The Securities and Exchange Commission (SEC), Nigerian Exchange Group Plc, Association of Securities Dealing Houses of Nigeria (ASHON) among other key stakeholders on Tuesday celebrated the outgoing Group Chief Executive Officer of Nigerian Exchange Group Plc (NGX Group), Oscar Onyema, for his contribution to the Nigerian capital market in the past thirteen years.
Onyema, who was first CEO of the Nigerian Stock Exchange (NSE) for 10 years and the Group Chief Executive Officer of Nigerian Exchange Group Plc (NGX Group) for 3 years, saw his tenure ended 2023 and was celebrated on the floor of NGX by NGX Group, Chartered Institute of Stockbrokers (CIS), ASHON, Central Securities Clearing System Plc (CSCS), NG Clearing, among others.
The Director General of SEC, Lamido Yuguda, at the ceremony said that Mr. Onyema’s visionary leadership has not only stirred NGX Group through significant milestones but also spared a successful demutualisation, marking a pivotal moment in the Nigeria’s financial landscape.
The DG, who was represented by Hafsat Rufai, Director, SEC Lagos Office, stated that under Onyema guidance, NGX Group consistently showcased innovation and resilience.
In his welcome speech, the Group Chairman, NGX Group, Umaru Kwairanga, congratulated Mr. Onyema on the completion of his remarkable leadership term at the helm of NGX Group.
“It cannot be stressed enough that Mr. Onyema contributed immensely to the modernisation of the Exchange as we have it today. NGX Group in its current state is far more advanced technologically, strategically, and operationally than it was when he resumed in 2011,” he said.
He highlighted some of his achievements that include the launch of the Exchange trading platform X-GEN, that propel the Exchange into the modern era; designing a robust Business Continuity Plan, that saw the Exchange seamlessly maintain remote trading for over two years in the wake of Covid-19 pandemic, and implementing a world-class regulatory regime focused on fairness, stability, collaborative rulemaking, risk-based supervision, and robust corporate governance standards.
“This steadfast commitment to regulation and transparency restored investor confidence and positioned the Exchange as a credible, trusted platform,” Kwairanga said.
He added further that, “Perhaps most notably, Mr. Onyema ‘s visionary stewardship has created immense value for NGX Group’s shareholders.
“Under his tenure, the Group has experienced an incredible turnaround, with Return on Equity reaching an impressive 13.8 percent for the 2023 fiscal year and the payment of N1.5 billion in dividends to shareholders – a resounding affirmation of the Group’s operational efficiency and strategic direction under his exemplary leadership.
Kwairanga, thus, expressed gratitude to Mr. Onyema for his pioneering vision, transformative accomplishments, and the indelible mark he has etched on the Nigerian capital market landscape.
In acknowledging Mr. Onyema’s leadership, the Group Chief Executive Officer, NGX Group, Temi Poopola, emphasised the profound impact of Mr Onyema’s leadership style. He commended his ability to navigate diverse perspectives with respect, having prioritized the broader interests of the capital market. The Group CEO expressed gratitude for the numerous sacrifices, both personally and for the organisation.
In his part, the former President of NSE, Oba Otudeko, said that Mr. Onyema’s professionalism is outstanding and his confidence, very convincing to deliver, and his presence, always humble and noble. According to him, the Oscar’s uniqueness was fairly evident during the Council’s search for a CEO, notching him the job.
The Chairman, ASHON, Sam Onukwue, at the “Pull-Out Ceremony” said that during the 13-year tenure of Mr. Onyema, technology on the Exchange was upscaled, new minimum operating standards for market operators was introduced, among other transformational initiatives aimed at achieving best international practices were also pursued under his leadership.
“Of particular note was the impact of the demutualisation of the Exchange during his tenure. This was no mean feat given the history of previous attempts,” he said.
