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  • CloD Nigeria can play a pivotal role in shaping the governance landscape – Onyema

    CloD Nigeria can play a pivotal role in shaping the governance landscape – Onyema

    The Group Chief Executive Officer, Nigerian Exchange Group Plc, Oscar N. Onyema, OON has said that the Chartered Institute of Directors, Nigeria (CIoD) can play a crucial role in promoting and shaping the governance and leadership in the country.

    Onyema stated this while delivering a keynote address at the Investiture of Alhaji Tijjani Borodo as the 18th President and Chairman, Governing Council, CIoD Nigeria, in Lagos yesterday.

    He noted that the institute which was founded 40 years ago, stands out as the premier corporate governance and leadership development body due to the huge impact it has had on the leadership of many organizations in Nigeria.

    Onyema noted that the recently enacted Chartered Institute of Directors, Nigeria (Establishment) Act, 2023, provides a legal framework that strengthens the institute’s authority and expands its responsibilities. This, he said, brings both challenges and opportunities for the organization.

    According to him, with the new legal powers and the increased focus on transparency and governance, the CIoD Nigeria can play a pivotal role in driving improvements in board composition, disclosure, and evaluation practices among its charter holders and this will enhance corporate performance and reputation.

    He said that the growing importance of Environmental, Social, and Governance (ESG) issues provides an opportunity for the institute to guide its charter holders in addressing these concerns. Onyema said, “As sustainability standards become more prevalent, the CIoD Nigeria can help companies adapt and meet disclosure requirements. With its established reputation, the institute can advocate for policies and practices that foster growth and innovation, aligning with broader national and global governance trends”.

    Speaking on the challenges the institute might face, the NGX Group CEO, pointed out that as per the new Act, the CIoD Nigeria is required to establish branches in each state capital, relocate its headquarters to Abuja, and manage zonal offices in multiple locations. He said that expansion poses logistical and operational challenges, including staffing, infrastructure, and financial resources.

    He added that while the Act mentions potential sources of funding like subscriptions, penalties, and donations, ensuring sustainable funding to support the institute’s growth and operations will be a significant challenge as developing a robust financial strategy is essential.

    Congratulating the institute on its 40th anniversary and Borodo on his investiture and swearing in as the 18th President and Chairman of the Governing Council of the Institute, Onyema urged the newly elected President to ensure his strategic agenda will be built review, reform and reinvigoration.

  • Akintola was the last surviving signatory at the founding of NSE- Onyeama

    Akintola was the last surviving signatory at the founding of NSE- Onyeama

    The Group Chief Executive Officer of the Nigerian Exchange Group Plc, Mr. Oscar N. Onyema, OON, on the behalf of the group deeply mourns the loss of one of its founding fathers, Pa Akintola Williams, CFR, CBE, FCA, who died on Monday at the remarkable age of 104.

    According to the statement from NGX, Pa Williams was instrumental in establishing the Nigerian Stock Exchange (NSE), now Nigerian Exchange Group Plc following its demutualisation in 2021. Pa Akintola was the last surviving signatory to the original Memorandum and Articles of Association of the Nigerian Stock Exchange at the founding of the NSE on September 15, 1960.

    As a member of the National Council of the Exchange, his contributions significantly fostered the expansion of the Exchange’s listing portfolio, and he played a pivotal role in instituting regulations that lowered the hurdles for companies seeking to be listed on The Exchange.

    “This is a profound loss for the Nigerian capital market and the nation as a whole. Nigeria bids farewell to one of its most distinguished professionals and forward-thinking corporate leaders. His memory is forever etched in the history of the Nigerian capital market as one of the greats. Pa Akintola Williams’ contributions to the capital market and organized private sector will remain enduring references, and we deeply appreciate his contributions.

    “He was all about a strong ethical culture and upholding top-notch professionalism. The recent collaboration between NGX Regulations, a subsidiary of the NGX Group and Institute of Chartered Accountants of Nigeria (ICAN) is a testament to the solid groundwork Pa Akintola laid in the accounting industry. His visionary leadership, standard of excellence and legacy will be cherished and upheld by all of us who had the privilege of witnessing his remarkable achievements”, Onyema added.

