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Tag: Nigerian Exchange Limited (NGX)

  • Nollywood can further boost retail investor activity in capital market– Popoola

    Nollywood can further boost retail investor activity in capital market– Popoola

    The Chief Executive Officer of Nigerian Exchange Limited (NGX), Mr Temi Popoola, has said that the domestic entertainment sector, Nollywood, can help to further boost retail investor activity in the capital market due to its appeal to Nigeria’s younger generation.

    Popoola said this at the Closing Gong Ceremony commemorating the year’s final trading day and celebrating the achievements of Nollywood stalwart and CEO RMD Productions, Mr Richard Mofe Damijo (RMD).

    The CEO stated, “Nollywood plays a critical role in selling the Nigerian economy and can help to catalyse increased retail investor activity by educating the younger generation to further crowd them into the market. Nollywood stakeholders can also leverage the market to raise the capital to fund their businesses and projects, deepening the synergy between the creative sector and the capital market.”

    Mofe Damijo, giving his remakes also noted that it was important that the business community and the creative sector stimulate interactions as both sides had tremendous value to offer each other and drive the growth of the Nigerian economy. “We cannot promote Nigeria or attract foreign investment without integrating our art and culture into it, he said, adding that other countries who promote their economies on international platforms go through their art and culture.

  • MTN, CardinalStone, VFD Group recognised at NGX Made of Africa Awards

    MTN, CardinalStone, VFD Group recognised at NGX Made of Africa Awards

    MTN Nigeria Communications Plc, VFD Group Plc, CardinalStone Securities and Chapel Hill Denham were big winners at the just concluded Made of Africa Awards organized by Nigerian Exchange Limited (NGX).  

    The Chief Executive Officer of Nigerian Exchange Limited, Temi Popoola, noted at the event that the annual Made of Africa Awards is aimed at encouraging more listings, transactions, better compliance and stimulating innovation in the capital market. 

    NGX MOA Awards is designed to recognize organizations and individuals within the Nigerian capital market ecosystem that demonstrate exceptional performance in value delivery and sustainable impact, and act as key drivers in strengthening the Nigerian and African capital markets. 

    Speaking at the awards, Popoola said, “These awards serve as a platform to showcase the best the capital market has to offer, inspiring more private sector organizations, states and the federal government to list shares, issue debt securities, and inject fresh capital into the market. Through NGX Made of Africa, we remain committed to encouraging and incentivizing our partners, and promoting inclusivity as we contribute to the development of the capital market.” 

    The Exchange boss added that NGX takes pride in leading the way in innovation, excellence, and corporate governance best practices, hence the importance it attaches to “Rewarding innovation, excellence, and adherence to existing rules and regulations as fundamental to stakeholder collaboration in our market. 

    Popoola congratulated the winners of the 2023 edition of the awards. MTN won the Most Compliant Listed Company award while VFD Group was recognised as Listing of the Year. 

    CardinalStone Securities won Equity Trader of the Year while Lagos State Government and the Debt Management Office were recognised for the State Government with the Largest Sub-National Debt Instrument Issuance and Capital Market Excellence Award respectively.  

    Chapel Hill Denham was recognized in two categories, Cross-Border Trade Facilitator of the Year and Fund Manager with the Largest Listed Fund Size, while Cordros Capital and Kairos Capital both won the award for the Issuing House with the Highest Number of Primary Market Transactions (Equity Category).

    Other winners were Pilot Securities Limited as Most Compliant Trading License Holder; Vetiva Capital Management as the ETPs Trader of the Year, Regency Asset Management Limited as Fixed Income Trader of the Year; FCMB Capital Markets Limited as the Issuing House with the Highest Number of Debt Issuances (Corporate Bonds) and Banwo & Ighodalo as the Best Solicitor in terms of Value of Deals. The Capital Market Correspondents Association was also recognized for its substantial contributions to fostering capital market activities and influencing public perception of the market.

  • NGX Enlightens Retiring Military Officers On Personal Finance, Investing

    NGX Enlightens Retiring Military Officers On Personal Finance, Investing

    In line with its commitment to further deepen financial literacy and increase the participation of retail investors in the capital market, Nigerian Exchange Limited (NGX), in collaboration with Zenith Bank and supported by Africa Prudential, has taken its financial literacy initiative, X-Lit to the Army Barracks.

