The stock market is commemorating six decades of operations amid several milestones that had seen the market emerging as Africa’s most technologically advanced and second largest market.
The Lagos Stock Exchange (LSE) was established in September 15, 1960 but started operations on August 25, 1961. It later changed to Nigerian Stock Exchange (NSE) and now Nigerian Exchange Group (NGX Group) Plc.
The Exchange has also transformed from a private limited liability company to a non-profit, mutual, member-owned organisation and demutualised as a public limited liability company.
The stock market had also transformed from a floor-based open cry, manual trading to automatic trading system that allows online, real time trading and provides access to stockbrokers and their accredited investors to trade on the Nigerian market from anywhere in the world.
In commemorating the Diamond jubilee milestone, Group Chairman, Nigerian Exchange (NGX Group) Plc, Otunba Abimbola Ogunbanjo paid glowing tributes to the original subscribers of the articles of association, who included R.S.V. Scott, representing C.T. Bowring and Co. Nigeria Limited.; Chief Theophilus Adebayo Doherty; Sir. Odumegwu Ojukwu; Mr. Akintola Williams and Alhaji Shehu Bukar, as well as John Holt Limited and Investment Company of Nigeria Limited (ICON).
“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.
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Appreciating the contributions of the capital market ecosystem, Group Managing Director, NGX Group Plc, Mr. Oscar Onyema, commended invaluable contributions of stakeholders who have been partners in these six decades of growth.
“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,” Onyema said.
He highlighted continuing efforts to build on the existing legacy noting that in consonance with the innovative spirit of the founding fathers which has continued to drive the Exchange’s operations, recent demutualisation has allowed the Exchange to transition into a profit-driven, shareholder-held, and globally competitive organisation.
According to him, building on six decades of growth and partnership, NGX Group of companies is now positioned to be a key player in strengthening competitiveness on a larger scale.
“Our recently launched campaign “The Stock Africa Is Made Of” further encapsulates our commitment to fulfil the dreams of our founding fathers not only in Nigeria, but also in Africa,” Onyema said.
It would be recalled that NGX Group recently refreshed its brand identity at an official launch headlined by the President Muhammadu Buhari. NGX Group’s new structure consists of three wholly-owned subsidiaries: Nigerian Exchange (NGX) Limited, the operating exchange with Mr. Temi Popoola as chief executive; NGX Regulation (NGX RegCo) Limited, the independent regulation company with Ms. Tinuade Awe as chief executive and NGX Real Estate (NGX RelCo) Limited, the real estate company with Mr. Gabriel Igbeka as acting chief executive.
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