  • All Set for Borodo’s Investiture as President of CIoD Nigeria

    All Set for Borodo’s Investiture as President of CIoD Nigeria

    The Chartered Institute of Directors Nigeria (CIoD Nigeria), the premier corporate governance Institute and a leading promoter of ethical professional standards in Nigeria, has concluded plans to host the investiture ceremony of Alhaji Tijjani Mohammed Borodo, LLM, F.IoD as President and Chairman of Governing Council, to steer the ship of the foremost governance Institute and take charge of its affairs for the next two years. This followed the expiration of the tenure of Office of Dr. Mrs. Ije Jidenma, F.IoD, after she meritoriously served the Institute in the same capacity for two years.

    Mr. Dele Alimi, Director General/ Chief Executive Officer of CIoD Nigeria said: “The high-profile event is scheduled to hold on Thursday 14th September, 2023 at the Eko Hotels and Suites, Victoria Island, Lagos at 6pm prompt. You would recall that Alhaji Borodo emerged as President after a duly conducted election at the Institute’s 39th Annual General Meeting on Thursday 22nd June 2023 at the Institute’s Secretariat, Ikoyi, Lagos”

    He continued that Alhaji Borodo, a Fellow of the Institute of Directors Nigeria, a distinguished lawyer and the pioneer Company Secretary of FBN Holdings Plc., is an astute boardroom executive who has served the Institute previously in various capacities such as First Vice President, Second Vice President, Chairman, Finance & General-Purpose Committee, Chairman, Membership and Branch Development Committee and Honorary Legal Adviser among others. Alhaji Tijjani Borodo, F.IoD is the Founder and Principal Partner at Tijjani M. Borodo & Associates Law Firm and an accomplished Board Executive of repute. He is a member of the Nigerian Bar Association, member of International Bar Association (IBA) and an Alumnus of the prestigious Ahmadu Bello University, Zaria and University of Essex, United Kingdom. He is also an Independent Non-Executive Director at Cowry Asset Management Limited, Signature Bank Limited and Sanlam Life Insurance Nigeria Limited.”

    The Director General added that, “Notable among expected guests at the event are Chief Dr. Olusegun Osunkeye, CON, OFR, FCA, DFIoD as Chairman of the occasion; His Excellency, Dr. Dauda Lawal, Governor of Zamfara State as Special Guest of Honour; HRH Alhaji Aminu Ado Bayero, CFR, CNOL, JP, Emir of Kano as Royal Father of the Day and Mr. Oscar Onyema, OON, F.IoD as Guest Speaker.”

  • Nigerian Exchange (NGX) partners with the UK government’s MOBILIST programme

    Nigerian Exchange (NGX) partners with the UK government’s MOBILIST programme

    …by providing direct investment, technical assistance, advisory services, and/or enhanced visibility through the UK Government’s platforms, MOBILIST supports new scalable, replicable financial products to list on public markets

    Nigerian Exchange Limited (NGX) will partner with the UK government’s Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme to enable greater investment toward achieving the United Nations Sustainable Development Goals (SDGs) in Africa through products listed on the Exchange.

    The partnership was announced during UK Foreign Secretary, James Cleverly’s two-day visit to Nigeria on Tuesday, 1 August 2023.  Cleverly visited the NGX trading floor and said that collaboration between MOBILIST and NGX can help to catalyse and scale up public market investment products that support the climate transition and SDGs.

    The MOBILIST programme aims to unlock the potential of public capital markets for sustainable finance in emerging markets and developing economies. According to the OECD, Africa’s sustainable financing gap until 2030 amounts to about $1.6 trillion and the continent needs about $194 billion in additional funding annually to achieve the SDGs by that year.[1]  MOBILIST was created to help direct some of the $250 trillion in private capital currently held in products listed on global stock exchanges to help meet this financing gap.     

    UK Foreign Secretary, James Cleverly said: “Today, I announce a new partnership between Nigerian Exchange and MOBILIST that will bring capital markets more squarely into financing economic development. It will support the climate transition and the achievement of the UN Sustainable Development Goals (UN SDGs).

    MOBILIST supports new listings on public stock exchanges. That could be here in Nigeria, in Johannesburg or London. And that support could be technical, research-based, or could include equity investment from the UK government.

    Developing countries need at least $3.9 trillion in additional financing per year to achieve the SDGs. MOBILIST will help. And it’s just one of British Investment Partnership’s programmes.”