    The session, themed “Soldering Wealth: X-Lit’s Exclusive Insights for the Nigerian Military”, took place on Thursday, 7 December 2023, at the Nigeria Armed Forces Resettlement Centre. Topics treated bordered around investing, accessing the market with technology, including the recently launched NGX USSD Code.

    Speaking on the significance of the event, Dr Irene Robinson-Ayanwale, Divisional Head, Business Support Services and General Counsel, NGX, noted that NGX launched the X-Lit initiative to bring the market closer to retail investors of which retiring military officers formed part of. “That is why we themed this campaign ‘Closer to You’ as we want to further deepen the pool of retail investors in our market. We will be rolling this out across the country and reaching out to more demographics including youths, market women and others.”

    Bukola James-Cole, Head, Capital Markets Business, Africa Prudential Plc noted while speaking to the media on the sidelines of the event that the company, in the realisation of the importance of democratising investing and enhancinh financial literacy, partnered with NGX on the initiative.

    In his part, Chinonso Umeh, Retail Banking at Zenith Bank Plc expressed enthusiasm about collaborating closely with NGX. He commended NGX for its achievements and reiterated Zenith Bank commitment to working together to promote financial literacy among the retail investors’.

    Participating soldiers commended NGX, Africa Prudential and Zenith Bank for organizing the session, stating its timeliness as they were nearing retirement. Some of the participants won gifts in the form of shares in listed companies for answering questions after the presentations.

  • Nigerian Breweries Plc announces Board changes

    Nigerian Breweries Plc announces Board changes

    …Ighodalo Resigns, Sijbe Hiemstra appointed Interim Chairman

    Nigerian Breweries Plc, Nigeria’s foremost brewing company, has announced changes to the composition of its board of directors with the resignation of the Chairman, Asue Ighodalo and the completion of the tenure of Ndidi O. Nwuneli, MFR as an Independent Non-Executive Director.

    The announcement was contained in a notification to the Nigerian Exchange Limited (NGX) signed by the company secretary/legal director, Uaboi Agbebaku, following the company’s board meeting held on December 7, 2023.

    Ighodalo informed the board of his decision to offer himself for public service at the meeting. He will be resigning from the Board and, in his capacity as the Chairman of the Board in line with proper corporate governance practice, on December 31, 2023.

    Speaking on the announcement, the outgoing Nigerian Breweries’ Board Chairman, noted that the decision comes with the mixed emotions of a painful sacrifice made to enable his full devotion to the new cause.

    “It is with heartfelt regret that I announce my resignation as Chairman of the Board of Nigerian Breweries Plc, effective December 31, 2023. After extensive deliberations, I have decided to offer myself for public service to our dear country. The decision comes with the mixed emotions of a painful sacrifice made to enable my full devotion to the new cause. It is my pride to have been part of such a formidable organization well-positioned to meet the opportunities and challenges in Nigeria’s ever-changing business environment”, he said.

    On her part, Nwuneli, who was appointed Non-Executive Director of the company nine years ago, will be stepping down from the role effective December 31, 2023, following the completion of her tenure.

    The company equally announced the appointment of the longest-serving Director, Sijbe “Siep” Hiemstra, as Chairman of the company in an interim capacity, effective January 1, 2024, pending the appointment of a substantive Chairman.

    During this transition period, Hiemstra will steer the affairs of the Board and oversee the process of appointing a substantive Chairman. Currently a member of the Governance Committee,  Hiemstra also served on the Statutory Audit Committee. He joined the Board on  August 1, 2011, and is a past Heineken Regional President for Africa and the Middle East.

    The Board also announced the appointment of Stella Ojekwe-Onyejeli as Non-Executive Director to fill a vacancy on the Board, effective January 1, 2023.

    Ojekwe-Onyejeli brings to the Board years of knowledge and experience as a risk manager with a demonstrated history of working in the financial services industry, and skilled in enterprise risk management, business planning, internal audit, and analytical skills. She currently serves on Coronation Insurance Plc and Rand Merchant Bank boards, amongst others. The statement added that the company is pleased to have someone with her knowledge and experience join the Board.

  • Islamic Development Bank Institute Joins Forces with Nigerian Exchange Limited to Boost Islamic Capital Markets in Nigeria

    Islamic Development Bank Institute Joins Forces with Nigerian Exchange Limited to Boost Islamic Capital Markets in Nigeria

    …the workshop attracted 90 participants from across the Nigerian economic and financial sector

    The Islamic Development Bank Institute (IsDB Institute) joined forces with the Nigerian Exchange Limited (NGX) to deliver an influential Islamic capital markets capacity-building workshop in Lagos, Nigeria.

