Stakeholders celebrate Onyema’s 13 years leadership at NGX Group

By Chukwuma Umeorah

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), Association of Securities Dealing Houses of Nigeria (ASHON), Central Securities Clearing System Plc (CSCS), NG Clearing, among others.

The Director-General, Securities and Exchange Commission (SEC) Lamido Yuguda at the “Pull-Out Ceremony” ceremony stated that Onyema’s visionary leadership has not only stirred NGX Group through significant milestones but also spared a successful demutualization, marking a pivotal moment in the Nigeria’s financial landscape. The DG, who was represented by the Director, SEC Lagos Office, Hafsat Rufai, stated that under Onyema guidance, NGX Group consistently showcased innovation and resilience.

Former President of the Exchange, Oba Otudeko, reflecting on the journey that led to Onyema’s appointment as NGX CEO, said, “I was the president of the stock exchange when Onyema was being spoken to and invited to come and be the CEO of the Exchange. Our council was willing to scout the world and get the best at that time. We worked very hard and we interacted with him. The truth is that Onyema is a prince and one lesson that one would learn is that the personality of someone who can take an institution of this size to its destination must be that of a noble background. Onyema’s character as spoken about, his professionalism is outstanding, and his confidence is very convincing.”

The Chairman of the NGX Group, Umaru Kwairanga describe Onyema as a true leader epitomised in his inclusionary styles of governance during his time at the Exchange. “His achievements during the NSE era were nothing short of monumental. Onyema overhauled the technological backbone by developing and transforming our trading platform, bringing it into the modern era. Working with management and staff to design a robust business continuity plan which saw the exchange seamlessly maintain remote trading for over two years in the wake of the COVID-19 pandemic.

“He implemented a world-class regulatory regime focused on fairness, stability, collaborative rule making and robust corporate standards. This steadfast commitment to regulation and transparency restored our investors’ confidence and positioned the exchange as a credible and trusted platform.”

He added, “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.

On his part, the Group Chief Executive Officer, NGX Group, Temi Poopola, emphasized the profound impact of 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 organization.

The Chairman, ASHON, Sam Onukwue stated that during the 13-year tenure of Oscar 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 pursed 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 attempt,” he said.