24 February 2016

Nigeria: Stock Exchange Re-Appoints Onyema for Another Five-Year Term

The Nigerian Stock Exchange has announced that the council of the NSE has renewed the contract of agreement of its Chief Executive Officer, Oscar N. Onyema for another five years term.

Onyema resumed office as the CEO of the Exchange since April 2011 while his initial five years employment contract expires on March 31, 2016.

The President, National Council of NSE, Aigboje Aig-Imokhuede explained that Onyema's tenure as NSE's CEO was marked by outstanding achievements while expressing confident that he would continue with the Exchange's trajectory of transformation, innovation and marketplace recognition by implementing its business strategies which he has been instrumental in developing.

"The leadership qualities that he has demonstrated in his first term as CEO, in the face of such intense and challenging operating environment, have been exemplary.

"The Council believes that his vision and passion will ensure the Exchange remains a force to be reckoned with in Africa and beyond".

Speaking on his contract renewal, Onyema said "I am honoured to remain with the NSE and to continue to lead our dedicated staff as we strive to achieve the Exchange's vision. I am grateful to the Council for the opportunity to continue such an important work.

"While there is still much to be accomplished, the support shown by the capital market community has been inspirational, and I look forward to working with the entire eco-system to meet our objectives."

According to the NSE, Onyema, on assumption of the role of CEO in April 2011,developed a strategic plan to transform the Exchange into a globally competitive brand.

"Onyema led the execution of the Exchange's transformation strategy which resulted in over 365 per cent increase in surplus, and 40 per cent increase in NSE Group balance sheet size for the period.

"He has transitioned this strategy into a five-year growth plan, 2015 to 2019 which will see the Exchange increase the number of new listings across five (5) asset classes; increase order flow in the five (5) asset classes; and operate a fair and orderly market based on just and equitable principles."

In recognition of his contributions to Nigeria's economic development and transformation of Africa's capital markets he was elected President of African Securities Exchanges Association (ASEA) in November 2014, demonstrating recognition and acceptance within the African region; and Chairman of West African Capital Markets Integration Council (WACMIC) for 2013 -2015, demonstrating sub-regional pull and influence.

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