NGX Group commemorates 60th anniversary

The Nigerian Exchange Group (NGX Group) Plc on Tuesday celebrated 60 years of its operations.

The NGX Group Chairman, Otunba Abimbola Ogunbanjo, said in a statement made available to our reporter in Lagos

Ogunbanjo, while commemorating the milestone, paid tribute to the original subscribers to the articles of association.

He named them as; R.S.V. Scott, representing C.T. Bowring and Co. Nigeria Ltd.; Chief Theophilus Adebayo Doherty; Sir Odumegwu Ojukwu; Mr Akintola Williams and Alhaji Shehu Bukar, John Holt Ltd. and Investment Company of Nig. Ltd., (ICON).

He stated: “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,” Ogunbanjo said.

The Group Managing Director/Chief Executive Officer, NGX Group, Mr Oscar Onyema, appreciated the contributions of the capital market stakeholders.

Onyema 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 recognise 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.

“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,” he added.

According to Onyema, the recently launched campaign “The Stock Africa Is Made Of” further encapsulates the group’s commitment to fulfil the dreams of the founding fathers not only in Nigeria, but also in Africa.

It will be recalled that the NGX Group recently refreshed its brand identity in an official launch headlined by the President Muhammad Buhari.

NGX Group’s new structure boasts three wholly-owned subsidiaries: Nigerian Exchange (NGX) Ltd., the operating exchange with Mr Temi Popoola as CEO; NGX Regulation (NGX RegCo) Ltd., the independent regulation company with Ms Tinuade Awe as CEO; and NGX Real Estate (NGX RelCo) Ltd., with Mr Gabriel Igbeka as acting CEO.

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