    Organized under the theme “Economic Growth and Business Development Opportunities through the Islamic Capital Markets”, the workshop aimed to contribute to deepening the Nigerian capital markets through the listings and issuances of Islamic financial instruments.

    The workshop was held on 21 November 2023 and attracted 90 participants from across the Nigerian economic and financial sector. These included the Securities and Exchange Commission, National Pension Commission, Debt Management Office, Lagos State Government, NGX staff, and pension fund administrators. Others were senior representatives from law firms, banks, investment banks, fund managers, leasing and asset management companies, and heads of leading corporate and financial industry associations.

    The program commenced with keynote speeches by Mr. Jude Chiemeka (Executive Director, Capital Markets at the NGX), Mr. Dayo Obisan (Executive Commissioner, Operations at the Securities and Exchange Commission), and Dr. Sami Al-Suwailem (Acting Director General, IsDB Institute).

    The keynote messages celebrated this important partnership between the IsDBI and the NGX, and highlighted the prominent role that Islamic financial products and services can play in supporting Nigeria’s economic development, including through Sukuk for infrastructure projects, as well as providing liquidity to the corporate sector through equity and fund listings.

    The rest of the day featured six interactive and tailored capacity building sessions providing practical knowledge to the participants on Islamic capital markets regulations, products, and services. The sessions included discussions on contemporary issues and practices of Islamic finance in different jurisdictions and enriching the participants’ learning experience with real example case studies and success stories from around the world.

    The last session featured an open dialogue between the participants and the IsDBI trainers on practical measures needed to utilize Islamic capital markets to support inclusive economic growth and sustainable business practices in Nigeria. The overall program and its sessions were organized and delivered by two Senior Islamic Finance Specialists at IsDBI: Mr. Syed Faiq Najeeb and Dr. Abozer Mohamed.

    A closed-door workshop was also held on 22 November 2023 at the NGX Group House as a roundtable with the two IsDBI trainers and the NGX management and staff, focusing on building the prerequisite enabling environment at the NGX for boosting Islamic capital markets activity.

    Overall, this partnership between the IsDBI and the NGX opens doors for a longer-term strategic relationship between both institutions to further develop and deepen the Islamic capital markets in Nigeria.

  • Access Bank PLC Hosts the Grand Launch of Honourable Justice Amina Adamu Augie JSC CON’s book

    Access Bank PLC Hosts the Grand Launch of Honourable Justice Amina Adamu Augie JSC CON’s book

    Access Bank PLC, in a momentous event on Tuesday, November 28, hosted the public presentation and launch of the two-volume book, ‘Wisdom and Integrity: The Legacy of Honourable Justice Amina Adamu Augie JSC CON Through Her Judgements’. The distinguished gathering took place at the Eko Hotels and Suites, Victoria Island, Lagos.

    This landmark publication serves as a testament to the illustrious career of Honourable Justice Amina Augie CFR, JSC(Rtd) who has made profound contributions to the jurisprudence and evolution of law in Nigeria. Her Lordship’s unwavering commitment to justice and the rule of law has earned her the deep reverence and profound admiration of her peers and colleagues.

    The book, meticulously compiled to commemorate the Jurist’s retirement from the Bench upon reaching the constitutional retirement age of 70 years, is a compilation of some of her Lordship’s landmark judgments. These judgments, spanning several decades, have significantly contributed to the development of judicial precedents in diverse areas of the law.

    Speaking on Access Bank’s backing of the publication, the Group Chief Executive Officer of Access Holdings PLC, Herbert Wigwe, said:

    “We are proud to support the launch of ‘Wisdom and Integrity: The Legacy of Honourable Justice Amina Adamu Augie JSC CON Through Her Judgements’, as her Lordship’s unwavering commitment to fairness and the rule of law aligns seamlessly with our values as an institution. This book not only commemorates an illustrious legal career but also contributes significantly to the preservation and advancement of our judicial heritage. Through our support, we reaffirm our dedication to initiatives that promote knowledge, integrity, and the enduring legacy of excellence in the legal profession.”

    In her remarks, the author, Honourable Justice Augie CFR, JSC(Rtd), expressed delight at the support of the various stakeholders present and charged the legal practitioners present on being incorruptible in the face of considerable malignment.

