FACT-CHECK: Is Tinubu The First African President To Ring NASDAQ Closing Bell?

President Bola Tinubu on Wednesday rang the closing bell of the National Association of Securities Dealers Automatic Quotation System (NASDAQ) alongside business leaders including the Chairman of BUA Group, Abdul Samad Rabiu.

On September 21, the Presidency in a statement signed by Ajuri Ngelale, Special Adviser to the President (Media & Publicity) claimed that Tinubu is now the first African leader to perform the ritual on the NASDAQ.

What Ngelale Claimed

“In honour of President Bola Tinubu’s determined global push to aggressively attract foreign direct investment into Nigeria, the world’s second-largest stock exchange, the National Association of Securities Dealers Automatic Quotation System (NASDAQ), on Wednesday in the world’s financial capital, invited President Tinubu to ring the closing bell, making him the first African President to ever receive the honour,” Ngelale said in a statement shared on X.

The claim has attracted reactions with some commentators describing his claim as ‘false’.

They argued that in 2014, President Goodluck Jonathan rang the closing bell at the New York Stock Exchange while Femi Otedola’s daughter DJ Cuppy rang the NYSE bell in 2019.

Verification of Claim

Contrary to the claim, the former President of Tanzania, Kikwete, First Ladies and Health Ministers rang the closing bell of NASDAQ in 2011, as announced by NASDAQ in a notification to the public dated 2011 with the title, “President Kikwete of Tanzania, First Ladies and Health Ministers, and Global Health Leaders to Ring The NASDAQ Stock Market Closing Bell.’

It said, “Global Health Leaders will announce Global Health Commitments for Women’s Health and Women’s Cancers at the NASDAQ MarketSite in New York City’s Times Square.

“In honor of the occasion, President Kikwete of Tanzania, First Ladies and Health Ministers, and Global Health Leaders will officially ring The NASDAQ Stock Market Closing Bell.

“NASDAQ MarketSite – 4 Times Square – 43rd & Broadway – Broadcast Studio . When: Wednesday, September 21st, 2011 – 3:45 p.m. to 4:00 p.m. ET.”

NYSE and NASDAQ are the first and second largest stock exchanges in the world both located in New York.

The NYSE has a market capitalization of $24.9trn while the NASDAQ has $22.2trn market capitalization based on data from Statista Research Department. Although they are the leading world exchanges situated in the same city, they differ. Based on US Securities and Exchange Commission, both NYSE and NASDAQ offer different options for buyers and sellers.

NYSE American was formerly known as the American Stock Exchange (AMEX) before it was acquired in 2008. The NYSE is an auction market that allows trades between buyers and sellers by matching their bid and ask prices respectively. It costs companies up to $250,000 to get listed on NYSE.

NASDAQ is a dealer’s market known for its large selection of technology stocks like Apple, Microsoft Google and Alphabet and trading on the NASDAQ is fully automated. It is less expensive for companies to remain listed on NASDAQ. It costs $50,000 to $75,000 to list on the exchange.

Verdict

The presidency’s claim that Tinubu is the first African president to ring the closing bell of NASDAQ is FALSE.