Flutterwave CEO rings final bell at NYSE in honour of Black History Month
As part of this year’s Founders’ Day celebration for Black History Month, Olugbenga “GB” Agboola, the Founder and CEO of Flutterwave, was selected to ring the final bell at the New York Stock Exchange (NYSE). The final bell is a symbolic gesture that marks the end of the day’s trading on the NYSE floor. This is a great honor, as it is a rare opportunity for individuals to ring the bell, and it shows the recognition of the impact that Flutterwave is making in the financial world.
Agboola’s selection to ring the bell is a testament to his leadership skills and achievements in the financial industry. Flutterwave, a San Francisco and Nigeria-based fintech unicorn, is valued at over $3 billion, making it Africa’s largest fintech company. The company’s platform enables payments and cross-border transfers across multiple jurisdictions.
Black History Month is an annual observance that originated in the United States to recognize and honor the achievements and contributions of African Americans in history. The observance has since been recognized in other countries such as Canada, Ireland, the United Kingdom, and Africa. It is a time to reflect on the important people and events that have shaped the African diaspora.
The NYSE bell is more than just a colorful tradition; it is critical to the orderly functioning of the marketplace. The bell signals the opening or closing of the day’s trading, ensuring that no trades occur before or after the close of the market. The bells were first used in the 1870s, and the current bell was introduced in 1903 when the Exchange moved to its current building. Today, each of the four trading areas of the NYSE has its own bell, operated synchronously from a single control panel.
The refurbishing of the bells in the late 1980s revealed that the bells were unique and uncommon. The manufacturer of the bells, G. S. Edwards Company of Norwalk, Connecticut, was found after more than 80 years of no business dealings with the NYSE. The company agreed to make a new bell from scratch, bringing former employees out of retirement to handle the job. The sound of the bell was matched to the NYSE’s existing bells, and the tone of the new bell was measured to ensure its synchronicity with the existing bells.
During the refurbishing process, a massive old bell was discovered hidden within the NYSE’s infrastructure. An electrical contractor who heard about the NYSE’s plans to upgrade the bell system recalled seeing a bell in the crawl space above the ceiling of the main trading room. The bell was removed and reconditioned, and it turned out to be another 1903 original. It is believed to have been buried in its resting place for half a century because it was too loud even for the Exchange. The bell has since been toned down and sits on a platform above the trading floor, patiently awaiting its recall to duty if the need ever arises.
The NYSE has a rich history, and the bell is a crucial part of that history. The gavel, used in conjunction with the closing bell, has always been a symbol of the Exchange’s order during trading sessions, dating back to the 19th century stock calls. The sounding block, a turned block of wood, appears in the 1928 motion picture film “The Nation’s Marketplace.”
The selection of Olugbenga Agboola to ring the final bell at the NYSE is a great honor and recognition of his contribution to the financial industry. It is also a celebration of Black History Month, recognizing the important achievements of the African diaspora. The NYSE bell, a critical part of the
