The chairman of the Nigerian Exchange Group (NGX), Alhaji (Dr) Umaru Kwairanga, yesterday said the All-Share Index of Nigeria’s exchange rose from 20,000 to 104,000 in 13 years under the leadership of the former CEO, Mr Oscar Onyema.
Similarly, he stated that the equity rose to over 13 per cent from less than three per cent when he took over.
The ASI is a benchmark index that reflects the performance of the Nigerian stock market, tracking the performance of all companies listed on the group.
Kwairanga spoke yesterday during a pullout ceremony celebrating the invaluable contributions of the Group Managing Director/Chief Executive Officer, Mr. Oscar N. Onyema, to the Nigerian capital markets.
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Key capital market stakeholders, led by the Association of Securities Dealing Houses of Nigeria (ASHON) and Chartered Institute of Stockbrokers (CIS), in collaboration with NGX Group, CSCS, and NG Clearing Limited were in attendance.
A former Group Chairman and leading industrialist, Oba Otudeko, and former Interim Administrator, Mr Emmanuel Ikazoboh, among others also joined the guests to honour the contributions of Onyema to the group.
According to Kwairanga, the former GMD/CEO “overhauled the technological backbone of the exchange, propelling it into the modern era while implementing a world-class regulatory regime.
He said, “It cannot be stressed enough that Oscar contributed immensely to the modernisation of the exchange as we have it today. The NGX Group in its current state is far more advanced technologically, strategically and operationally than it was when it resumed in 2011.
“Thirteen years ago, most capital market operators were not very enthusiastic about the coming of Oscar because we were just coming out of the meltdown…Many of our old brokers could barely understand the actions of Oscar when he came in but through dedication, diligence, hard work and innovation he won our hearts.
“And today we are even celebrating him as one of the greatest CEOs of the exchange. When he took over the All Share Index (ASI) was under 20,000. Today, the ASI is over 104,000. His achievements during the NSE era were nothing short of monumental.”
Kwairanga added that under Oscar’s tenure, the group experienced “an impressive turnaround with equity reaching an impressive 13.8 in 2023,” adding that a cumulative dividend of N1.5bn had been made to shareholders.
“Under his leadership, the exchange also expanded its global presence and influence by gaining ascension into prestigious alliances like the World Federation of Exchanges and the Sustainable Stock Exchanges Initiative,” he added.
Oba Otudeko recalled when Oscar was appointed as the CEO of the NSE, saying, “Our council at that time was determined to scout for and get the best for that assignment.”
He described Oscar as a great personality who has taken the NGX to an enviable height, saying his professionalism “is outstanding and confidence very convincing.”
The Director-General of the Securities and Exchange Commission (SEC), Alhaji Lamido Yuguda, represented by the Zonal Director for Lagos, Mrs Hafsa Rufai, commended Oscar’s visionary leadership, saying, “Under your guidance, NGX showcased innovation and resilience.”
He commended the surge in trading volume under Oscar, adding, “The Nigeria Capital market and the nation owe you a depth of gratitude.”
In his comment, Onyema attributed his achievements in the exchange group to the teamwork and cooperation of all, saying it wasn’t an easy ride. He recalled having a lot of battles with the capital market shareholders while introducing some reforms.
