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Buhari hails new era at capital market


President Muhammadu Buhari has lauded the historic roles of the capital market in national development and its transition into a new era of increased competitive value creation for stakeholders.

At the virtual launch of the Nigerian Exchange Group (NGX) Plc’s campaign, The Stock Africa Is Made Of, Buhari headlined a host of key decision-makers in the public and private sectors, which was held to showcase the demutualisation of the then Nigerian Stock Exchange (NSE) and to further amplify the emergent NGX Group as a leading capital market infrastructure provider.

Delivering his remarks prior to sounding the honorary closing gong to close the stock market, Buhari described the demutualisation of the then NSE as a national pride and the beginning of a new era for the Nigerian capital market.

He noted that he had signed the Demutualisation Bill in August 2018, which paved the way for the long-awaited demutualisation of the then NSE.

According to him, the occasion of the demutualisation of the NSE was a proud moment for all Nigerians who indeed deserve congratulations for the feat as it marked the beginning of a new era for the capital market.

“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,” Buhari said.

Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Otunba Abimbola Ogunbanjo noted that the Exchange has come a long way, through different leadership regimes that have overseen multiple boom 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 Africa 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,” Ogunbanjo said.

Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Mr. Oscar Onyema, said the post-demutualised holding group has 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 has 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,” Onyema said.

Chief Executive Officer, Nigerian Exchange (NGX) Limited, Mr. Temi Popoola, said the Exchange is excited with its new era and 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.

According to him, partnerships are a critical element of the group’s strategy as it will continue to engage stakeholders whose support is essential to the achievement of the aspirations in this NGX era.

Chief Executive Officer, NGX Regulation Limited, Ms. Tinuade Awe commended the President and other dignitaries for being part of the inspiring moment of the Nigerian capital market.

“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,” Awe said.

Other speakers at the event included Dr. Zainab Ahmed, Minister of Finance, Budget and National Planning; Otunba Adeniyi Adebayo, Minister of Trade and Investment; Mr. Lamido Yuguda, Director General, Securities and Exchange Commission (SEC); Alhaji Aliko Dangote, Chairman, Dangote Group; Mr. Jim Ovia, Chairman, Zenith Bank Plc; Mr. Masai Ujiri, President, Toronto Raptors; Mr. Tony Elumelu, Group Chairman, United Bank for Africa (UBA) and Founder, Tony Elumelu Foundation (TEF); Mr. David Swchimmer, Chief Executive Officer, London Stock Exchange; Ms. Julie Becker, Chief Executive Officer, Luxembourg Stock Exchange; Mr. Eric Hespenheide, Chairman, Global Reporting Initiative; and Mr. Ben Llewellyn-Jones, Deputy British High Commission Lagos.


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