NGX, SEC strengthen alliance to further market development

Nigerian Exchange Limited (NGX) has deepened its collaboration with the Securities and Exchange Commission (SEC) to undertake innovative initiatives that will drive the development of the Nigerian capital market.

Flowing from a shared mandate to deepen liquidity in the market, increase domestic and foreign participation, and position the Nigerian capital market for global relevance, NGX, SEC and other capital market stakeholders held a strategic meeting in Abuja on Thursday, 19 January 2022 to discuss viable initiatives to further develop the market.

Speaking at the meeting, the Chief Executive Officer, NGX, Mr. Temi Popoola, CFA, expressed gratitude to The Commission for its unwavering support of the market under the leadership of Mr. Yuguda. He stated, “If you look at the trajectory of the market over the past year, there has been significant increase in market interactions with issuers, intermediaries and operators like NGX. It is not lost on us how much investment this takes and we have seen results from these engagements. It is our hope that this session will bring to bear opportunities for further development particularly in the areas of technology, digitization of our markets, attracting listings, collaborating across the ecosystem and product origination.”

On his part, the Director-General, SEC, Mr. Lamido Yuguda, CFA noted, “The past two years have been challenging for the Nigerian capital market, which is largely a reflection of pandemic-related challenges in global markets. However, NGX has continued to deploy capable resources to tackle elements militating against the market’s growth including Smart Surveillance System and X-Mobile App for retail trading; upgrading of the X-Issuer Platform to further enhance market integrity; and electronic offer platforms. It can however be agreed that the efforts made and gains achieved in this regard are as a result of the collective efforts of various stakeholders in the capital market, including The Commission and NGX. Consequently, as the apex regulator, the SEC will continue to support all efforts aimed at making our markets fairer, more efficient and more transparent, particularly in the areas of regulation and technology.”

Evidently, NGX continues to implement on its strategic objectives to democratize finance in Nigeria and create a market that is attractive for issuers, intermediaries and investors alike. In light of engagements such as the NGX TechNovation Conference and the NGX Capital Markets Conference, and the most recently held meeting with the SEC, The Exchange appears to have exciting plans for the market and stakeholders are eager to see traction in the new year.