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16 Sep, 50 tweets, 64 min read
This report was a historical review of how activities were carried out on the @nsenigeria before and within the last 10 years,

#NSE10YearsAfterATakeover

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...the changes made over different management eras, as well as the factors that influenced the decisions made then and now.

#NSE10YearsAfterATakeover

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Other issues addressed in the report include:

- the market's unpredictability and investors reaction to market dynamics;

- the impact of unexpected shocks on the value of the capital market;

#NSE10YearsAfterATakeover

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- how the market reflects the state of the domestic economy as well as foreign & domestic investor sentiment;

- the transition from the ASeM to the Growth Board in addition to achieving a market capitalization of US$1bn;

#NSE10YearsAfterATakeover

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- opportunities presented by the #COVID19
economy and the question of whether or not political risk is a matter of concern for the market and market players.

#NSE10YearsAfterATakeover

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- the need for demutualization, the niggling problems associated with same and the sustained fear of the power that will be controlled by the board of directors and potential conflict of interest of a demutualized Exchange;

#NSE10YearsAfterATakeover

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- how artificial intelligence could be used for the identification of arbitrage opportunities and the disruption of asymmetric loopholes and

#NSE10YearsAfterATakeover

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- the proposed CISI bill and the implication of its adoption.

#NSE10YearsAfterATakeover

cc: @nassnigeria @NGRSenate @SIAmosun @HouseNGR

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The market has grown both because and despite its principal officers, with each era introducing a pungent twist to a colourful tale.

#NSE10YearsAfterATakeover

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In two decades, the market has pivoted between the philosophical and dramatic and the subdued and innovative

#NSE10YearsAfterATakeover

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...with a snap period (2010-2015) of disruptive intervention. Each epoch represented part of an intense learning process.

#NSE10YearsAfterATakeover

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What was the @nsenigeria like in the days of Ndi Okereke-Onyiuke, Ph.D.?

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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erstwhile Director-General of the @nsenigeria realized that the growing adoption of technology and the increasing sophistication of tradeable market instruments required a new trading platform,

#NSE10YearsAfterATakeover #Equities #FinancialMarket

proshareng.com/news/53284
one with enough flexibility to be scaled up to global standards but light enough to accommodate the existing state of play of market operators.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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She, therefore, consolidated her earlier initiative to digitalize the Exchange into a broader plan of improving both the trading platform and the investor's trading experience.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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The interface between the market and the investor was no longer wrapped in obscure practices but became open to the light of new trading rules

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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...and new trading methods (open-outcry and trader market muscle memory were replaced with keyboards, monitors, charts, research reports, Fibonacci algorithms, candlestick presentations

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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... and corporate market engagement, 'facts-behind-the-figures'). The new era had started but not without hiccups.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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Problems that stuck to the shoe gum of the Exchange ranged from institutional inertia (the need to upgrade staff competence) to professional dispute management

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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...(engagements between the Exchange's managers and the organizations governing Council) and a brief but uncharacteristic detour into politics.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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By 2009 and 2010 conflicts with the management of the @SECNigeria piled additional pressure on the Exchange's management which was unhelpful.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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Unfortunately, the conflict resulted in the departure of Okereke-Onyiuke and key managers of the Exchange in 2010.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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One rarely spoken about problem Okereke-Onyiuke faced was the attempt by certain Council members to railroad a demutualization process that would have allowed owners of bellwether

#NSE10YearsAfterATakeover #Equities #FinancialMarket

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...stocks listed on the Exchange to take up major equity in the Exchange, creating what analysts at the time had perceived as conflicts of interest.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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While the Exchange would inevitably change from a stock broker-dominated Exchange to an investor-dominated platform,

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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...Okereke-Onyiuke was wary of allowing overwhelming individual financial influence to be the primary factor dictating the Exchange's ownership within the proposed demutualized arrangement.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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Okereke-Onyiuke's reticence to demutualize the Exchange at the time resulted in a powerful blowback from angry high net worth investors who felt hard done by as the exDG played a game of 'slow is beautiful'.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket
The game, however, came with a heavy cost & by the time the dust settled on the maneuverings one of the Exchange's most ebullient and charismatic bosses had been shown the door.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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As soon as Okereke-Onyiuke left the Exchange, Emmanual Ikhazoboh was nominated by the @SECNigeria as an interim administrator until the market would appoint a substantive successor.

#NSE10YearsAfterATakeover #Equities #FinancialMarket

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In the interim, the new boss worked with the @nsenigeria's old management team but without the effervescent presence of the former DG.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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The arrangement continued for a few months before the old guard was nudged aside

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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.@OscarNOnyema has shown an ability to push for innovation and asset growth as the @nsenigeria capitalization rose from N6.53trn in December 2011 to N13.51trn in December 2019,

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

proshareng.com/news/53284 via @IPSA_ie
... representing a compound annual growth rate of 8.41% (well above the average annual growth of the country's (GDP).

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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The Exchange under @OscarNOnyema has seen progress with capitalization and increasing sophistication but it has been trumped by the massively superior fixed income performance
...of the @FMDQGroup which has seen an explosive growth of treasury transactions and commercial private bonds in the decade since 2014

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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.@OscarNOnyema came to the @nsenigeria with a few baseline ideas to upgrade the local equity market including the following;

• Introduction of market makers

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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• Achieve US$1trn market capitalization by 2016

• Creation of an Investor's Protection Fund

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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• X-Whistle, a whistleblowing platform to improve market surveillance

• Establishing ASeM, a framework designed to allow #SMEs to gain access to the stock market

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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The security market administrator's goals at the time were laudable and mirrored global developments but after ten years at the helm of the @nsenigeria

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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...and with a few months to go from his retirement at the end of Q1 2021, the outcomes of his early initiatives remain patchy

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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A flashback to 2010 unveils an unflattering period in the life of the Exchange, with @SECNigeria and the @nsenigeria at each other's throats

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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...and the Capital Market Committee of the House of Representatives of the @nassnigeria in an uproar over bribery allegations.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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The 2010-2015 period saw the @SECNigeria headed by an elegant, cerebral but domineering ex-AfDB executive, @aoteh, who took over the ropes with zeal.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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.@aoteh had a clear agenda to quickly introduce private sector management style to the hallowed bureaucratic traditions of @SECNigeria

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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...and she could not be bothered with whose ox was gored, including that of long-standing senior @SECNigeria executives.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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It did not take long for @aoteh's aggressive (some say pugilistic) management style to rile not only the nerves of her @SECNigeria colleagues

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

proshareng.com/news/53284 via @proshare
...but also members of the oversight committee of the market at the @nassnigeria. Put simply, Oteh set fire to the rain.

#NSE10YearsAfterATakeover #Equities #Nigeria #FinancialMarket

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proshareng.com/news/41456 via @proshare @WebTVng
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