NGX Stimulating Economic Growth, Helping Businesses – Buhari
Following the successful demutualisation of the Nigerian Stock Exchange, President Muhammadu Buhari, has said the Exchange is stimulating economic growth in the country and helping businesses and individuals to save and raise capital.
The demutualisation of the NSE led to the emergence of NGX Group Plc and its three subsidiaries – Nigerian Exchange Limited, NGX Regulation Limited and NGX Real Estate Limited.
Buhari, who spoke on Tuesday at the launch of the NGX Group’s campaign, ‘The Stock Africa Is Made Of’, described the demutualisation of the NSE as “a proud moment for all of us” and “the beginning of a new era for the capital market.”
“It is my pleasure to join you all at this important event organised to amplify the positive narrative about Africa and its great potential,” he said.
While congratulating the NGX Group on the recently concluded demutualisation, he recalled signing the Demutualisation Bill in August 2018, paving the way for the long-awaited demutualisation.
Buhari said, “It is also important for me to highlight that the history of NGX Group is tied to that of the nation itself founded 61 years ago at a pivotal time when Nigeria gained her independence.
“The Exchange continues to play its part in nation building by stimulating economic growth and providing a platform for businesses and individual to save and raise capital through innovation, diversified products and services, enabling regulatory environment and much more.”
The Group Chairman, NGX Group, Otunba Abimbola Ogunbanjo, noted that the Exchange had come a long way, through different leadership regimes – civilian and military – that had overseen multiple boom and bust economic dispensations within the Nigerian economy.
He said the Exchange had emerged as a leading integrated market infrastructure in Africa and the engine of growth for Africa’s largest economy.
“Our story is one birthed from resilience, collaboration, determination and continued focus on our vision. A true Africa story. With demutualisation, NGX Group is well positioned to enable strong economic growth and contribute its quota to the development of the Nigerian capital market, and the African continent,” he added.
On his part, the Group Managing Director/Chief Executive Officer, NGX Group, Mr Oscar Onyema, said, “At Nigerian Exchange Group Plc, we have a vision to be the premier Exchange hub for Nigerian businesses and for the wider African economy building on the strong reputation and corporate governance the NSE has established over the years.”
