The Nigerian Stock Exchange (NSE) has announced the completion of Mr Oscar Onyema’s tenure as its Chief Executive Officer (CEO) after 10 years.
This disclosure is contained in a statement issued by the Head, Corporate Communication of NSE, Mr Olumide Orojimi, on Tuesday in Lagos, where it was added that a closing gong ceremony was held on April 1 to honour Onyema.
The Chairman, Nigerian Exchange Group (NGX Group), Otunba Abimbola Ogunbanjo, said that the closing gong was in commemoration of Onyema’s exemplary leadership.
Onyema is expected to become the Group Chief Executive Officer (GCEO), NGX Group Plc following the successful demutualisation of the Exchange.
What the Chairman of NGX Group is saying
Ogunbanjo, in his statement, said, “It is impossible to overstate Oscar Onyema’s contributions to the growth of The Exchange and the development of the capital market in the past 10 years. After his first year of leadership, it became evident that his strategic mindset and mastery of Exchange business is what NSE dearly needs to rise to its next level of growth.
As anticipated, The Exchange went on to experience significant growth as the years passed by, most notable of which is the recent completion of the demutualisation of The Exchange. It has indeed been a pleasure working with him in our time at the NSE and I look forward to our continued journey to greatness in the NGX era.”
What the new Group Chief Executive Officer of NGX Group is saying
Oscar Onyema, the new GCEO, said, “I arrived at the NSE when the stock market was in the doldrums, investors’ confidence low, mono-product and the bourse under regulatory administration. With tunnel vision, collaboration with stakeholders in the financial system and perseverance, we have been able to surmount almost all of the challenges.
“I am delighted to have worked with astute members of the national council, visionary leaders in the executive committee and an expert crop of staff at The Exchange to have delivered excellent results. We have come a long way from where we used to be and I am excited about the opportunities demutualisation has opened for us in the coming years.
“I must reiterate my commitment to ensuring that the NGX Group Plc and its subsidiaries deliver on the mandate to become Africa’s leading capital market infrastructure provider. I look forward to deepening partnerships with existing stakeholders and exploring new collaborations locally and globally to bring this to bear.”
What you should know
- It can be recalled that under the demutualization plan, the NGX Group Plc, a new non-operating holding company, was created as the parent company for the NSE and its operating structures with its three operating subsidiaries.
- These subsidiaries include Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulatory arm; and NGX Real Estate Limited (NGX RELCO), the real estate company.
- Mr Temi Popoola will assume the role of CEO, NGX Limited, while Ms Tinuade Awe will become the CEO of NGX RegCo Limited.
Bitcoin ETF in North America has reached $1 billion in assets
The first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch.
According to a statement from its issuer, the first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch. What exchange-traded funds did to the conventional investing market for decades could happen to cryptocurrency players in a fraction of the time.
Investors are clamoring for crypto exposure, particularly in an exchange-traded fund wrapper, and the product from Toronto-based Purpose Investments, ticker BTCC, has seen a lot of interest. Although there are many crypto funds in Europe that work similarly to ETFs, this is the first ETF anywhere.
More than $165 million worth of shares were traded on the fund’s first trading day in February, a big start for a fund in the much smaller Canadian ETF market.
Its rapid cash accumulation reflects the high demand for Bitcoin products in the United States, as issuers compete for approval of the first Bitcoin ETF in the nation. Despite regulator resistance to accept the tactics, at least eight companies, including VanEck Associates Corp. and WisdomTree Investments, now have live applications with the Securities and Exchange Commission.
On Tuesday, Bitcoin surged to an all-time high of about $63,246 ahead of Coinbase Global Inc.’s upcoming IPO later this week.
There is an increasing expectation that a bitcoin ETF will be available in the United States in the not-too-distant future. Gary Gensler, the nominated chairman of the Securities and Exchange Commission, has taught cryptocurrency classes. The bitcoin market has exploded in popularity in recent months, attracting the attention of major financial institutions. Bitcoin ETFs are once again being sought by VanEck, Fidelity, and others.
One advantage of ETFs is that shares can be readily created and redeemed to arbitrage away any discount or premium, which could greatly broaden their appeal. ETFs are also cheaper, which will put pressure on fees across the bitcoin ecosystem. Hence market sentiment may push the ETF higher.
JAPAULGOLD, STERLNBANK surge, GUINNESS plunges
The All-Share Index decreased by -0.29% to close at 38,601.83 from 38,712.55 index points.
The Nigerian Stock Exchange market made another bearish run at the end of the trading session. The All-Share Index decreased by -0.29% to close at 38,601.83 from 38,712.55 index points.
- The Nigerian Stock Exchange market value currently stands at NGN 20.26Tr. Its Year-to-Date (YTD) returns currently stands at -4.14%.
- The market closed beneath expectation as JAPAULGOLD led 15 Gainers, and GUINNESS topped the chart of 18 Losers with a noticeable bearish movement by the NSE ASI.
- JAPAULGOLD up +8.70% to close at N0.75
- NAHCO up +7.39% to close at N 2.18
- STERLNBANK up +7.14% to close at N1.80
- STANBIC up +5.75% to close at N46.00
- CHAMS up +5.00% to close at N0.21
- GUINNESS down -9.91% to close at N24.10
- TRIPPLEG down -9.72% to close at N0.65
- NCR down -9.68% to close at N2.52
- CHAMPION down -9.09% to close at N2.00
- JAIZBANK down -7.69% to close at N0.60
Analysts’ predictions of a recovery in the market were halted by another bearish trend at the end of the trading session on Tuesday, though there is strong optimism that a recovery from the financial and consumer sectors will push the NSE-ASI back to profit.
Nairametrics advises cautious participation in the stock market in this era of growing uncertainties.
Nairametrics | Company Earnings
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- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.
- Union Homes REIT proposes final dividend worth N465.03 million for shareholders.
- GT Bank Plc holds FY 2020 investors presentation.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.