26.2 C

Nigerian Stock Exchange Celebrates 60 Years

Must Read

The Nigerian Stock Exchange is celebrating 60 years of operation by marking a number of achievements that have led to the market becoming Africa’s most technologically advanced and second-largest.

The Lagos Stock Exchange (LSE) was founded on September 15, 1960, however, it did not begin trading until August 25, 1961. Nigerian Stock Exchange (NSE) was later renamed Nigerian Exchange Group (NGX Group) Plc.

The Exchange has also demutualized as a public limited liability corporation after transforming from a private limited liability business to a non-profit, mutual, member-owned organization.

The Nigerian stock market has also evolved from a floor-based open cry, manual trading system to an automated trading system that lets stockbrokers and their accredited investors trade on the Nigerian market from anywhere in the world.

The Group Chairman of Nigerian Exchange (NGX Group) Plc, Otunba Abimbola Ogunbanjo, paid glowing tributes to the original subscribers of the articles of association, which 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 Jos (ICON).

“We celebrate the vision of these seven individuals and organizations, 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 demutualized and we trade over 300 securities worth about N35 trillion,” Ogunbanjo added.

The Group Managing Director of NGX Group Plc, Mr. Oscar Onyema, praised the invaluable contributions of stakeholders who have been partners in nearly six decades of progress, praising the contributions of the capital market ecosystem.

“To the trading license holders, issuers, regulators, government and its agencies, media, and other stakeholders, we recognize 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 commended.

He emphasized the Exchange’s ongoing efforts to build on its legacy, noting that recent demutualization has allowed the Exchange to transition into a profit-driven, shareholder-owned, and globally competitive organization, in keeping with the innovative spirit of the founding fathers that has continued to drive the Exchange’s operations.

NGX Group of firms, he claims, is now positioned to be a vital participant in increasing competitiveness on a bigger scale, based on six decades of growth and partnership.

- Advertisement -spot_img


Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest News

Kurt Zouma: West Ham defender pleads guilty to kicking and slapping cat

West Ham United defender Kurt Zouma has pleaded guilty to kicking and slapping his pet cat in a video...
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img