Geoffrey Odundo

CEO-THE NAIROBI SECURITIES EXCHANGE (NSE)

In a report just released mid Dec 2020, the Nairobi Securities Exchange (NSE) reported a positive result for the six months period ending 30th June 2020.

The report indicates a profit on the back of a weak macro-economic environment further worsened by the adverse effects of the Covid-19 Pandemic.

According to Geoffrey Otieno Odundo, the Chief Executive Officer (CEO) of the Nairobi Securities Exchange PLC (NSE) the largest stock Exchange in East and Central Africa, the group’s profit after tax increased by more than 100%, to Ksh 110.6 million, up from Ksh 24.3 million registered in the same period in 2019.

Appointed CEO of NSE on March 3, 2015, Geoffrey Odundo states in the report that the increase in profitability is mainly driven by a reduction in administrative expenses guided by a prudent cost optimization strategy that achieved double-digit reduction in key cost items, which dropped from 41.7% and an increase in the share of profits of associate investments, which increased by 14.8% respectively.

‘The Group’s solid performance in the wake of an extremely challenging operating environment accelerated by the outbreak of the Covid-19, a global pandemic, is a testament of the effectiveness of NSE’s corporate contingency strategy, the resilience of its business and the confidence of NSE’s investors and shareholders in the firm,’ stated the CEO.

In his words, ‘Despite the challenges Covid-19 pandemic has caused in the market, the NSE management is working to ensure it provides value to shareholders, investors and the general public. In 2021, the NSE will continue to implement its business continuity plans which focus on ensuring uninterrupted market availability to investors and remote access by trading participants, costs optimization as well as protecting the health and safety at work of staff and market players.

The NSE Exchange Trade Funds, Real Estate Investment Trusts as well as the Derivatives Market offer investors unique opportunities to make returns as well as safeguard against capital attrition during this period, added the CEO.

In his role as the CEO, Geoffrey Odundo has successfully spearheaded the development of innovative financial solutions for both investors and issuers, making the NSE the second most product diverse market in Africa, making Kenya realize its aspiration of becoming Africa’s premium financial services hub by the year 2030.

Notable achievements include fronting the roll out of the world’s first mobile traded government infrastructure bond dubbed M-Akiba which plays a significant role in informing the future of Capital Markets transactions globally.

He also spearheaded the development of the second Derivatives Market in Africa, offering investors a new avenue for deployment of capital in the wake of rising asset price volatility in both regional and international markets.

Geoffrey has democratized access to capital markets to Small and Medium Scale (SMEs) enterprises through the development of Ibuka, a unique incubation and acceleration program that provides an opportunity for SME’s to access public markets within a regulatory environment designed specifically to meet their needs Over the course of his career, Geoffrey has contributed immensely towards the growth of the Capital Markets industry in Kenya through current and former roles as a Director/Board Secretary, Kenya Association of Stock Brokers and Investment Banks, Chairman of the Financial Standards Committee – Kenya Bureau of Standards as well as being a Board Director of NSE.

To support Africa’s economic growth and development, he has spearheaded regional integration among African Securities Exchanges as director and head of the African Securities Exchange Association secretariat.

Geoffrey has advised on a number of corporate finance mandates in both the public and private sectors; he has also managed key mandates in the asset management industry through leading in various senior roles in asset management, corporate finance and securities trading.

He is a Council Member of the Institute of Certified Investment Financial Analysts (ICIFA). He is also a Director of the Association of the Stock Exchanges of Africa (ASEA) and is a Member of the Thomson Reuters Africa Customer Advisory Network.

Geoffrey Odundo holds a Master’s degree in Strategic Management from the United States International University-Africa and an undergraduate degree in Mathematics and Economics from the Egerton University. He is also an Advanced Management Program (AMP) graduate from the Strathmore Business School (SBS).