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.

Picture caption:

L-R: Executive Director, Capital Markets, Nigerian Exchange Limited (NGX), Mr. Jude Chiemeka; National House of Representative, Hon. Alhaji Muktar; Chief Executive Officer, NGX, Mr. Temi Popoola; Director General, Securities and Exchange Commission (SEC), Mr Lamido Yuguda; Chairman, House Committee on Capital Market, Mr. Solomon Bob and Group Managing Director, Afrinvest, Mr. Ike Chioke during the 3rd West Africa Capital Market Conference at Eko Hotel yesterday in Lagos.