History Of The Nigerian Exchange Group (NGX)

This article is about the history of the Nigerian Exchange Group (NGX), formerly known as the Nigerian Stock Exchange (NSE). As you well know, a stock exchange in its simplest definition, is a virtual market where buyers and sellers meet and trade in existing securities. It is a market that is hosted by an institute or a government body where shares, stocks, debentures, bonds, futures, options, to mention but a few, are bought and sold. The Nigerian Exchange Group or the Nigerian Stock Exchange as it is still called despite its name change, is our country’s stock market and we will look at it in detail to discuss its history from when it was formed until this present day.

History Of The Nigerian Exchange Group (NGX)

Nigerian Exchange Group (NGX Group) Plc is a leading integrated market infrastructure in Africa which services Nigeria, the largest economy in Africa, and is strengthening the competitiveness of African economies to achieve global prosperity. As a key player in the continent’s financial markets, the Nigerian Exchange Group takes an active role in shaping the future of the markets through their investment in business innovation and technology.

NGX Group provides a wide range of services including listing and trading securities, licensing, market data solutions, ancillary technology, regulation, real estate, and more through its wholly-owned subsidiaries such as: NGX Exchange, NGX REGCO, and NGX RELCO. The Group is also invested in the financial infrastructure space with investments in NG Clearing Limited, Central Securities and Clearing Systems (CSCS), OTC platforms and three fintech companies.

Nigerian Exchange Group is committed to the highest international standards. To support this commitment, NGX Group belongs to a number of international and regional organizations that promote the development and integration of global best practices. NGX Group continues to evolve in order to meet the needs of its valued customers and to achieve the highest level of competitiveness.

Their vision is to be Africa’s preferred exchange hub, and their mission is to provide investors and businesses a reliable, efficient and an adaptable exchange hub in Africa, to save and to access capital. The Nigerian Stock Exchange has been in existence for over sixty (60) years, and they provide the premier platform in Africa for raising capital; facilitate a thriving secondary market for trading securities and maintain a seamless flow of market information. They also promote and enforce just and equitable principles of listing and trading, as well as maintain fair and orderly financial markets; and they deliver tailored property letting, real estate investment and facility management services.


The Nigerian Exchange Group (NGX Group) formerly known as the Nigerian Stock Exchange, dates its history back to September 15, 1960 when the Lagos Stock Exchange was founded. There were seven subscribers to the NGX Group’s Memorandum of Association: R.S.V. Scott, representing C.T. Bowring and Co. Nigeria Ltd.; Chief Theophilus Adebayo Doherty; John Holt Ltd; Investment Company of Nig. Ltd.(ICON); Sir. Odumegwu Ojukwu; Chief Akintola Williams; and Alhaji Shehu Bukar.

On August 25, 1961, operations began officially with 19 securities listed for trading. However, informal operations had commenced earlier in June 1961 and were initially conducted inside the Central Bank of Nigeria (CBN) building with four firms as market dealers: Inlaks, John Holt, C.T. Bowring, and ICON (Investment Company of Nigeria).

In December 1977, the name was changed to The Nigerian Stock Exchange, with branches established in some of the major commercial cities of the country. By 1984, the All Share Index was launched, which went on to hit the 1,000 mark in 1992, and 10,000 points by year 2000.

2011 ushered in an era of digital transformation dubbed the X-Era, leading to the launch of the historic and robust technology platform, X-GEN in 2013. This enhanced direct market access and brought about the advent of mobile trading technologies.

In 2021, the Nigerian Stock Exchange was fully demutualised changing from a member-owned not-for-profit entity into a shareholder-owned, profit making entity. This gave rise to a new structure – Nigerian Exchange Group Plc (NGX Group) with subsidiaries – Nigerian Exchange Limited (NGX Exchange), NGX Regulation Limited (NGX REGCO), and NGX Real Estate Limited (NGX RELCO).


  • September 1960 – The Nigerian Stock Exchange was founded
  • June 1961 – Trading commenced on The Nigerian Stock Exchange
  • December 1977 – The Lagos Stock Exchange renamed The Nigerian Stock Exchange
  • June 1978 – The Exchange opens a trading floor/branch in Kaduna
  • April 1979 – Opening of the Port Harcourt branch/trading floor
  • January 1984 – The Nigerian Stock Exchange launched an All-Share Index
  • April 1985 – The Second-Tier Securities Market (SSM) was launched.
  • November 1986 – Official opening of new Customs Street, Lagos, trading floor of The Stock Exchange by President Ibrahim Babangida
  • May 1989 – Kano branch of The Exchange opened
  • February 1990 – Trading commenced at the Onitsha branch of The Exchange.
  • August 1990 – Ibadan branch of The Exchange opened
  • September 1992 – The All-Share Index reaches the 1000 mark
  • January 1993 – The Nigerian capital market was deregulated.
  • January 1995 – The Federal Government abrogated the Exchange Control Act 1962 and the Nigerian Enterprises Promotion Decree 1989, effectively internationalizing the Nigerian capital market.
  • July 1995 – The Federal Government promulgated the Nigerian Investment Promotion Commission Decree No. 16 and the Foreign Exchange (Monitoring & Miscellaneous Provisions Decree No. 17, in furtherance of the opening of the Nigerian capital market to the international community.
  • September 1995 – The Nigerian Stock Exchange issued Administrative Guidelines for Foreign Investment Through The Nigerian Stock Market.
  • November 1995 – Inauguration of the Board of Trustees of the Investors’ Protection Fund for the Nigerian Stock Market
  • May 1996 – Percentage pricing system introduced (with 5% as the limit of the daily fluctuation band)
  • July 1996 – The Stock Exchange abolished the T+14 Settlement/Delivery period and introduces a weekly Settlement/Delivery period.
  • April 1997 – The Central Securities Clearing System Limited was commissioned by the Chief of General Staff, Lt. General Oladipo Diya.
  • April 1997 – The Central Securities Clearing System Limited Commenced operation, providing automated clearing, settlement, delivery and custodian services, among others.
  • June 1998 – NSE released guidelines and procedures for trading in rights.
  • July 1998 – Trading in rights commenced on The Nigerian Stock Exchange.
  • April 1999 – The Nigerian Stock Exchange transits to the Automated Trading System (ATS).
  • May 1999 – Federal Government promulgates the Investments & Securities Decree No. 45, 1999.
  • August 1999 – The President, Chief Olusegun Obasanjo, represented by the Finance Minister, Malam Adamu Ciroma, commissioned the ATS.
  • October 1999 – The Exchange opens Abuja Area Office and commenced remote trading on the ATS
  • March 2000 – The Nigerian Stock Exchange commenced T+3 settlement cycle.
  • March 2000 – The Trade Guarantee Fund commenced operation.
  • October 2000 – The Nigerian Stock Exchange hosted the ASEA Conference/AGM.
  • September 2003 – The Exchange changed trading hours from 10 a.m. to 12 noon.
  • February 2004 – The Exchange admitted the ₦150bn 1st Federal Government Bond to the Official List.
  • September 2004 – The Exchange admitted the first quoted company in the Hotel & Tourism Subsector – Tourist Company of Nigeria Plc.

The Author

Maduawuchi Obialo

Maduawuchi Obialo is the founder of Nigerian Guide and the Editor-in-Chief at Nigerian Infopedia. He is a professional Web Content Developer and a Biochemist.

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