    Abubakar Mahmoud, SAN, OON, Chairman, NGX stated: “The UK remains Nigeria’s critical partner; especially in the areas of trade, exports, business, and investment and we welcome its government’s partnership on MOBILIST, which is in line with NGX’s long-term interest to direct greater investments towards achieving the UN SDGs through listed products. We will continue to forge strong partnerships that will foster the sustainable development of the Nigerian economy.”

    Temi Popoola, NGX’s CEO, said:

    “NGX remains firmly dedicated to promoting sustainable finance in Nigeria. This commitment drives us to continuously seek strategic partnerships with key stakeholders, including the UK Government. The Exchange, in collaboration with the Nigerian Government and industry stakeholders, played a leading role in advocating for and successfully issuing the inaugural green bond in 2017. Our collaboration on the MOBILIST program aims to further enhance our efforts in making the Nigerian capital market an attractive hub for investments that foster sustainable capital formation.”

    MOBILIST Investment and Technical Assistance to NGX Participants

    MOBILIST seeks to partner with financial institutions at the core of capital markets and will engage with and accept proposals from NGX participants (brokers, investment banks and intermediaries of public offerings). Whilst MOBILIST can only deploy equity capital, the programme can provide debt securities issuers with technical assistance funding.

    A Request for Proposal has been published on the MOBILIST website. Interested parties can contact Severin Luebke, MOBILIST Team Leader [Palladium, MOBILIST Product Partner], at contact-us@ukbmobilist.com

  • NGX Group Declares Interim Dividend Payment

    NGX Group Declares Interim Dividend Payment

     Following the emergency meeting of the Board of Directors on Tuesday, 25 July 2023, Nigerian Exchange Group Plc today announces an interim dividend of 25 kobo per ordinary share of 50 kobo each, distributable to shareholders for the first half of financial year 2023.

    This dividend, which is the first since the demutualisation of the Nigerian Stock Exchange will be paid to shareholders whose names appear in the Shareholders’ Register as of close of business Monday, 31 July 2023. Payment will be remitted electronically to qualified shareholders on Thursday, 31 August 2023. The dividend announcement comes as a resolution of the Board following the request from shareholders at the recently held Annual General Meeting on 14 July 2023.

    Commenting on the dividend announcement, the Chairman, NGX Group, Alhaji (Dr) Umaru Kwairanga said, “The announcement of the dividend will send a signal to our shareholders that the Company has a listening and responsive Board following the request at the last annual general meeting. We hope to continue enjoying the support of our valued shareholders as NGX Group seeks to execute on its strategy to create sustainable growth in the medium to long term.’

    The Group Chief Executive Officer, NGX Group, Mr Oscar Onyema, OON stated, “The proposed payment will not significantly impact the cash position and retained earnings of the Company and will further position the company as investible for a wider class of investors in the capital market. We will continue to focus on maximising shareholder value just as we champion the development of Africa’s financial markets.”

  • Market development: NGX Group woos FG, targets foreign investment inflows

    Market development: NGX Group woos FG, targets foreign investment inflows

    Amid bullish sentiments seen in Nigeria’s stock market recently, the Board and Management of Nigerian Exchange Group Plc (NGX Group) have said that they are open to working with the Federal government, as well as stakeholders towards improving the country’s credit profile and creating a favorable environment for both domestic and foreign. This was disclosed by the Group Chairman, NGX Group, Alhaji Umaru Kwairanga, during the Group’s 62nd Annual General Meeting (AGM) which took place in Lagos on Friday.

    Addressing shareholders at the meeting, Kwairanga, lauded president Tinubu-led administration for the various reforms that have resulted in the impressive performance of the market. “The capital market community is excited by the new government and the steps it has so far taken with respect to the economy as reflected in the tremendous growth in our market indicators. As a group, we are committed to working with the government to stimulate further growth in the economy, and address higher capital costs, as this will go a long way to enhance Nigeria’s credit profile, and create a favourable environment for both domestic and foreign investors”, he said.

    Kwairanga further noted that the Federal government needs to eke out more friendly market policies that will engender growth as consistent and faithful implementation of market policies will help businesses to thrive. He added that the group is hopeful that the planned Initial Public Offer (IPO) of the NNPC Limited will be fast-tracked by the Tinubu-led administration.