    “I am truly delighted and immensely grateful for the overwhelming support from the distinguished stakeholders present at today’s event. Indeed, this outpouring of love underscores the positive legacy I was able to establish through my years of practise. To my fellow legal practitioners, I extend a heartfelt charge to remain steadfast and incorruptible in the face of any adversity. In a world that sometimes challenges the very principles we uphold, let us stand unwavering in our commitment to justice, integrity, and the noble pursuit of upholding the rule of law. Together, we can ensure that the flame of justice continues to burn brightly for generations to come.”

    The book reviewer, Professor Fabian Ajogwu OFR, SAN, provided insightful commentary, acknowledging the immense impact of her Lordship’ judgments on the legal landscape.

    Chaired by His Majesty, Igwe Nnaemeka Alfred Ugochukwu Achebe, CFR, MNI, Obi of Onitsha, the launch event had in attendance, distinguished guests from the legal and academic communities, as well as representatives from various public and private agencies.

    The attendees included His Royal Majesty, the Oba of Lagos, Oba Rilwan Akiolu; Group CEO, Access Holdings PLC, Herbert Wigwe; Chairman, Access Bank PLC, Paul Usoro SAN; Chairman, Heirs Holdings, Tony Elumelu; Attorney General of the Federation and Minister of Justice, Lateef Fagbemi SAN; Chieftain of the Peoples’ Democratic Party, Chief Olabode George; Principal Partner, Alegeh & Co, Augustine Alegeh SAN; Principal Partner, Kenna Partners, Prof. Fabian Ajogwu OFR, SAN; Executive Vice Chairman, Sapetro, Senator Daisy Danjuma; Attorney General of Kano, Haruna Isa Dederi; former Ambassador of Nigeria to Brazil, Amb. Chris Okeke; Chairman Honeywell Group, Oba Otudeko; Chairman, Nigerian Exchange Limited (NGX), Ahonsi Unuigbe; Managing Director, Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, and more.

    Justice Amina Augie’s remarkable journey in the legal profession began in 1978, and her career has been marked by determination, perseverance, and integrity. From serving as a Legal Aid Counsel to her elevation as a Justice of the Supreme Court in 2016, her contributions have extended beyond the bench. She has been a passionate teacher, mentor, and advocate for human rights, focusing on women and children.

    As a devoted public servant, Justice Amina Augie CFR JSC(Rtd) has chaired several tribunals, served on numerous boards and colloquia on human rights globally, and received prestigious awards and recognitions.

  • Seplat Energy wins SISA’s CSR Award for Education Empowerment

    Seplat Energy wins SISA’s CSR Award for Education Empowerment

    Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has won the Social Impact & Sustainability Awards (SISA)’s CSR Award for Education Empowerment organized by CSR Reporters.

    CSR Reporters is Africa’s premier all-Corporate Social Responsibility (CSR) and Sustainability publication; and the SASA, which is now in its fourth year, recognises initiatives of companies in promoting sustainable economies in Nigeria and in serving the needy public.

    Speaking at the ceremony, Dr. Eustace Onuegbu, Member of Trustees, Sustainability Professionals Institute of Nigeria and President, International Network for Corporate Social Responsibility, said the awards are targeted at recognising, honouring and celebrating the outstanding efforts of organisations and individuals that have made a transformative impact on Nigerian society in the year under review.

    The award recognises the organisations that have integrated globally recognised and measurable sustainability standards including ISO 37101 Management Standards on Sustainable Development in Communities (MSSDC), ISO 26000 Social Responsibility, ISO 14001 Environmental Management, ISO 9001 Quality Management, ISO 20400 Sustainable Supply Chain Management, ISO 45001 Occupational Health and Safety Management Standards, among others.

    It also recognises organisations that have followed best reporting standards such as GRI and IIRC Standards. Other categories include specific initiatives in support of the UN’s 17 Sustainable Development Goals (SDGs) and individual philanthropic efforts for the year under review.

    The organisers of the awards commended Seplat Energy’s commitment to educational advancement and effective stakeholder engagement. They also lauded the company’s educational CSR initiatives like the Seplat Pearl’s Quiz, National Undergraduate Scholarship, SEPLAT Teachers Empowerment Programme (STEP), and Seplat Innovators programme.

