Nigerian Exchange Group Plc yesterday celebrated 60 years of enabling Africa’s largest economy as a leading integrated market infrastructure group in Africa as securities values reached N35 trillion.
The group officially commenced operations on August 25, 1961, as the Lagos Stock Exchange, after it was founded on September 15,1960.
In commemorating the diamond jubilee milestone, the group chairman, NGX Group, Otunba Abimbola Ogunbanjo paid glowing tribute 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 Doherty; Sir. Odumegwu Ojukwu; Mr. Akintola Williams and Alhaji Shehu Bukar, as well as John Holt Limited and Investment Company of Nigeria Limited (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.”
Appreciating the contributions of the capital market ecosystem, the group managing director/CEO, NGX Group, Mr Oscar Onyema stated, “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.”
He further commented on the group’s efforts to build on the existing legacy, saying “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. 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.”