In commemorating its Diamond jubilee milestone, the Nigerian Exchange (NGX) Limited, has paid a glowing tribute to the founding fathers of the exchange who were the original subscribers of the article of association, as well as their contributions to the capital market ecosystem.
The NGX, marking 60 years of enabling Nigeria as a leading integrated market infrastructure group on the continent on Wednesday, began operations on 25 August 1961, as the Lagos Stock Exchange, after it was founded on 15 September 1960.
Glowing tribute was paid to the likes of R.S.V. Scott, representing C.T. Bowring and Co. Nigeria Ltd.; Theophilus Adebayo Doherty; Odumegwu Ojukwu; Akintola Williams and Shehu Bukar, as well as John Holt Ltd and Investment Company of Nig. Ltd. (ICON) for their immense contributions to the developmental stage of the exchange.
Oscar Onyema, group managing director and chief executive officer, NGX Group, while appreciating the efforts of the founding fathers said, “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.”
Onyema commented on the group’s efforts to build on the existing legacy alongside the innovative spirit of the founding fathers which has continued to drive the operations of the exchange.
“In consonance with the innovative spirit of our founding fathers, which has continued to drive our operations, demutualization 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 fulfilling the dreams of our founding fathers not only in Nigeria but also in Africa,” Onyema said.
Abimbola Ogunbanjo, while also paying tribute to the NGX founding fathers, said “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 demutualized and we trade over 300 securities worth about N35 trillion.”
In 2021, the exchange reinvigorated its brand identity with an official launch event and further demutualized into new structures that boast of wholly new subsidiaries: Nigerian Exchange (NGX) Limited, the operating exchange with Temi Popoola as CEO; NGX Regulation (NGX RegCo) Limited, the independent regulation company with Tinuade Awe as CEO; and NGX Real Estate (NGX RelCo) Limited, the real estate company, with Gabriel Igbeka as the acting CEO.