    Seplat Pearl’s Quiz started in 2012 for its host States and since then, 57,875 teachers and students have been impacted through a total of 11,575 participating schools. Scholarships worth N8.1million have been awarded to winning secondary school students. The company has also contributed directly to improving the infrastructure of secondary schools by awarding prize money worth N101 million to winning secondary schools.

    Seplat National Undergraduate Scholarship started in 2014 for host communities, states, and the nation. Since then, the company has provided scholarships to 780 Federal and State University undergraduate students of which 34 per cent are from our host communities.

    SEPLAT Teachers Empowerment Programme (STEP) started in 2020 for host States and since then it has provided 905 teachers and 87 Chief Inspectors of Education with digital teaching skills, leadership training, and income diversification and supported the learning of over 10,000 students with new teaching skills.

    The Seplat Innovators Programme is creating STEAM Laboratories which are collaborative spaces where the study of science, technology, engineering, arts and mathematics can be integrated through hands-on experiences in a pure laboratory or combined classroom-laboratory setting. 

    The Director, External Affairs and Social Performance, Seplat Energy Plc, Chioma Afe, represented by the CSR Manager, Esther Icha, commended the award organisers for the recognition whilst stressing the company’s commitment to global best practice in all programmes targeted at social development of the Nigerian people, especially its host communities.

    According to her, Seplat Energy’s educational CSR initiatives are implemented in line with the company’s seven Principles of Corporate Strategy, which are: Accountability, Transparency, Ethical behaviour, Respect for stakeholders’ interests, Respect for the rule of law, Respect for international norms of behaviour, and Respect for human rights.

    Other members of the Seplat Energy team present at the event were: Manager, Corporate Communications, Stanley Opara; CSR Lead, Charles Ifediba; and Senior CSR Adviser, Josephine Kola-Ajibade.

  • Technology can foster the growth of capital markets- NGX CEO, Popoola

    Technology can foster the growth of capital markets- NGX CEO, Popoola

    Technology has laid a foundation for the development of capital markets not only in Nigeria, but in Africa. 

    This was the view of the Chief Executive Office, Nigerian Exchange Limited (NGX), Temi Popoola when he spoke at the West Africa Capital Market conference which held Wednesday, 25 October 2023 in Eko Hotel, Lagos. 

    On the panel themed “Digital Transformation and Infrastructure Development: Leveraging Technology Growth in ECOWAS Region,” Popoola stressed that technology can serve as a good building block for innovation in the capital market.

    He said, “In December 2021, we had a landmark transaction through technology. It was a secondary share sale in our capital market. It was the first time in the history of our market where on a mobile phone end to end, shares could be bought by retail investors.

    “Two weeks ago, with Second Stax- a Ghana based company, we facilitated the first ever transaction across borders in a Nigeria – Ghana bilateral trade.” The NGX CEO said that these examples of technological innovation in the Nigerian bourse demonstrate how critical digital innovation can facilitate capital market growth. 

    Earlier, the Chief Digital Officer, NGX, Olufemi Oyenuga made a presentation on how the NGX has been utilizing digitalization to drive the operations of the exchange. 

  • NGX Group Announces Key Board Changes Across Subsidiaries

    NGX Group Announces Key Board Changes Across Subsidiaries

    Nigerian Exchange Group Plc (NGX Group) is pleased to announce significant changes to the board of its subsidiaries, Nigerian Exchange Limited (NGX), NGX Regulation Limited (NGX RegCo), and NGX Real Estate Limited (NGX RelCo).

    Effective 27 September 2023, NGX has appointed Mr. Ahonsi Unuigbe as its new Board Chairman, succeeding Mr. Abubakar Mahmoud, SAN, OON, who has retired. Other transiting board members, Erelu Angela Adebayo, Mr. Kamarudeen Oladosu, Mr. Yomi Adeyemi, and Mr. Seyi Osunkeye have also retired from the Board. Additionally, the shareholders of NGX approved the appointment of Mr. Jude Chiemeka as Executive Director, along with five Non-Executive Directors: Mrs. Lilian Olubi, Mr. Azubuike Okpalaoka, Dr. Hamza Sule Wuro Bokki, Mr. Sehinde Adenagbe and Mrs. Foluke Oyeleye.

