaji Aliko Dangote; Chairman, Zenith Bank Plc, Mr. Jim Ovia; Group Chairman, United Bank for Africa (UBA) & Founder, The Tony Elumelu Foundation (TEF), Mr. Tony Elumelu; CEO, London Stock Exchange, Mr. David Swchimmer; CEO, Luxembourg Stock Exchange, Ms. Julie Becker; Board Chairman, Global Reporting Initiative, Mr. Eric Hespenheide; Deputy British High Commission Lagos, Mr. Ben Llewellyn-Jones and Mr. Masai Ujiri, President, Toronto Raptors.
