President Buhari, industry veterans headline NGX’s ‘Stock Africa is made of’ campaign launch

• Event held to amplify NGX’s positioning as leading capital market infrastructure provider

Charles Abuede

At the epochal event that seeks to re-energise Africans and validate the success stories with the theme, ‘The Stock Africa Is Made Of’, the Nigerian Exchange Group (NGX) at the campaign launch, amplified its positioning and commitment to the continent’s financial markets as a leading provider of capital market infrastructure across the continent to the world as spotlighting the African continent’s growth potential.

The virtual event was graced by prominent industry veterans across the private and public sectors, including President Muhammadu Buhari, who headlined the event. While delivering his keynote remarks prior to the closing bell to close the day’s trading, President Buhari expressed his heartfelt appreciation to the Exchange Group on the recent conclusion of the demutualisation process while stating the 2018 signing of the Demutualisation Bill paved 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 a regulatory environment and much more. The occasion of the demutualisation of The Nigerian Stock Exchange 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,” President Buhari said.

Oscar Onyema, Group Managing Director/Chief Executive Officer, NGX Group Plc, on his part stated that the NGX has the vision to be the premier Exchange hub for Nigerian business as the company look forward to creating partnerships that will unlock value for stakeholders.

“At Nigerian Exchange Group Plc, we have the 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 impacting and 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.

Also speaking at the virtual event, Otunba Abimbola Ogunbanjo, the Group Chairman of NGX Group Plc said the Exchange has come a long way, through different leadership regimes – civilian and military – that have 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.”

Elsewhere, Temi Popoola, CFA, who is the CEO of Nigerian Exchange Limited, at the Exchange unveiling which also culminated in a closing gong ceremony that was led by Mr President, stated that: “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.”

Meanwhile, the campaign launch hosted by the Nigerian Exchange Group (NGX) also featured key speeches and goodwill messages from industry veterans and some prominent public sector leaders such as Zainab Ahmed, Honourable Minister of Finance, Budget and National Planning, Lamido Yuguda, Director General, Securities and Exchange Commission (SEC); Otunba Richard Adeniyi Adebayo, CON, Honourable Minister of Trade and Investment, Aliko Dangote, Chairman, Dangote Group; Jim Ovia, Chairman, Zenith Bank Plc, Tony Elumelu, Group Chairman, United Bank for Africa (UBA), Ben Llewellyn-Jones, Deputy British High Commission Lagos, David Swchimmer, CEO, London Stock Exchange; Julie Becker, CEO, Luxembourg Stock Exchange; Eric Hespenheide, Board Chairman, Global Reporting Initiative, and Masai Ujiri, President, Toronto Raptors.