At the inaugural Pinnacle Awards for Finance, Innovation, and Real Estate (PAFIR) held at the Oriental Hotel Lagos, Dr. Umaru Kwairanga, Group Chairman of Nigerian Exchange Limited, was presented with a special award for his significant contributions to the development of Nigeria’s capital market.
In his acceptance speech, Dr. Kwairanga shared insightful reflections on the role of the Nigerian Stock Exchange (NSE), the journey of its demutualization, and the importance of ongoing investments in the country’s financial platform.
“There is no magic at the Nigerian Stock Exchange. As you know, the market is information-driven. What we are doing differently is a combination of dedication, commitment, and investment that we have done courtesy of a mutualized profit auditor organization,” Dr. Kwairanga remarked during his speech.
He continued to emphasize the transformative changes under his leadership:
“Unlike before, there was just a mature, like a club, where people were not seeing the benefit of being on that platform. Today, many organizations are bringing our good results, and we are using our platform to tell the public that this is the result of companies that are quoted on the stock exchange.”
Dr. Kwairanga also highlighted the significant impact the Nigerian Exchange has had in Africa. “As of today, we are the highest in terms of return on investment in Africa.
At the beginning of this year, we were even ranked first globally in terms of return on investment. Mister President has gone all over the world and has already mentioned it. If you want to make an investment that guarantees returns, come to Nigeria, and use our platform,” he stated.
Reflecting on his long career and the recognition he has received, he shared, “I’ve received so many awards over the years, but I consider this one special because it’s related to my own field, my own constituency, and the small contributions I’ve made in the Nigerian capital market.”
The event marked a key moment in acknowledging the challenges and successes of the Nigerian Stock Exchange’s demutualization process. Dr. Kwairanga expressed the gravity of leading such a historic institution:
“The demutualization of the Nigerian Stock Exchange came with a lot of challenges. This is an institution of over 60 years, one that has seen the contributions of numerous individuals who have shaped Nigeria’s economy. When you visit the Nigerian Stock Exchange, you will see the pictures of past Presidents and past Chairmen who have made invaluable contributions to the country.”
In closing, Dr. Kwairanga dedicated the award to the broader Nigerian capital market community, highlighting the collective effort required to reach new heights:
“I dedicate this award to the Nigerian capital market community, which includes my board of directors, the management, the regulators, and the SEC commission for their support throughout the demutualization process.”
