The Nigerian All Share Index is down 15.3% year to date and was one of the worst performing stock exchanges last year. However, that was not enough to stop the NSE Boss Oscar Onyema from being included in the Forbes list of top ten Most Powerful men in Africa. Here is how Forbest describes him
As a testament to his contributions to the capital markets in Nigeria, in 2014, Oscar Onyema, Chief Executive Officer of the Nigerian Stock Exchange, was made an Officer of the Order of the Niger (OON) in “recognition of his contribution to economic development, the transformation of The Nigerian Stock Exchange and the Nigerian capital markets”. With the Nigerian bourse taking a beating in recent months; the total market capitalization of the Nigerian Stock Exchange, valued at 19.08 trillion Naira ($119.41 billion USD) in 2013, dropped to 16.88 trillion Naira ($90.68 billion USD) at the end of 2014, a decrease of 11.53% in Naira terms, Onyema has had to work in overdrive to restore investor confidence in one of Africa’s largest capital markets.
According to Forbes the list recognizes Africa’s top men leading in the continent’s change and transformation. It is interesting to note that no other Nigerian made that list except Oscar. Oscar has for years been pushing to take Nigerian stock exchange to the $1trillion mark. However, since he became the boss about 4 years ago, the market cap of the exchange has not crossed $100b way short of his target $1trillion. All the same, we say congrats to him