SEC, NGX, Capital market stakeholders celebrate Onyema’s 13-years transformative tenure

Capital Market Community on Tuesday celebrated Mr Oscar Onyema, outgoing Group Chief Executive Officer (GCEO) of the Nigerian Exchange Ltd. Group (NGX Group), for his meritorious service to the Exchange and driving remarkable transformations.

They expressed their commendations at a pull-out ceremony organised for Onyema by the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria (ASHON) in Lagos, in collaboration with the NGX, Central Securities Clearing System (CSCS), among other capital market stakeholders.

It was reported that the sidelines of the event included the closing gong ceremony in honour of Onyema and a formal pull-out parade on Customs Street of the NGX building led by the Police Band.

Onyema served as the CEO of the Exchange for 13 years and championed the demutualisation process of the NGX.

From 2011 to 2021, Onyema served as the CEO of the then Nigerian Stock Exchange (NSE) and GCEO of the NGX Group from 2021 to 2024.

In his address, the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, said that Onyema’s 13 years’ tenure in the Exchange marked a pivotal moment in Nigeria’s financial landscape.

Yuguda, represented by Mrs Hafsat Rufai, Director of the SEC Lagos Office, stated that Onyema’s leadership had not only steered NGX Group through significant milestones but also spearheaded a successful demutualisation process.

According to him, under Onyema’s administration, NGX Group consistently showcased innovation and resilience.

Alhaji Umaru Kwairanga, the Group Chairman of NGX Group, also congratulated Onyema on the completion of his remarkable tenure at the helm of NGX Group.

Kwairanga noted that Onyema contributed immensely to the modernisation of the Exchange, which is now far more advanced technologically, strategically, and operationally than when he assumed office in 2011.

He highlighted some of Onyema’s achievements, including the launching of the Exchange trading platform X-GEN, which propelled the Exchange into the modern era.

Kwairanga also commended Onyema for designing a robust Business Continuity Plan that enabled the Exchange to seamlessly maintain remote trading for over two years during the COVID-19 pandemic.

Additionally, he emphasised Onyema’s implementation of a world-class regulatory regime focused on fairness, stability, collaborative rulemaking, risk-based supervision, and robust corporate governance standards.

This commitment to regulation and transparency, according to Kwairanga, restored investor confidence and positioned the Exchange as a credible, trusted platform.

He noted that under Onyema’s stewardship, NGX Group experienced a significant turnaround.

This, he said, included a return on equity of 13.8 per cent for the 2023 fiscal year and payment of N1.5 billion in dividends to shareholders, affirming the group’s operational efficiency and strategic direction.

In his remarks, Mr Temi Popoola, the Group Chief Executive Officer of NGX Group, commended Onyema’s leadership style and ability to navigate diverse perspectives with respect, prioritising the broader interests of the capital market.

Popoola appreciated Onyema for his numerous sacrifices, both personally and for the organisation.

Dr Oba Otudeko, the former President of NSE, described Onyema as “a born prince with noble character and outstanding professionalism”, which were evident during the council’s search for a CEO.

The President of ASHON, Mr Sam Onukwue, described Onyema as a transformational leader and lauded his immense contribution to the growth and development of the capital market.

Onukwue noted that Onyema came on board NGX during a turbulent and challenging period, but under his leadership, the management team embraced the challenges.

According to him, such challenges defined their course of action, and worked toward their actualisation with zeal and strong determination.

He added that Onyema’s administration introduced new operating standards for operators, upscaled technology of the NGX, fostered greater transparency, and strengthened the integrity of the market in line with international best practices.

The ASHON president wished Onyema happiness and greater success in his next phase of life.

The President of CIS, Mr Oluwole Adeosun, stated that the present positive performance of the NGX showed that Onyema carried out the national assignment appointed to him excellently.

Adeosun acknowledged Onyema’s immense capital market experience from the United States which he brought to bear to set a clear path for the recovery of the stock market.

He thanked him for his steadfastness and focus in ensuring the demutualisation of the Exchange.