    Speaking on the performance of the group, Kwairanga noted that NGX Group demonstrated resilience in 2022, achieving a 10.3 per cent increase in gross earnings to N7.5 billion, despite a challenging economic environment. The Group’s total revenue grew primarily due to a 6.8 per cent increase in revenue to N6.2 billion, and a 30.1 per cent increase in other income to N1.3 billion.

    The growth in its revenue was further bolstered by a 51.2 per cent increase in treasury investment income and a 9.0 per cent increase in transaction fees. However, its total expenses rose by 35.5 per cent to N8.8 billion, primarily due to interest costs on borrowed funds used for strategic acquisitions.

    “Achieving an efficient capital mix and broadening our access to capital remain fundamental to our mission. The Board will continue to assist the Management team in addressing long-term risks, strengthening the global NGX brand, and assessing progress toward our goal of being Africa’s preferred exchange hub”, remarked Kwairanga.

    While welcoming the new board members, Kwairanga commended the contributions of the outgoing board members to the growth and development of the organization.

    Commending the group’s performance, the Group Chief Executive Officer, Oscar N. Onyema, OON, said the performance reflects NGX Group’s commitment towards driving growth in Nigeria and Africa’s capital markets. Onyema further added that the group is proud to have generated multiple income streams that enabled it to overcome economic headwinds.

    Speaking on the group’s outlook, Onyema expressed optimism around the opportunities and challenges ahead and emphasized the group’s commitment to leveraging its strengths and expertise to drive growth and value creation in Nigeria and other financial markets Africa.

    “NGX Group will continue supporting its operating subsidiaries, associates, and investee companies to deliver sustainable value creation for its shareholders. We will look to enhance our performance by continuously striving to optimize operations, increase revenue streams and expand our market reach.

    “We are confident that these measures will enable us to build on the positive momentum we have achieved in recent years and drive growth in 2023 and beyond”, he said.

    Shareholders approved all resolutions on the agenda, which included the appointment of six Directors of Nigerian Exchange Group Plc: Mr Nonso Okpala (Non-Executive Director), Mr Sehinde Adenagbe (Non-Executive Director), Mr Ademola Babarinde (Non-Executive Director), Mrs Mosun Belo – Olusoga (Independent Non-Executive Director), Mr Mohammed Garuba (Non-Executive Director) and Mrs Fatima Wali- Abdurraham (Independent Non-Executive Director).

  • NGX, CIS, stakeholders honour Subomi Balogun

    NGX, CIS, stakeholders honour Subomi Balogun

    ...describes him as a market colossus

    Nigerian Exchange Limited (NGX), Chartered Institute of Stockbrokers (CIS) and other market stakeholders on Monday held a mock-trading session and Closing Gong Ceremony in honour of late Otunba Subomi Balogun, FCS, CON, the founder of FCMB Group.

    Speaking during the ceremony, the Chief Executive Officer, NGX, Mr Temi Popoola, emphasized that the late Subomi Balogun was a blessing to the capital market. “We are here to pay tribute to somebody that without him, we really cannot talk about our markets and I am sure that there are many careers here that he helped shaped and mine is a good example.

    “We can’t express our gratitude to him enough for what he did to help our industry expand. It is difficult to locate another family in Nigeria like the Subomis that can represent on the Exchange as they doing now. We are very grateful and we assure them that they can count on our support going forward as the family continues to drive their strategic goals,” Popoola said.

    In his remarks, the Chairman of NGX Group, Alhaji (Dr) Umaru Kwairanga, noted that Subomi had played a significant role in the development of investment banking in Nigeria and had laid the foundation for many of the nation’s first equity offerings while working at ICON Securities. “He leaves a significant legacy and a number of monuments that would serve as evidence of his greatness well into the future.”

    The Group Chief Executive Officer, NGX Group, Oscar N. Onyema, OON, said the market could take solace in the fact that Subomi led a great life and left a huge legacy that the capital market community will continue to talk about for years to come. “Otunba ensured that he looked out for the best interests of the capital market, especially during his tenure on the Council of the Exchange years ago.”

    On his part, the CIS President, Mr Oluwole Adeosun, said, “We are celebrating the life of a colossus, Otunba Subomi Balogun who was the pioneer first Vice President of our Institute. We commiserate with the family and will keep remembering his deeds in the capital market”.