    Similarly, NGX RegCo welcomes Dr. Salamatu Suleiman as its new Board Chairman, effective 30 September 2023, succeeding Mrs. Catherine Echeozo, who has retired. Mrs. Foluke Oyeleye also resigned from NGX RegCo’s board following her appointment as a Director at Nigerian Exchange Limited. NGX RegCo’s shareholders have also approved the appointments of Mr. Olufemi Akinsanya as Non-Executive Director and Mrs. Amina Mohammed as Independent Non-Executive Director.

    Furthermore, Ms. Ngozichukwuka Edozien has been appointed as the new Board Chairman of NGX RelCo, effective 7 October 2023, succeeding Erelu Angela Adebayo, who has retired. Shareholders of NGX RelCo also approved the appointment of Mrs. Fiona Ahimie as Non-Executive Director and two Independent Non-Executive Directors, Mr. Victor Alonge and Mr. Abdullahi Suleiman.

    Commenting on these appointments, Alhaji (Dr) Umaru Kwairanga, Group Chairman of NGX Group, stated, “I am delighted to announce these pivotal changes in the leadership of our subsidiaries, NGX, NGX RegCo and NGX RelCo. The appointments of Mr. Unuigbe, Dr. Suleiman and Ms. Edozien represent a defining moment in our journey. We have meticulously planned for this transition, and I have complete confidence that they will continue to uphold our tradition of excellence and steer our organizations toward even greater heights.

    Mr. Unuigbe, Dr. Suleiman and Ms. Edozien bring a wealth of experience and a profound understanding of our industry’s dynamics. Their track records in service delivery make them ideal leaders for these roles. As we embark on a new chapter, we anticipate their contributions to be instrumental in realizing NGX Group’s ambitious growth strategy. Their expertise will unlock the full potential of our organizations and, in turn, benefit our valued investors and stakeholders.

    Dr. Kwairanga also extended his sincere gratitude to Mr. Mahmoud, Mrs. Echeozo, Erelu Adebayo, and all the retired board members of the various subsidiaries for their enormous contributions and exceptional service. He remarked, “Their dedication and invaluable expertise have been instrumental in the Group’s journey, navigating through challenging economic and political landscapes. We extend our heartfelt appreciation for their remarkable accomplishments, which have had a lasting impact on the development and resiliency of our Group.”

  • Chapel Hill Denham to list N200bn infrastructure fund on NGX

    Chapel Hill Denham to list N200bn infrastructure fund on NGX

    In a significant development, Nigerian Exchange Limited (NGX) is set to admit the Nigeria Infrastructure Debt Fund (NIDF), a N200 billion public infrastructure investment fund by Chapel Hill Denham, onto the Exchange.

    The Exchange, in commemorating the listing, will host a Facts Behind the Listing and Closing Gong Ceremony on Thursday, October 5, 2023. NIDF is the first and only infrastructure debt fund dedicated to and domiciled in Nigeria. It aims to provide investors regular and stable income by making primarily debt investments in infrastructure projects located in Nigeria.

    Chief Executive Officer, NGX, Mr. Temi Popoola emphasized the commitment of the Exchange to infrastructural development and wealth creation in the country. He noted that the listing aligns with NGX’s mission to support financial market instruments that drive sustainable wealth creation and infrastructural advancement in Nigeria. According to Popoola, NGX will further enhance the visibility of NIDF, giving investors access to more investment options.

    On his part, Chief Executive Officer, Chapel Hill Denham, Mr. Bolaji Balogun, said that NIDF has been Nigeria’s best-performing fund over the last 5 years and has delivered significant impact and economic returns. He further stated that NIDF has achieved a market capitalization of N92.54 Billion, a free-float of c.95%, and a remarkable record of zero non-performing loans from inception till date, a testament to an effective portfolio risk management strategy.

    Through its listing on NGX, NIDF opens up the chance for investors to benefit from a diversified portfolio of asset backed loans across multiple sub-sectors and geographical spread, and listing on the Nigerian Exchange (NGX) will further improve liquidity.

  • NGX RegCo Unveils Code of Conduct for Approved NGX Trading License Holders

    NGX RegCo Unveils Code of Conduct for Approved NGX Trading License Holders

     NGX Regulation Limited (“NGX RegCo”) is pleased to announce the release of the “Code of Conduct for Approved Persons of Trading License Holders” (“The Code”) of Nigerian Exchange Limited (NGX), in keeping with its commitment to promoting high professional standards and ethical conduct within the capital market.

