By Aduragbemi Omiyale
Mr Oscar Onyema has been praised for his contribution to the Nigerian capital market in the past 13 years, as he bows out after serving as the chief executive of the defunct Nigerian Stock Exchange (NSE), now known as the Nigerian Exchange (NGX) Limited, and as the chief executive of the NGX Group Plc for three years.
On Tuesday, March 26, 204, a Pull-Out Ceremony was held in his honour at the NGX House in Lagos and was attended by several stakeholders in the nation’s capital market, including the Securities & Exchange Commission (SEC), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System Plc (CSCS), NG Clearing, and the Association of Securities Dealing Houses of Nigeria (ASHON), among others.
In his remarks, the Director-General of SEC, Mr Lamido Yuguda, represented by the Director for SEC Lagos Office, Mrs Hafsat Rufai, stated that under Mr Onyema’s guidance, NGX Group consistently showcased innovation and resilience.
He also said Mr Onyema’s visionary leadership has not only stirred NGX Group through significant milestones but also spared a successful demutualization, marking a pivotal moment in Nigeria’s financial landscape.
On his part, the chairman of NGX Group, Mr Umaru Kwairanga, said, “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 highlighted some of his achievements, including the launching of the Exchange trading platform, X-GEN which propelled the exchange into the modern era; designing a robust Business Continuity Plan, which saw the exchange seamlessly maintained remote trading for over two years in the wake of the 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,” Mr Kwairanga said, adding, “Perhaps most notably, Mr Oscar 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 per cent for the 2023 fiscal year and 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,” he added.
In acknowledging Mr Onyema’s leadership, his successor, Mr Temi Poopola, emphasized the profound impact of his predecessor’s leadership style.
He commended his ability to navigate diverse perspectives with respect, having prioritized the broader interests of the capital market, expressing his gratitude for the numerous sacrifices, both personally and for the organisation.
The chairman of ASHON, Mr Sam Onukwue, said during the 13-year tenure of Mr Onyema, technology on the exchange was upscaled, new minimum operating standards for market operators were 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 demutualization of the exchange during his tenure. This was no mean feat given the history of previous attempts,” he said.
As for the former President of NSE, Mr Oba Otudeko, Mr Onyema’s professionalism is outstanding and his confidence, compelling to deliver and his presence, always humble and noble, noting that his uniqueness was fairly evident during the council’s search for a CEO, notching him the job.