Mr. Oba Otudeko, Chairman of the Honeywell Group Nigeria and the immediate past president of the Nigerian Stock Exchange (NSE), has said that he was committed to the growth of the capital market throughout his tenure as president while also thanking the capital market community for the opportunity to serve in such capacity.
According to him, â€œ Indeed, the successes we recorded were as a result of the commitment of the Council, Management and other stakeholders to the deepening of the strong fundamentals on which the Stock Exchange was established. I thank God that we were able to bequeath a rejuvenated and a cohesive Stock Exchange to the new Council.â€
Otudeko, who described his tenure as an eventful one, expressed gratitude to God Almighty who enabled him to hand down a peaceful and stable capital market in spite of the global turbulence characterised by the meltdown which afflicted economies around the world.
According to Otudeko, though the global meltdown was not a pleasant experience, the world, and especially the Nigerian capital market, drew important lessons from it. And these lessons have begun to shape our future.
Otudeko further emphasized that the Council of the NSE at the commencement of his administration itemized set goals to move the stock market forward and expressed happiness that many of the set goals were achieved.
Recalling his maiden speech as President of the Exchange during the installation dinner held in his honour on 8th December 2006, Otudeko noted that some of the goals he set then included: Commissioning or completion of pending projects; review of the rules and regulations of the Exchange; upgrading of trading floors; automation, liberalization and cross-border listing.
And looking back now, he is grateful that, with the cooperation of all stakeholders, his tenure recorded significant achievements.
Without attempting to sound immodest, Otudeko listed some of the achievements recorded during his tenure as: an unprecedented growth of the market, wherein the All-Share Index hit its historical peak of 66,371.20 on May 3, 2008; deepening of the fundamentals of the Exchange; redesigning of the Lagos trading floor into a world-class facility which was commissioned by His Excellency, President Umaru Yarâ€™Adua, GCFR among others.