    Mr Bolaji Balogun, the Group CEO, Chapel Hill Denham during his remarks said, “That you still remember our father, who retired 20 years ago, speaks a lot about him and the caliber of outstanding people you are. He was very concerned about this market, the harmony of this nation, and the youth of Nigeria. I want to reassure each of you that the work we perform is essential to the growth of this nation.”

    Commending the leadership of the Exchange and CIS, the Group Chief Executive, FCMB Group Plc, Mr Ladi Balogun, said this is an encouragement for the family to keep his legacy on.

    “Whilst this has being a very emotional time for our family, the way our father has been honoured by the Exchange, CIS and the entire country is truly inspiring to us. It is motivating us to go further, do better and make sure that his legacy lives on. We will not be alone in doing that. We will make sure we uphold his value and seek ways together with the exchange to transform the market and the economy”, Balogun said.

  • NGX commends Coronation Group’s regulatory recognition

    NGX commends Coronation Group’s regulatory recognition

    …says it is a start of an exciting chapter for the capital market

    Nigerian Exchange Limited (NGX) has commended the Board and Management of Coronation Group Limited’s recent regulatory recognition and added that this is a start of another exciting chapter for the barometer of Nigeria’s economy- the capital market.

    Its Chief Executive Officer, Temi Popoola stated this during a Closing Bell ceremony hosted in honour of Mr Aig-Imoukhuede’s investiture as an Honorary Fellow of the Chartered Institute of Stockbrokers (CIS) in Lagos on Wednesday.

    Mr Aig-Imoukhuede while commending the Securities and Exchange Commission (SEC) for granting the company a Capital Market Holding Company (CMHC) license, had stated that this will solidify its position as an investment management powerhouse in the African region.

    He also revealed that the company wants to extend from banking into insurance, investment management, technology, venture-building – that type of entrepreneurship and innovation spirit that seems to be around the things that it does.

    “I think that we have seen a few signs over the past two weeks that a big turnaround is about to take place in our nation. I believe that we have a nation of institutions within the financial services community that will provide the platform for this revolution that is about to take place in our economy and our lives to truly happen irreversibly. Nigeria is once again open for business”.

    Responding, Popoola, said the NGX is grateful for Aig-Imoukhuede’s exploits in the capital market and expressed confidence that the company’s CMHC’s license is another phase of growth seen in the capital market in the past few weeks.

    Earlier in a goodwill remark, the Group Managing Director, NGX Group, Oscar Onyema, OON, congratulated Aig-Imoukhuede’s honorary fellowship, adding that it was well deserved.

    Also speaking, the Chairman, NGX Group, Alhaji Umaru Kwairanga, said, the honorary fellowship will elevate Aig-Imoukhuede from a global player to a universal player and added that this will add value to the institute.

  • NGX Group Becomes First Exchange Group Globally to Achieve EDGE Certification

    NGX Group Becomes First Exchange Group Globally to Achieve EDGE Certification

    Nigerian Exchange Group Plc (NGX Group) is pleased to announce that it has been awarded the EDGE certification, making it the first exchange group globally and the first indigenous Nigerian organization to be EDGE certified. NGX Group was certified at the EDGE Assess level, which highlights the progress the company has made on diversity, equity, and inclusion and its commitment to ensuring equal opportunities across its talent pool.

    EDGE, which stands for Economic Dividends for Gender Equality, is the leading global standard for Diversity, Equity, and Inclusion (DE&I), centred on a workplace gender and intersectional equity approach. The certification process involved employee surveys, analysis of group-wide workforce statistics, focus group discussions, and a rigorous third-party audit of all data provided by the company and its policies and practices related to diversity, equity, and inclusion.

    “We are thrilled to have achieved yet another first in our efforts to promote gender equality and champion Africa’s sustainable development,” said Oscar N. Onyema, OON, Group Chief Executive Officer, NGX Group. “This certification demonstrates our dedication to creating an inclusive, equitable, and diverse workplace. At NGX Group, we believe that diversity and inclusivity are fundamental to our success. With the EDGE certification, we now benefit from being verified against global best standards as we continually measure and benchmark progress around gender equality.”

    “From a governance standpoint, commitment to gender equality is not only the right thing to do but the best thing to do, as it drives better business results. As a central player in the capital market, we remain resolute in our effort to galvanise the ecosystem for sustainable impact through our wholly owned subsidiaries, Nigerian Exchange Limited (NGX), NGX Regulation Limited (NGX RegCo) and NGX Real Estate Limited (NGX RelCo), and other key stakeholders. This starts with building a workplace that is inclusive and equitable for all our employees”, stated Onyema.

