Nigerian Exchange Group Marks 60 Years of Enabling Nigerian Economy

Darasimi Adebisi

The Nigerian Exchange Group (NGX Group) Plc has announced that it will today celebrate 60 years of enabling Africa’s largest economy as a leading integrated market infrastructure group in Africa.

The Group officially commenced operations on 25 August 1961, as the Lagos Stock Exchange, after it was founded on 15 September 1960.

In commemorating the Diamond jubilee milestone, the Group Chairman, NGX Group Plc, Abimbola Ogunbanjo in a statement, paid glowing tribute to the original subscribers of the articles of association.

“They included; R.S.V. Scott, representing C.T. Bowring and Co. Nigeria Limited; Chief Theophilus Adebayo Doherty; Sir. Odumegwu Ojukwu; Mr. Akintola Williams and Alhaji Shehu Bukar, as well as John Holt Limited and Investment Company of Nigeria Limited.

Ogunbanjo in the statement added, “ “We celebrate the vision of these seven individuals and organisations, who in the Nigerian spirit, broke new ground in starting the Exchange, and we are proud of our sterling history over these six decades. From our humble beginnings when only 19 securities were listed for trading, we are now demutualised and we trade over 300 securities worth about N35 trillion.”

Appreciating the contributions of the capital market ecosystem, the Group Managing Director/Chief Executive Officer, NGX Group, Mr. Oscar Onyema, stated: “We must thank our invaluable stakeholders who have contributed to six decades of growth and partnership.

“To the trading license holders, issuers, regulators, government and its agencies, media, and other stakeholders, we recognize your support and reiterate our commitment to building a market infrastructure group that supports your business objectives across the entire value chain for many years to come.”

He further commented on the Group’s efforts to build on the existing legacy.

According to him: “In consonance with the innovative spirit of our founding fathers which has continued to drive our operations, demutualisation has allowed us to transition into a profit-driven, shareholder-held, and globally competitive organisation.

“Building on six decades of growth and partnership, NGX Group of companies is now positioned to be a key player in strengthening our competitiveness on a larger scale. Our recently launched campaign “The Stock Africa Is Made Of” further encapsulates our commitment to fulfil the dreams of our founding fathers not only in Nigeria, but also in Africa.”

The NGX Group recently refreshed its brand identity in an official launch event headlined by the President Muhammad Buhari. NGX Group’s new structure boasts three wholly-owned subsidiaries: Nigerian Exchange (NGX) Limited, the operating exchange with Mr. Temi Popoola, CFA as CEO; NGX Regulation (NGX RegCo) Limited, the independent regulation company with Ms. Tinuade Awe as CEO; and NGX Real Estate (NGX RelCo) Limited, the real estate company with Mr. Gabriel Igbeka as acting CEO.