The National Council of the Nigerian Stock Exchange (NSE) has renewed the employment contract of Mr. Oscar Onyema as the chief executive officer for the exchange for another term of five years effective immediately. Onyema has been serving as the CEO of the NSE since April 2011 and his initial five years’ employment contract expires on March 31, 2016.
However, the NSE said in statement on Tuesday that the CEO has been given second tenure of five years.
Commenting on the renewal, 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 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 within 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. ”
When he assumed office for the first tenure in April 2011, Onyema developed the strategic plan to transform the exchange into a globally competitive brand by stabilizing and professionalizing 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.