    Kalim M. Shah, IFC’s Senior Country Manager for Nigeria, Liberia and Sierra Leone said, “Stock exchanges play a crucial role in driving gender equality in the private sector, unlocking business opportunities and promoting economic development. IFC is pleased to have supported the Nigerian Exchange Group as the first stock exchange globally to attain the EDGE Gender Certification, creating stronger transparency and accountability for its role in championing workplace gender parity in Nigeria, and serving as a model for other exchanges across Africa and globally.”

    Aniela Unguresan, Founder, EDGE Certification Foundation, said “Through the certification process, the Nigerian Exchange Group has strengthened its foundation for promoting gender equity in the organization. The attainment of the EDGE Assess Certification is a clear indication of the Nigerian Exchange Group’s commitment to implementing intentional, prioritized, and measured actions towards achieving greater gender equity in the workplace.”

    The EDGE certification is globally renowned for its extensive focus on analysing business practices through an impact lens. It lends further credence to NGX Group’s gender leadership in the capital market as it drives impact in partnership with International Finance Corporation (IFC) on the Nigeria2Equal (N2E) project. The conferment of EDGE Assess has also provided a quantifiable and qualitative outlook to the combined efforts of NGX Group of companies and IFC on closing the gender inclusion gap in the private sector and mainstream more opportunities for women, without leaving men behind. Gender champions under N2E can now follow the lead of NGX Group to enable better conditions for their workforce and push for equitable outcomes.

  • NGX commends Otedola, Geregu for corporate governance, power sector leadership

    NGX commends Otedola, Geregu for corporate governance, power sector leadership

    Nigerian Exchange Limited (NGX) has commended the Chairman, Geregu Power Plc, Mr Femi Otedola, CON, and the firm’s Board for instituting best practices in corporate governance and playing a leading role in the country’s power sector.

    This was at the Closing Gong Ceremony commemorating the first Annual General Meeting of Geregu as a listed company on the Exchange. Since its listing on NGX, Geregu has added more than N800bn in market capitalisation to NGX as the market continues to price up its shares amid strong revenue generation and dividend yields.

    The Chief Executive Officer, NGX, Mr Temi Popoola highlighted the contributions and value that Geregu had brought to the capital market since its listing and also noted the quality of corporate governance exhibited by the firm. “Geregu was one of the first set of listed companies to file their annual reports on the Exchange. It has also contributed significantly to the volume of trades done on the market since its listing,” he said.

    On his part, Mr Otedola appreciated NGX for the platform provided to listed companies for their capital raising activities, and also the transformation of the Exchange through its demutualisation period. “We promise to sustain our partnership for many years to come and reiterate our commitment to best practices of corporate governance,” he added. The CEO, Geregu, Mr Akin Akinfemiwa also restated the company’s dedication to positioning itself to be more valuable to shareholders and the business community at large.

    The Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Alhaji Dr Umar Kwairanga commended Mr Otedola for his longstanding contributions to the capital market. He also expressed optimism that the listing of Geregu as the first power-generating firm and its experience in the capital market would encourage other players in the sector to come and list on NGX.

    Mr Abubakar Mahmoud, SAN, OON, Chairman, NGX, represented by Erelu Angela Adebayo, Director, NGX, on her part said, “It is our hope that NGX and Geregu Power would continue to work together, to sustain our partnership, and consolidate our shared values for improved outcomes that will be beneficial to the market and the Nigerian economy.”

  • Cross-border Securities Payments Get Boost as NGX, PAPSS sign MoU

    Cross-border Securities Payments Get Boost as NGX, PAPSS sign MoU

    Cross-border securities transactions across African capital markets has received significant boost as Nigerian Exchange Limited (NGX) and Pan African Payments Settlement System (PAPSS) sign a Memorandum of Understanding (MOU) to integrate the payments system into the capital markets.

    The MoU, signed in a virtual ceremony on Tuesday, February 28, saw attendance from notable individuals including the President, Afreximbank, Professor Benedict Oramah and Director-General of the Securities and Exchange Commission, Nigeria, Mr Lamido Yuguda; Chairman, NGX, Mr. Abubakar Mahmoud, SAN, OON among others.

