Oscar N. Onyema OON, the Group Managing Director/Chief Executive Officer of Nigerian Exchange Group (NGX Group) Plc,, has been elected to the Board of World Federation of Exchanges (WFE) and will serve for a 3-year term, representing Europe-Middle East-Africa (EMEA) region. This decision was reached at the 60th General Assembly and Annual Meeting of WFE on 9 September 2021. The WFE Board comprises 18 leaders from around the world.
Commenting on the development, Onyema stated: “This is an important achievement for Nigerian Exchange Group and the Nigerian financial market. It is an indication of our prominent regional and global position and a testament to our contributions to the WFE in respect of our input on issues confronting the African and global capital markets.”
On her part, the Chief Executive Officer, WFE, Ms. Nandini Sukumar noted that
“The WFE welcomes Nigerian Exchange Group and Oscar N. Onyema, OON, a leader and thinker, to the Board of Directors. As an industry, we will all benefit from the perspectives and insights he brings. We look forward to working even more closely with African markets in future and bringing more of them into WFE membership, and the standard that represents.”
Last month, the NGX Group celebrated 60 years of enabling Africa’s largest economy as a leading integrated market infrastructure group in Africa. The Group officially commenced operations on 25 August 1961, as the Lagos Stock Exchange, after it was founded on 15 September 1960.
From its humble beginnings when only 19 securities were listed for trading, the stock exchange now trades over 300 securities worth about 35 Trillion Naira.
NGX Group recently refreshed its brand identity in an official launch event headlined by the President of the Federal Republic of Nigeria, His Excellency Muhammad Buhari (GCFR). NGX Group’s new structure boasts three wholly-owned subsidiaries: Nigerian Exchange (NGX) Limited, the operating exchange with Mr. Temi Popoola, CFA as CEO; NGX Regulation (NGX RegCo) Limited, the independent regulation company with Ms. Tinuade Awe as CEO; and NGX Real Estate (NGX RelCo) Limited, the real estate company with Mr. Gabriel Igbeka as acting CEO.
NGX Group has been a member of the WFE since 2014, when it made history as the first West African exchange to be granted full federation membership status.
Established in 1961 and headquartered in London, the WFE is the global industry group for exchanges and clearing houses (CCPs) around the world, representing over 250 market-infrastructures ranging from those that operate the largest financial centres to those that run frontier markets. Of its members, 35% are in Asia-Pacific, 45% in EMEA and 20% in the Americas. WFE exchanges are home to 47,919 listed companies, and the market capitalisation of these entities is over $109 trillion; around $137 trillion (EOB) in trading annually passes through WFE members (at end 2020).