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Tag: Oluropo Dada

  • NGX Group Hosts Katsina State Governor, Strengthens Collaboration on Capital Market Opportunities

    NGX Group Hosts Katsina State Governor, Strengthens Collaboration on Capital Market Opportunities

    Nigerian Exchange Group (NGX Group) hosted the Executive Governor of Katsina State, Dr. Dikko Umar Radda, CON, at the Exchange, marking a significant step toward advancing the state’s economic vision through capital market opportunities. The visit reaffirmed Katsina State’s commitment to sustainable economic development and underscored the importance of strategic partnerships in attracting investment, expanding infrastructure, and fostering financial inclusion.

    Welcoming the Governor and his delegation, Alhaji (Dr.) Umaru Kwairanga, Group Chairman of NGX Group, commended Governor Radda’s administration for its forward-thinking policies, particularly the launch of the Katsina State Development Plan. He highlighted the crucial role of the capital market in mobilizing investment and securing long-term financing for critical projects. “The strategic roadmap set by Katsina State reflects a strong commitment to structured and sustainable development. The capital market serves as a vital enabler, providing access to financing that will drive industrialization, infrastructure development, and overall economic prosperity,” Kwairanga stated.

    In his remarks, Governor Radda emphasized his administration’s dedication to leveraging capital market instruments to drive economic growth and development. “Katsina State is poised for accelerated economic transformation, and partnerships with institutions like NGX Group are essential in realizing our vision. We are keen on exploring Sukuk bonds, infrastructure bonds, and green bonds to finance key projects, attract investment, and create economic opportunities within the state. By deepening our engagement with the capital market, we can unlock funding for critical infrastructure, drive industrialization, and generate employment for our people,” Governor Radda affirmed.

    Also speaking at the event, Temi Popoola, Group Managing Director/CEO of NGX Group, restated the Group’s commitment to transforming Nigeria’s capital market landscape through innovation and technology. “We are building an Exchange that extends beyond traditional securities trading. By leveraging technology, we are enhancing market accessibility, attracting capital, and creating new investment opportunities. Our goal is to develop a dynamic, inclusive, and globally competitive capital market that supports national and subnational economic growth,” Popoola stated.

    Echoing this commitment, Jude Chiemeka, CEO of NGX, reiterated the Exchange’s role in supporting state governments with market-driven financial solutions. “The Exchange remains committed to working closely with subnational governments to structure tailored financial instruments that align with their development priorities. We have the expertise and resources to facilitate seamless access to capital, ensuring that Katsina State can effectively fund transformative projects,” Chiemeka noted.

    The visit culminated in a Closing Gong Ceremony, symbolizing the beginning of a strategic partnership focused on unlocking investment opportunities, fostering financial inclusion, and driving sustainable economic development in Katsina State through the capital market.

    Other key capital market stakeholders present at the event include Femi Shobanjo, CEO of NGX Regulation Limited; Haruna Jalo-Waziri, CEO of Central Securities Clearing System (CSCS); and Oluropo Dada, President and Chairman of Council, Chartered Institute of Stockbrokers, among others. They expressed optimism about the potential for deeper capital market engagement with Katsina State, reinforcing the role of capital markets in subnational economic expansion.

  • CIS, ASHON Express Concerns over Proposed Central Bank Amendment

    Stakeholders in the capital market have voiced reservations over the proposed amendments to the Central Bank of Nigeria (CBN) Act No. 7 of 2007, warning of potential adverse economic consequences. The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have raised concerns that the bill could undermine the independence of the Central Bank of Nigeria (CBN).

    The legislation, which has passed its second reading and is scheduled for a public hearing on May 30th, seeks to modify the CBN’s autonomy by subjecting its budget to National Assembly approval and establishing a new Coordinating Committee for Monetary and Fiscal Policies. Critics argue that these changes could introduce political interference in monetary policy decisions, hampering the central bank’s ability to manage the economy effectively and objectively.

    Oluropo Dada, President and Chairman of the Council of CIS, emphasized the pivotal role of the central bank in maintaining economic stability and preserving international credibility. “Safeguarding the independence of the Central Bank of Nigeria is crucial for aligning with global economic best practices and ensuring decisions are driven by sound financial principles, free from undue influence,” Dada stated emphatically.

    Sam Onukwue, Chairman of ASHON, highlighted the potential impact on investor confidence. “An independent central bank is a cornerstone for maintaining the country’s standing in the global financial community, which directly affects investor confidence, credit ratings, and the overall economic outlook,” Onukwue cautioned.

    While both organizations acknowledged the merit of some proposed amendments aimed at enhancing corporate governance and compliance, they stressed the importance of considering the broader ramifications. “It is imperative to ensure that fiscal authorities do not encroach upon the central bank’s operational independence, as this is vital for effective and timely monetary policy responses,” Dada emphasized.

    As the public hearing approaches, financial market participants, economists, and analysts will closely monitor the proceedings and subsequent legislative actions. The outcome will have far-reaching implications for Nigeria’s economic policy framework and its position in the global economic landscape.