    The CEO, NGX, Mr Temi Popoola while giving his remarks said that integrating PAPSS into the cross-border capital market framework will fix issues with currency convertibility, reduce cost, shorten processing and settlement times and foster access to capital. “We hope that the success of this partnership will inspire other African nations to integrate with PAPSS to enable other member countries to benefit from improved efficiency.”

    In his welcome remarks, the Chairman, NGX, Mr. Abubakar Mahmoud, SAN, OON stated that investors will enjoy a more efficient and cost-effective way of investing in African securities, thus promoting regional integration and boosting trade flows.

    The CEO, PAPSS, Mike Ogbalu III said, “With the signing of this MOU with our strategic partner NGX, we expect more transactions to flow into our system, but we also expect more Central Banks to join the PAPSS infrastructure to extend the reach to millions more with the resultant positive impact on intra-African Trade.”

    Oramah, whilst giving his remarks noted that PAPSS came about as a recognition of the need to integrate payments for goods and services in Africa amid the implementation of the African Continental Free Trade Agreement (AfCFTA). “Just as we want to ensure smooth settlements for goods, capital market integration is also critical. This is why we collaborated with NGX to facilitate forging PAPSS into the cross-border securities trading framework.”

    The DG, SEC, Mr. Yuguda stated that the signing of the agreement was a significant milestone in line with the revised Capital Market Masterplan. “SEC will support all initiatives to enhance the integrity and efficiency of the capital market.” Expressing his optimism about the potentials of the initiative, the Chairman, Nigerian Exchange Group (NGX Group), Alhaji (Dr) Umar Kwairanga said the agreement will open up new market opportunities to capital market operators across the continent.

    “It has come at the right time when Africa wants to accelerate the implementation of AfCFTA,” said Oscar N. Onyema, OON, Group Chief Executive Officer, NGX Group. “It will stimulate the development of intra-African securities trading.”

    Commending the initiative, the President, African Securities Exchange Association (ASEA), Mr Thalepo Tsheole called on stakeholders to come together and ensure it is executed across Africa. He emphasised that using the umbrella of ASEA, with 9 exchanges and a market cap of $1.5trn, PAPSS could be instrumental to the African Exchanges Linkage Project.

  • Wahab Egbewole SAN becomes VC-Designate of the University of Ilorin

    Wahab Egbewole SAN becomes VC-Designate of the University of Ilorin

    The Pro-Chancellor and Chairman of the Council, University of Ilorin, Mallam Abidu Yazid, OON has announced the appointment of the 11th Vice Chancellor of the University of Ilorin today.The address by the Pro-Chancellor goes thus-

    It is with the greatest pleasure that I address you this afternoon to inform you of the process we have just concluded in the selection of a new Vice-Chancellor for our University.

    In accordance with the laws of this University, the University of Ilorin Act, CAP U7 Laws of the Federation of Nigeria, the tenure of the current Vice-Chancellor is due to lapse on the 15th of October 2022, the Council of the University began the process of appointing a new Vice-Chancellor as far back as March 2022.  We advertised nationwide for applicants and also through our website.  We eventually received some twenty-nine (29) applications from this effort.  Even before the returns were in, however, we mounted a special search process by which we reached out to no less than fifty-six (56) people in Universities and other institutions, both at home and abroad.

    When the applications were received, the Council constituted a Selection Board to assess and shortlist suitable candidates.  In the end, we shortlisted thirteen (13) candidates who fulfilled our advertisement and other conditions.  We interacted with them and processed their application over a period of 4 days.  We checked and double-checked their credentials, we closely questioned and probed each of them to make sure that they would support and fulfill the vision and mission of the University.  We specifically looked for candidates who would support and be sympathetic to the needs of our students, who would interface and work smoothly with other Faculty members, who would be mindful of the needs and aspirations of our host community, as well as the candidate who, in our opinion would be truly concerned about the progress of the University and our responsibility to our Nation.

     I am glad to inform you that the Council has, after rigorous selection procedure, approved the appointment of PROFESSOR WAHAB OLASUPO EGBEWOLE, SAN as the twelfth Vice-Chancellor of the University of Ilorin.

