Oscar Onyema on the NSE’s response to COVID-19

The Nigerian Stock Exchange (NSE) has been at the forefront of responding to the COVID-19 pandemic, with CEO Oscar Onyema taking proactive measures to ensure the health and economic well-being of stakeholders. As the world grapples with the devastating impact of the virus, Onyema discussed the NSE's efforts in a recent interview with CNBC Africa. The pandemic has presented a dual challenge of health and economic crises, with Nigeria reporting over 2000 cases and highlighting the urgent need to address these issues. Onyema expressed condolences to those who have lost their lives and emphasized the importance of coming out of this crisis stronger. The NSE swiftly implemented a business continuity plan in February, prioritizing the health of employees and stakeholders by providing guidance and necessary resources like hand sanitizers and temperature checks. By March 24th, all NSE facilities were closed, and operations moved to remote trading and electronic communication to ensure business continuity. The NSE has also engaged with regulators and policymakers to address challenges in the capital markets, including facilitating remote annual general meetings (AGMs) and providing regulatory support for financial reporting. Onyema highlighted the importance of collaboration within the ecosystem, commending government and private sector efforts to combat COVID-19. The NSE is actively supporting these initiatives, contributing 100 million towards the cause, with 60 million earmarked for the capital market support committee's efforts. In response to the shift towards virtual meetings, the NSE has issued guidelines for stakeholder engagement and effective communication in the new normal. By sharing best practices for virtual meetings, the NSE aims to drive efficiency and create a well-controlled environment for idea sharing and decision-making. Onyema underscored the positive feedback received on these virtual meeting protocols, emphasizing the importance of adaptability and innovation in the current environment. Looking ahead, the NSE is exploring innovative financial products like social bonds to address the fallout of the pandemic and support recovery efforts. By focusing on digitization and embracing a future of work that prioritizes remote capabilities, Onyema believes the post-COVID-19 world will see a significant shift in business practices. Accelerating digitization and leveraging technology will be crucial in navigating the economic landscape after the crisis, as businesses adapt to new ways of operating. As the NSE navigates the challenges posed by the pandemic, Onyema remains optimistic about the resilience of the Nigerian economy and the opportunities for growth and innovation in the face of adversity. By fostering collaboration, driving digital transformation, and supporting sustainable finance solutions, the NSE is poised to be a key player in shaping the future of the capital markets in Nigeria and beyond.