Ade Bajomo, an Executive Director at the Nigerian Stock Exchange (NSE) has resigned from his position, BusinessDay can disclose. He threw-in his towels at the NSE last Thursday, our source said.
Bajomo, an Executive Director responsible for Market Operations and Technology at the Nigerian Stock Exchange, who also confirmed this development after series of calls from the reporter, said his decision not to disclose the reasons for his resignation is good for the Nigerian capital market.
The Executive Director was last year reappointed for a second term of another five years having assumed that role since May 1, 2011. Market watchers say his decision to quit NSE does not augur well for the market at a time when the Nigerian bourse is in need of big listings and increased investor confidence.
Bajomo is part of the team at the NSE that achieved a number of transformative objectives for the Nigerian Capital Market, including the implementation of targeted 21st Century Technology Strategies, income diversification, improvements in market structure, and enhanced efficiency of operations and regulatory services.
His resignation will create a hole in leadership of the Market-Wide Infrastructure and Technology sub-committee of the Nigerian Capital Market Committee which he chairs; as well as in the board of NASD Plc where he is a member.
At the Exchange, he led the digital transformation efforts of the market with the XGEN platform offering low latency trading on a highly scalable platform based on NASDAQ technology and using mobile technology to connect the Nigerian market to millions of investors whilst facilitating financial inclusion.
The changes in market structure include Market Making and Securities Lending. Bajomo commenced the income diversification strategy of the NSE in 2012 with the launch of XNET services, and insourced the Market Data business, transforming it into a profit making venture which now contributes 9 percent of revenue to the Exchange.
In recent times Bajomo has been instrumental in diversifying the income streams of the Exchange, and in 2016, he led the first NSE Market Data Expo, first of its kind in West Africa, to increase awareness on the critical role of market data in making sound investment decisions on both the buy and sell sides.
Prior to joining The Exchange, he worked at Barclays Bank Plc, leading the Replatforming Business Transformation Programmes for Africa and Indian Ocean region to achieve significant technology and business operations benefits in the region.
A Customs Street source told BusinessDay that Bajomo’s resignation came as a surprise to many market stakeholders particularly considering the importance of his role in deepening market participation using technology.
The soft-spoken man with over 25 years of professional experience is next to Oscar Onyema in official ranking. The odds had it that he could have succeeded Onyema as the CEO particularly as his immediate peer in same office Haruna Jalo-Waziri took-up the role as Managing Director/Chief Executive Officer (CEO) of Central Securities Clearing System (CSCS) Plc.
When contacted on phone, he simply said: “I am not allowed to comment on my resignation. It is my personal decision. You will appreciate if I don’t say anything because it is better for the market. What is important is that the market is still very strong.”
When pressed further he said, “The reality is that people must come and people must go. This market is an institution, likewise this country. It is best if I don’t comment beyond this level,” he said, adding that the Exchange will issue a statement on his resignation as par when it takes effect. “At least for now I am still at the Exchange. Thanks for reaching out to me”, he added.
As at the time of filing this report, Businessday is yet to get a response to an email sent to Onyema he couldn’t be reached by phone.
Meanwhile the communications team of the Nigerian Stock Exchange (NSE) who pleaded for time to respond.
“I can confirm to you that Ade Bajomo has resigned his appointment as Executive Director, Market Operations and Technology after 6 years of service to the Exchange”, Olumide Orojimi, Head, Corporate Communications, at NSE said in an emailed response to BusinessDay. Though, he refused to comment on alleged reasons for his resignation.