Formerly known as the Nigerian Stock Exchange, the Nigerian Exchange Group’s history dates back to 1960 when the Lagos Stock Exchange was established. 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.
Operations began in 1961 with 19 securities listed for trading. In 1977, its name was changed to The Nigerian Stock Exchange, with branches established in major commercial cities in the country: Kaduna in 1978, Port Harcourt in 1979, Kano in 1989, Onitsha and Ibadan in 1990.
It launched the All Share Index in 1984 and the Second-Tier Securities Market in 1985. In 2013, the Nigerian Exchange Group launched X-Gen, which brought an enhanced direct access to the market while also allowing mobile trading.
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).