    Professor Egbewole, who is 61 years old, holds a Ph.D. degree in Law and Jurisprudence and has been with the University Community for the last 25 years.  In addition to being a reputable academic, he is also a Senior Advocate of Nigeria (SAN).

    The Council congratulates and wishes the new Vice-Chancellor a successful tenure.  The Council looks forward to working with him to achieve the vision of the University.

  • Feature- The Unintimidated Career Woman despite Prevalent Male Chauvinism: A Review of Thesis, Antithesis and Synthesis of Life

    Feature- The Unintimidated Career Woman despite Prevalent Male Chauvinism: A Review of Thesis, Antithesis and Synthesis of Life

    Title: Thesis, Antithesis and Synthesis of Life

    Author: Deaconness Joan Olatoyosi Ayo, OON

    Publisher: Kraft Books Limited

    Year of Publication: 2021

    Pagination: 374

    Reviewer: Pastor Olamitayo Irantiola

    The life of a woman is usually filled with many details and they are abundantly endowed with words. However, not many of them are willing to painstakingly document every part of their lives and bless the world with memories and lessons that transcend generations.

    Deaconess Joan Olatoyosi Ayo, an octogenarian, registered her life in the annals of autobiographers in Nigeria and the world at large with her book titled, Thesis, Antithesis and Synthesis. As a graduate of English from the University of Nigeria, Nsukka, and a Master’s degree from the University of Ibadan, she has her ways with words and in-depth descriptive skills that set her apart as a writer.

    In the book, the Saki-born Princess gave a detailed account of her hometown, Saki, her parentage with comprehensive information amongst others. This is one of the attributes of someone who is interested in history and also has a great pedigree. She further introduced us to her developmental years and relationship with siblings and the schools which she attended and all these was part of all that culminated into achievements and various successes in career and life.

    Another very detailed part of the book was the analytical stories of her Baptist origin and heritage. This helped her to be poise, eloquent and hardworking. This background with the highest level of morality continued as a teacher till she moved on to the Federal Civil Service. She role steadily and eventually broke the glass ceiling as the first female Chairman of the Federal Civil Service Commission. She did not just excel in the role but she was able to refine the appointment, the promotion, and the disciplinary processes.

    Mama worked under both military and democratic governments. In fact, she was privileged to work with three democratically-elected Presidents of the Federal Republic of Nigeria. From her own view as an insider, she revealed some shocking truth on how the military government exchanged crude oil with consumables from Brazil in a lopsided trade by barter because there was no proper mechanism to measure the amount of crude oil given in exchange for the consumables. She also made reference to the various “sharp practices” both physical and spiritual which are practiced in the civil service.

    As a woman of high repute, she mentioned her role towards the creation of Oke-Ogun State, a part of today’s Oyo State, but another dissident group within the zone thwarted her effort. Also worthy of note are her roles in the building of monuments such as the building of Aso Rock Villa Chapel and the National Ecumenical Centre amongst others.

    She did not leave out her religious life in the book. As mentioned earlier, she is a Baptist from birth to date. In the book, she wrote about her Baptist heritage, her church-planting efforts, her knowledge of MMU, WMU, and the Convention in sessions, etc. She advocated that technocrats should champion and lead projects in the Baptist other than Pastors so that the denomination can advance at a faster pace.

    The book also contains her Christian sojourn and relationship with churches such as First Baptist Church, Broad Street, Lagos; Yaba Baptist Church, Lagos; Good News Baptist Church, Surulere; Ikoyi Baptist Church, Lagos; New Estate Baptist Church, Surulere; Akoka Baptist Church and her involvement with First Baptist Church, Garki Abuja. At some point, she had to play a motherly role resolving a brewing crisis of a group of Pastors called “Stand up for Jesus”. This issue nearly shook the foundation of the Nigerian Baptist Convention.

    The well-travelled administrator, who had lived on four continents out of seven, is an amazing and prayerful mother of five. One needs special tutelage to have an understanding of how she was able to manage her home coupled with her service to God and the nation; as a young woman, I am still brooding on how she was able to play all these roles. She is a man in woman figure and her achievement is a pointer to the adage that “there is nothing a man can do that a woman cannot do”.

    It is good to note that Saki-Princesses are making remarkable feats in the annals of our national history. The late Prof (Dns) Felicia Adebola Adeyoyin, who wrote the wordings of the National Anthem is equally a Princess from Saki.