Oscar N. Onyema, Group Managing Director/Chief Executive Officer, Nigerian Exchange Group Plc, has commended the level of technological advancement achieved by Nigerian Exchange Limited (NGX).
Speaking at 18th Annual Columbia University Africa Economic Forum, hosted by Columbia Business School on Saturday April 23, 2022, he said, “Over the past 10 to 15 years, the continuous investment in automating key processes and procedures has effectively positioned NGX as a leading technology-enabled exchange hub. Today, market transactions are driven by cutting-edge technology, similar to what is obtainable in leading global securities exchange. At NGX, trading is conducted using X-Gen platform while, one of the fastest trading platforms in Africa and market surveillance is performed using the SMARTS platform. These technology solutions made it easy for NGX to transition to remote trading during the Covid-19 without missing a day of trade”.
Explaining his transition in the Nigerian capital market, Onyema stated that his journey through the then Nigerian Stock Exchange (NSE) started in 2011 when the Exchange, impacted by the 2008 global economic crises, lost almost 70 per cent of market valuation.
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He stated that, “To stabilize the market, we worked with stakeholders within the capital market to create a transformation strategy whilst focusing on the demutualization of the Exchange which we completed last year, transforming The Exchange into a Group structure that owns interests in about ten different companies with NGX as one of the wholly owned subsidiaries
He further revealed that the Group is looking to bring other telecom and Fintech players to the market. “There are major communications companies listed on the Exchange like the MTNN and Airtel Africa. We are looking at bringing more to the capital market.
We are also keeping abreast with the developments in the real economy so that we can keep providing access for them to exit through the capital market and providing a platform for them to raise capital to finance their growth and these can happen through automation”, he said.
Speaking on his role in the newly demutualised exchange, Onyema said, “My role in the Group is not operational but more of strategy, more investment, looking for near opportunities. Our strategy is to invest in all the vertical in the capital market value chain across Africa,” he said.
