Nigerian Exchange marks 60 years of operation

Nigerian Exchange marks 60 years of operation

Seven individuals and firms that started the exchange were R.S.V. Scott, Theophilus Adebayo Doherty; Odumegwu Ojukwu; Akintola Williams and Shehu Bukar, as well as John Holt Ltd and ICON.

Nigerian Exchange Group (NGX Group) Wednesday commemorates its 60 years of operation as a leading integrated market infrastructure group on the continent, the bourse said in a statement.

The group, which has seen a raft of transformations since inception, started activity in an official capacity on August 35, 1961, roughly nine months after inauguration, when it adopted the moniker, Lagos Stock Exchange.

However, operations had begun informally earlier in June 1961 when the Central Bank of Nigeria housed the exchange, with four companies – John Holt Limited, Investment Company of Nigeria (ICON), nlaks and C.T. Bowring as initial market dealers.

“We celebrate the vision of these seven individuals and organisations, who in the Nigerian spirit, broke new ground in starting the Exchange, and we are proud of our sterling history over these six decades,” said Group Chairman Abimbola Ogunbanwo.

The seven individuals and firms comprised R.S.V. Scott, representing C.T. Bowring and Co. Nigeria Ltd.; Theophilus Adebayo Doherty; Odumegwu Ojukwu; Akintola Williams and Shehu Bukar, as well as John Holt Ltd and ICON.

“From our humble beginnings when only 19 securities were listed for trading, we are now demutualised and we trade over 300 securities worth about 35 Trillion Naira,” Mr Ogunbanwo adds.

The exchange took the name Nigerian Stock Exchange in 1977, establishing branches in a couple of commercial hubs across the country.

In 1984, the all-share index was introduced, going on to reach 1,000 points in 1992 and 10,000 at the turn of the century in the year 2000. The benchmark index stood at 39,460.68 points as of Tuesday.

“In consonance with the innovative spirit of our founding fathers which has continued to drive our operations, demutualisation has allowed us to transition into a profit-driven, shareholder-held, and globally competitive organisation,” says Oscar Onyema, the group CEO.

The exchange this year transition from a mutual company to a public firm, a milestone occasioning the adoption of its new name, the Nigerian Exchange group.