The board of the Nigerian Stock Exchange (NSE), minutes to midnight on Monday, announced major vacuums in its executive management cadre with the resignations of its only two executive directors: Ade Bajomo and Haruna Jallo-Waziri.
In a statement by Olumide Orojimi, Head, Corporate Communications, the Nigerian Stock Exchange hinted that while interim “internal arrangements have been made to ensure full oversight of the Divisions previously covered” by the duo of Bajomo and Jalo-Waziri, the Exchange will conduct a search for permanent replacements for the roles pursuant to its ongoing strategic reorganization plans to support its new ambitions
Bajomo, Executive Director, Market Operations and Technology, according to the statement from the NSE’s communications unit “resigned his appointment effective December 31, 2017 to pursue other challenges.”
Jalo-Waziri, who was until his exit with effect from October 31, 2017, to resume as Chief Executive Officer of Central Securities Clearing System (CSCS Plc), was Executive Director, Capital Markets.
Commenting on the development, Oscar Onyema, the NSE’s Chief Executive expressed appreciation to the duo “for their immense contributions to the transformation of The Exchange and the Nigerian capital markets over the past few years. They led various significant projects and initiatives to improve efficiency and drive sustainable growth of the market. We wish them success in their personal and professional future. We shall miss them.”
Also commenting, Abimbola Ogunbanjo, President of the National Council of the NSE, commended “their meritorious stewardship characterized by their innovative ideas and most importantly, fully executing on the NSE’s strategic growth plans.
“Ade and Haruna are consummate and dedicated professionals and I am confident that they will both excel in their future endeavours and on behalf of the National Council I wish to thank them for their dedication and accomplishments during their term in office.”
For Jalo-Waziri, “I consider myself privileged to have served The Nigerian Stock Exchange as the Executive Director in charge of Capital Markets for over five years. I am honoured to have worked with the CEO, Oscar N. Onyema, management and staff of the Exchange and a vast majority of exemplary people within the capital market ecosystem over the years. As I move to the next phase of my career, I look forward to continue contributing to the development of the capital market through my stewardship at CSCS.”
Jalo-Waziri made significant contributions to NSE’s revenue growth and had responsibility for several key projects and initiatives. Some of his signature assignments were launch of the premium board, Federal Government Savings bond, Eurobond, Sovereign Green bond development, Exchange traded funds, and incorporation of NG Clear Limited.
He was also the sponsor for the Derivatives Project, which is set to launch imminently. For the wider capital market, he chairs the CAMMIC sub-committee on attraction of new listings.
Ade Bajomo was quoted as saying: “It has been my personal privilege and professional honor to have worked and served the Nigerian Stock Exchange in the capacity of Executive Director, Market Operations and Technology. In my over six years with the Exchange, I have worked with a highly talented pool of individuals within the exchange
and the wider capital market that supported our work and delivery of market wide initiatives and I will sorely miss them all. I am also honoured to have worked with the previous and current council presidents and members. I am confident that the market will continue its growth trajectory and sustain market leadership”.
The statement listed some of Bajomo’s key achievements to include the digital revolution of trading at the Exchange with the launch of XGEN, XNET, introduction of trading app called Trade Smart, organization of the first NSE Market Data Workshop, and phenomenal growth of the market data business to name a few.
For the wider capital market, he served on the board of NASD Plc and chaired the Infrastructure and Technology sub-committee of the Nigerian Capital Market Committee.