6 March 2016

Nigeria: Onyema Re-Appointed CEO As Activities Slow At Stock Exchange

Citing a reflection of his contribution, the National Council of the Nigeria Stock Exchange (NSE) has renewed the appointment of Mr. Oscar Onyema as the chief executive officer (CEO) for second term of five years. Onyema, whose first tenure expires on March 31, 2016, has been holding sway at the exchange since April 2011

But the re-appointment came on a weekend that the exchange experienced sluggish activities as measured by volume and value of trading for the week, which ended last Friday.

Activities on the NSE, measured by volume and value of trading, last week, slowed as the week ended with a turnover of 1.476 billion shares worth N7.992 billion in 15,743 deals traded by investors compared to a total of 4.476 billion shares valued at N11.742 billion that exchanged hands the previous week in 14,124 deals.

Nevertheless, the NSE All-Share Index and Market Capitalisation appreciated by 6.57 per cent and 6.55 per cent to close the week at 25,820.10 and N8.882 trillion respectively. Similarly, all other Indices finished higher during the week, with the exception of the NSE-Main Board Index, NSE Consumer Goods Index and NSE Oil/Gas Index that depreciated by 0.54 per cent, 1.36 per cent and 6.10 per cent respectively while the NSE Same Index closed flat.

Statistics obtained from the NSE showed that the Financial Services Industry (measured by volume) led the activity chart with 1.319 billion shares valued at N5.590 billion traded in 9,955 deals. These represented 89.36 per cent and 69.94 per cent of the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 50.809 million shares worth N108.297 million in 557 deals. The third place was occupied by the Consumer Goods Industry with a turnover of 49.655 million shares worth N1.376 million in 2,434 deals.

Trading in the Top Three Equities namely - Wapic Insurance Plc, FCMB Holding Plc and Access Bank Plc (measured by volume) accounted for 578.238 million shares worth N933.534 million in 1,424 deals, contributing 39.18 per cent and 11.68 per cent to the total equity turnover volume and value respectively.

Meanwhile, the National Council of NSE announced a second term of five years for Onyema, renewing his first term contract.

Commenting on the re-appointment, President, National Council of NSE, Mr. Aigboje Aig-Imokhuede, said: "Mr. Onyema's tenure as CEO of the NSE is marked by outstanding achievements. The council is confident that he can continue the exchange's trajectory of transformation, innovation and market-place 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."

When Onyema assumed office for the first tenure in April 2011, he developed the strategic plan to transform the exchange into a globally competitive brand by stabilising and professionalising the exchange.

He led the execution of the NSE'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 asset classes; increase order flow in the five asset classes; and operate a fair and orderly market based on just and equitable.

Onyema holds a Bachelor Degree in Computer Engineering from Obafemi Awolowo University, Ile-Ife, Nigeria; MBA, Finance & Investments, Baruch College, New York; and Advanced Management Programme, Harvard Business School, Boston.

He has held various positions at the New York Mercantile Exchange, in the late 1990s. In 2001, he joined the American Stock Exchange, where he served as Senior Vice-President and managing the NYSE Amex equity trading business. He proceeded in 2009 to become Adjunct Lecturer of Economics, Pace University, New York; in addition he founded Market Strategists and consulted under the Gerson Lehrman Group, US.

Nigeria

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