NSE National Council renews CEO’s contract for a 2nd five-year term

By Chioma Obinagwam

The Nigerian Stock Exchange (NSE) has announced that its National Council has approved the renewal of contract of employment for Mr. Oscar Onyema, for another term of five years as Chief Executive Officer(CEO) of The Exchange effective immediately. Mr. Onyema has served as the CEO of the Exchange since April 2011 and his initial five years employment contract expires on March 31, 2016.

Commenting on the renewal, President, National Council of NSE, Mr Aigboje Aig-Imokhuede, CON 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 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”.

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Speaking on his contract renewal, Mr. Onyema said “I am honoured to remain with The Nigerian Stock Exchange 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. ”

On assumption of the role of CEO in April 2011, Mr. Onyema developed the strategic plan to transform the Exchange into a globally competitive brand by stabilizing and professionalizing the Exchange. Mr. Onyema led the execution of the Exchange’s transformation strategy which resulted in over 365 percent increase in surplus, and 40% 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 asset classes; and operate a fair and orderly market based on just and equitable principles.

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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.

More so, Mr. Onyema has represented the NSE on several boards and Government bodies including PENCOM, FMDQ OTC Plc, Central Securities Clearing System Plc (CSCS), Nigerian Capital Market Master Plan Implementation Council (CAMMIC), World Economic Forum (WEF) Global Agenda Council on Future of Financing and Capital, amongst others.