Toba Owojaiye ReportingÂ
On Friday, the Federal Government issued an official apology regarding a statement claiming that President Bola Ahmed Tinubu was the first African President to ring the closing bell at the National Association of Securities Dealers Automatic Quotation System (NASDAQ).
This apology was made by Tinubu’s spokesperson, Ajuri Ngelale. He expressed regret for the error and clarified that the information was initially provided by a third-party event organizer.
President Tinubu had participated in the NASDAQ closing bell ceremony in New York, joined by prominent business leaders, including Abdul Samad Rabiu, Chairman of BUA Group. However, it was later discovered that a former African leader had previously rung the NASDAQ closing bell, debunking the claim of Tinubu’s historic achievement.
Contrary to the assertion, in 2014, President Goodluck Jonathan had rung the closing bell at the New York Stock Exchange (NYSE), and in 2019, DJ Cuppy, daughter of Femi Otedola, had performed the same at NYSE. Furthermore, in 2011, the former President of Tanzania, Kikwete, along with First Ladies and Health Ministers, had participated in the NASDAQ closing bell ceremony, as announced by NASDAQ itself.
It’s essential to distinguish between the NYSE and NASDAQ, two major U.S. stock exchanges, which differ significantly in terms of their trading mechanisms, listings, market makers, price display, indices, regulation, volatility, hours of operation, and ownership structure. While the NYSE follows an auction-based system with a trading floor, NASDAQ operates electronically.
The NYSE traditionally lists larger, established companies, while NASDAQ focuses on technology and growth-oriented firms. The two exchanges also differ in their market makers, price display methods, and indices.
In conclusion, President Tinubu’s participation in the NASDAQ closing bell ceremony was significant, but he is not the first African leader to have this privilege. Instead, he holds the distinction of being the first Nigerian President and the second African President to ring the NASDAQ closing bell.