I Met Stakeholders Expectations During My Tenure As NSE CEO-Onyema
The outgoing Chief Executive Officer of the Nigerian Stock Exchange and the pioneer Group Chief Executive Officer of NGX Group Plc, has said that he met expectations of stakeholders during his ten- year tenure at the NSE.
He said this on Thursday during the Closing Gong Ceremony to mark the end of his tenure as the CEO of the NSE.
The NSE today also received the approval of the Securities and Exchange Commission for the appointment of new executives under the demutualisation plan which makes the NSE now ‘Nigerian Exchange Group Plc’ a new non-operating holding company.
Onyema is expected to take over as the Group Chief Executive Officer of NGX Group Plc and three other subsidiaries.
The Nigerian Exchange Limited (NGX), the operating exchange has Temi Popoola as its pioneer CEO, while the NGX Regulation Limited (NGX REGCO), the independent regulatory company will be headed by Tinuade Awe, based on SEC’s approval.
The third subsidiary of the NGX Group is the real estate company, the NGX Real Estate Limited (NGX RELCO).
Onyema at the virtual gong closing ceremony said one of his greatest achievements as the CEO was to grow market capitalisation by over 300 per cent in ten years.
Onyema took over the course as the CEO in 2011 when the NSE was in a management crisis.
He said, “Today you will agree that together we have built an exchange that is indeed the pride of all.
“Between 2011 and today, the market capitalisation of the Nigerian Stock Exchange has grown by over 300 per cent from N9trn in 2011 to N38.2trn today.
“Also in 2011, we only traded equities, today we trade equities, fixed incomes, exchange traded funds and we are just about to launch derivatives.
“In just the last month, the company’s vision that seemed far-fetched ten years ago as we secured the necessary regulatory approvals from the Security and Exchange Commission and the Corporate Affairs Commission to evolve into a fully demutualised exchange group, Joining other over 56 Exchanges around the globe to become demutualised.”
The outgoing CEO said these milestones would not have been achieved without the support of authorities like the SEC and the National Councils of the Nigerian Stock Exchange.
Onyema also said that finishing with his integrity intact was another huge achievement he made during the period.