    Approved by the Securities and Exchange Commission (SEC) on 16 August 2023, the Code will take effect on 3 October 2023. Its primary objective is to establish and uphold acceptable standards of behaviour, thereby fostering professionalism, integrity, and fairness in the interactions of Approved Persons with clients, employers, employees, regulators, and other relevant stakeholders. This commitment is poised to bolster investor confidence and pave the way for a sustainable and thriving market.

    The Code emphasises high professional standards, reasonable skill, care, and prudence, as well as adherence to ethical and practical standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times.

    Commenting on the development, Ms Tinuade Awe, Chief Executive Officer, NGX Regulation Limited noted that “At NGX RegCo, we understand the profound impact that a strong ethical foundation can have on the integrity and sustainability of the capital market.” The Approved Persons Code of Conduct is an important step towards further strengthening a market where confidence is essential. We encourage our Trading Licence Holders’ Approved Persons to fully embrace this Code, demonstrating their commitment to best and fair practises and the highest professional standards. These are critical factors for establishing a market based on honesty and accountability, which will promote market depth, growth, and economic development”.

    On his part, Mr. Olufemi Shobanjo, Head, Broker Dealer Regulation, NGX RegCo, stated, “The Code of Conduct for Approved Persons of Trading Licence Holders reflects our ongoing efforts to improve the regulatory framework of the Nigerian capital market. We strongly encourage all Approved Persons of Trading Licence Holders to familiarise themselves with the Code and ensure its implementation and compliance within their organisations. At NGX RegCo, we stand ready to guide and support all stakeholders to ensure the smooth and hitch-free adoption of The Code, thereby cementing the foundation for a more robust and ethical capital market in Nigeria”.

  • FG, NGX to drive startup listings with Tech Board

    FG, NGX to drive startup listings with Tech Board

    The Federal Government through the Ministry of Communications, Innovation and Digital Economy has said it intends to collaborate with Nigerian Exchange Limited (NGX) to stimulate startup listings with the newly created NGX Technology Board.

    The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, stated this during a tech event themed; Invest in Africa’s Future- Let’s talk about exits- a joint initiative by the Ministry, NGX, and Future Africa in New York, supported by Stanbic IBTC, CardinalStone Partners and Chapel Hill Denham on Thursday, 21 September 2023.

    Tijani noted that Nigeria had been grappling with its over dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like the oil industry often requires increasing productivity in other sectors. According to him, this can be achieved through the application of technology and innovation, something the current leadership of President Bola Tinubu is particular about.

    Listing his goals and ambitions, Tijani said the Ministry will work on creating a regulatory environment for fintechs, access to funding especially from angel investors, improve digital infrastructure, facilitate the export of tech products and services and collaborate with NGX on tailored listing options for startups via its Technology Board. The Minister said, “We cannot do all of this as a country if we do not prioritise innovation and encourage entrepreneurs to build. Nigeria is now open to investments. We want to prioritise the ability of our technology companies to export products and we are targeting Africa first and then eventually start selling to the rest of the world”.

    At the same event, the Chief Executive Officer, NGX, Temi Popoola, stated that the Exchange will work assiduously to support the agenda of the Honourable Minister and the mandate of President Bola Tinubu. Whilst stating that technology is a big enabler of the capital market, Popoola said that NGX is keen on fostering innovation in the capital market, potentially to attract a larger pool of investors and mature tech companies to list on its platform.

    Explaining the challenges around listings, he stated that the demand for private capital currently outweighs public capital while revealing that the NGX is in discussions with Securities and Exchange Commission (SEC) on private markets to enable the exchange do business with non-listed companies like startups.

    “We will continue to do a lot of work that makes us able to attract local capital and the day tech start-ups come to the exchange, we are confident that there would be very good audience of investors that would want to own a bit of their shares. This is what we at NGX are doing by removing all barriers for that to happen,” the CEO said.

    Also speaking at the event was the CEO, Flutterwave, Olugbenga Agboola who noted that his company is focused on the Nigeria project as most of its investible capital had been deployed to Nigeria since inception. He added that the company would be looking at tapping opportunities created by the markets to scale and further deliver value to its customers and investors.

    The CEO, Chapel Hill Denham, Mr Bolaji Balogun while delivering his remarks expressed optimism that the Nigerian investment community gets the opportunity to participate in the capital formation going on in the tech sector, rather than all the intellectual property that will emanate from it being controlled by foreign markets.